Citigroup to set aside over $1 billion to combat racial wealth gap

Citi's statement comes amid a broader re-think of racism in the United States in recent months

Citigroup Inc said on Wednesday it would set aside more than $1 billion to support initiatives that help close the racial wealth gap and increase economic mobility for people of color.

The Wall Street bank said the three-year initiative will include programs that would provide greater access to banking and credit in communities of color, increase investment in Black-owned businesses and expand homeownership among Black Americans.

“We are in the midst of a national reckoning on race and words are not enough,” said Chief Financial Officer Mark Mason. “We need awareness, education, and action that drive results.”

Mason is one