A Racial Reckoning in the Big Banks
JPMorgan Chase announced a $30 billion commitment to advancing racial equality and economic opportunity for people and communities of color over four years. Other institutions have made similar pledges. PNC promised $1 billion to social justice and economic empowerment of Black communities. Wells Fargo promised a $1 billion commitment to advancing racial equality and economic opportunity for people and communities of color.
While the pledges are very generous, they may not be all altruistic and their impact is still unclear, experts say. Philanthropic giving translates into tax breaks for corporate America, and they are not required to disclose intricate details. The bottom line, black business is still waiting for the payout.