News
U.S. Bank provides update on commitment to addressing economic inequities
In the aftermath of George Floyd’s killing in Minneapolis a year ago, U.S. Bank committed to several initiatives to address social and economic inequities including an initial $116 million investment to help close the 10:1 racial wealth gap, which affects all U.S. households and creates a 4-6% drag on the GDP.* U.S. Bank today announces it has made significant progress through its initial investments ‒ creating jobs, providing capital and assistance to small businesses, and increasing development opportunities for employees of color.
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Our June 2020 commitments at-a-glance |
One year later |
|---|---|
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$100M in additional capital to Black-owned and -led businesses and organizations |
Achieved $100M increase for a total investment of $208M in Black-owned and -led businesses over the last year |
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Double our partnerships with Black suppliers |
Achieved and continue to expand relationships |
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$15M U.S. Bank Foundation Rebuild and Transform Fund to address social inequities |
$15M fully allocated to 70+ nonprofit organizations |
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Advance diverse leadership |
Nearly 150 employees completed McKinsey Black Leadership Academy development training
Expanded diversity hiring efforts to ensure we have at least one woman or person of color candidate for open roles at all levels |
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Rebuild/reopen Minneapolis branches |
West Broadway branch reopened; construction under way at 919 E. Lake Street; new branch opening at 3600 E. Lake Street this fall; 2800 Lake Street building will be donated for future development based on community needs |
Our June 2020 commitments at-a-glance
One year later
$100M in additional capital to Black-owned and -led businesses and organizations
Achieved $100M increase for a total investment of $208M in Black-owned and -led businesses over the last year
Double our partnerships with Black suppliers
Achieved and continue to expand relationships
$15M U.S. Bank Foundation Rebuild and Transform Fund to address social inequities
$15M fully allocated to 70+ nonprofit organizations
Advance diverse leadership
Nearly 150 employees completed McKinsey Black Leadership Academy development training
Expanded diversity hiring efforts to ensure we have at least one woman or person of color candidate for open roles at all levels
Rebuild/reopen Minneapolis branches
West Broadway branch reopened; construction under way at 919 E. Lake Street; new branch opening at 3600 E. Lake Street this fall; 2800 Lake Street building will be donated for future development based on community needs
“We recognized that as a bank, we can use our unique skill set to work toward closing the racial wealth gap,” said Andy Cecere, chairman, president and CEO. “We need to be part of the solution. There is more work to do to ensure our actions and investments create more access for diverse communities ‒ strengthening the economy and ultimately benefitting everyone. We are committed to continuing this work.”
More important than what we did is the impact of that work:
“We have learned so much during the past 12 months and have truly changed how we work as an organization,” said Greg Cunningham, senior executive vice president and chief diversity officer. “The entire company and people from every area of the business are now part of the solution. Our goal is to achieve economic inclusion, bringing our core competency as a bank to help address the wealth disparities, and underlying systemic problems that prevent economic mobility for everyone. There is so much yet to do.”
What’s next
This work will continue through U.S. Bank Access Commitment and the bank’s social impact strategy. This includes continuing to expand diverse suppliers and utilizing a social impact measurement partner to have transparent sharing of our metrics and outcomes.
Financial inclusion
U.S. Bank will focus on financial inclusion, by:
- Increasing access to capital in underserved communities through expansion of products, services and investments in small business.
- Allocating 75% of U.S. Bank Foundation grants and corporate contributions to diverse populations.
- Providing financial education for employees and communities focused on improving outcomes for diverse populations and exploring expansion of place-based investment strategy.
Employees
U.S. Bank will continue to increase opportunities for diverse employees, by:
- Increasing representation of women and professionals of color at executive levels and strengthen the pipeline through recruitment, retention and advancement of top talent.
- Holding leaders accountable for visible and measurable talent outcomes.
- Driving a culture that ensures an inclusive employee experience and equitable access to opportunities through courageous conversations, Business Resource Groups, sponsorship and education.
* 2017 Federal Reserve Report
Contact information for small businesses
Small businesses seeking information on U.S. Bank’s commitments can contact us at smallbusinessinquiries@usbank.com.
Small business owners looking for more information on the U.S. Bank Access Fund can contact: Lenwood V. Long Sr., president and CEO of the African American Alliance of CDFI CEOs at lvlong@aaacdfi.org, Grameen America at info@grameenamerica.org and Elizabeth Demetriou, director of economic development at LISC at edemetriou@lisc.org.
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