On Tuesday, May 2nd, Bank of America (NYSE: BAC) announced that it would devote $1 billion to support various groups who face discrepancy against social and economic issues. It is a four-year commitment which helps the citizens to overcome the inequalities due to coronavirus pandemic.
The Pandemic has affected the population inclusive of youth, older people, infants, the disabled. Socioeconomic inequality affects society in-depth. Bank of America assures citizens of the country to support social and economic inequalities against this pandemic.
By this time Bank of America supports various local groups and communities by introducing economic mobility and workforce development programs. The areas which are the majorly affected by the spread of coronavirus are the centre of attention of this program. Focused areas will be the:
- Communities of colour
- Minority-owned Small Business
- Jobs/ Retraining
- Recruitment and Retention
As many businesses face business loss due to the COVID-19 lockdown closures. In these lockdown closures, the businesses which affected the most were small business groups and salaried employees.
Leading industries in the U.S. affected by COVID-19 by share of jobs at risk 2020
According to a study in mid-March 2020, around 11.1 per cent of jobs in the leisure and hospitality industry in the United States are at risk from the global COVID-19. This amounts to around 16.3 million jobs nationwide.
Brian Moynihan, CEO of Bank of America said, “The events of the past week have created a sense of true urgency that has arisen across our nation, particularly because of the racial injustices we have seen in the communities where we work and live,”
“We all need to do more,” he said in a statement.
Bank of America said, this program will be implemented by the company’s 90 local U.S. market presidents and executives of non-U.S country will focus upon the coronavirus affected areas. This commitment includes programs of virus testing, vaccines of flu, provide necessary health services and clinics for flu vaccines, upgrading career with the help of schools and colleges, keep up the investment for nominal housing, support small business groups by offering financial help to them, low-to-moderate income communities staff provide recruitment and retention facilities.
Various metropolitan cities in the U.S including Los Angeles and New York City have witnessed protests following the death of an unarmed man of colour (George Floyd) at the hands of U.S cops in Minneapolis. The protest took place at a time where businesses were planning on reopening.
President Donald Trump prompted the authorities to respond in case of burglaries and violence in the cities.
Effects of coronavirus crisis on Bank of America users:
Bank of America users increased by 10% in the mobile active users and digital banking users increased by 6% in Q1 of the year 2020.
(Data Source: Business Quant)
Bank of America is an American multinational investment bank and providing financial services. It is one of the world largest chief bank. It was found in 1988 through Nations Bank’s acquisition of Bank of America headquartered in Charlotte, North Carolina. Bank of America holds second-largest banking institutions in the United States. Company is serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centres, including approximately 3,000 lending centres, 2,700 financial centres with a Consumer Investment Financial Solutions Advisor.