Bank of America officially announced to give $1 billion to local communities in 4 years time period. The motive behind giving away $1 billion is to reduce economic pressure. The local communities are facing many financial problems due to pandemic. Bank of America wants to relief those local communities.
According to press release the main focus of this expensive program is to serve people that are facing health crisis during pandemic. The press release said that our focus is “assisting people and communities of color that have experienced a greater impact from the health crisis.”
“Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” Bank of America CEO Brian Moynihan said in the release. “The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live. We all need to do more.”
Bank of America briefly explained the program. The program will be handled by the company’s 90 local U.S. market presidents. The group of people will focus on the areas badly affected by pandemic. Health, unemployment, housing, retraining and struggling small businesses are one of the major areas affected by this.
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