A coalition of eighteen financial institutions has announced a multi-billion-dollar initiative to improve economic and racial equity in the financial services industry.

Launched last September by the Connecticut Office of the Treasurer in partnership with the Ford Foundation, the Corporate Call to Action: Coalition for Equity & Opportunity (CCA) will work to drive as much as $30 billion in economic impact for communities and business owners of color over the next five years; provide career development opportunities for Black and Latinx talent; and support publicly reported, measurable improvements in pay equity, workplace inclusion, and representation across the industry, including among senior leadership. Coalition members include Bank of America, BlackRock, Bridgewater Associates, Citi, Goldman Sachs, Morgan Stanley, TIAA, and Vista Equity Partners.

The commitments will support efforts to diversify supply chains and boost incomes, financial wellness, and wealth accumulation in communities of color; launch or scale place-based programs designed to help underserved and undercapitalized communities of color unlock economic opportunity, improve equity, create generational wealth, and drive economic security; equip mid-career professionals with the skills needed to launch a high-growth financial services career and provide internships and other career development opportunities to more than ten thousand Black and Latinx students; and improve diversity data transparency, achieve racial parity in the workplace, and generate equitable job and salary opportunities.

"Financial services play a central role in the everyday lives of people in the U.S. As an industry, we have the opportunity to harness our core business capabilities to help close the racial wealth gap and increase economic mobility," said Brandee McHale, head of Citi Community Investing and Development and president of the Citi Foundation. "Citi and our fellow coalition members are taking intentional steps to fundamentally change the ways that we work and harness the strength of financial services to drive equitable progress."

"In this moment of reckoning, business leaders have a chance to take clear, courageous, and collaborative action to advance racial equity and improve the lives of communities of color nationwide," said Ford Foundation president Darren Walker. "It is encouraging to see CCA members forging commitments that can lead the way for the financial industry. I look forward to witnessing how these commitments translate into growth, justice, and necessary change."

(Photo credit: GettyImages)