American Express to invest $1 billion in diversity push

(Reuters) - American Express Co said on Thursday it was investing $1 billion to advance racial and gender equality, the latest in a line of U.S. companies pledging to promote social justice after a series of race-related protests earlier in the year.

Reuters October 30, 2020 01:05:35 IST
American Express to invest $1 billion in diversity push

American Express to invest 1 billion in diversity push

(Reuters) - American Express Co said on Thursday it was investing $1 billion to advance racial and gender equality, the latest in a line of U.S. companies pledging to promote social justice after a series of race-related protests earlier in the year.

The New York-based credit card issuer said it has achieved 100% pay equity for its employees and would continue to do so, as well as promote practices to hire and retain underrepresented colleagues, including Black, Latinx and female colleagues.

The company also said it intends to double its spending on diverse and minority-owned suppliers in the United States to $750 million annually, as well as provide grants to non-profit organizations by the end of 2024.

Several U.S. companies, including large banks and financial firms, had pledged billions of dollars to promote racial equality after the killing of George Floyd, a Black man, by Minneapolis police sparked protests across the country earlier in the year.

Earlier in October, JPMorgan Chase & Co said it would commit $30 billion to address racial inequality over the next five years, marking one of the largest corporate pledges related to race since the death of Floyd.

Other companies that have rushed to take a stand include Home Depot Inc , Procter & Gamble Co and Coca-Cola Co . JPMorgan Chase & Co recently made a $30 billion commitment over the next five years.

(Reporting by Ambar Warrick in Bengaluru; Editing by Maju Samuel and Shounak Dasgupta)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Global Markets: Stocks ascend to record on economic recovery, vaccine outlook
Business

Global Markets: Stocks ascend to record on economic recovery, vaccine outlook

By Chuck Mikolajczak NEW YORK (Reuters) - A gauge of global stocks hit a record and oil prices jumped on Monday as the newest positive data for a potential COVID-19 vaccine and signs of economic recovery in Asia boosted sentiment. U.S. stocks advanced, with the Dow Industrials setting a record as it neared the 30,000 mark for the first time, after pharma company Moderna said its prospective vaccine was 94.5% effective in preventing the illness, which has crushed economies across the globe

Airbnb IPO filing shows third-quarter earnings beating virus with cost cuts, new focus
Business

Airbnb IPO filing shows third-quarter earnings beating virus with cost cuts, new focus

By Anirban Sen and Joshua Franklin (Reuters) - Airbnb Inc's initial public offering (IPO) registration showed on Monday that the home rental startup turned a profit in the third quarter despite the COVID-19 pandemic, as it gears up for one of the most anticipated stock market debuts in recent years. The filing, published ahead of Airbnb's anticipated stock market debut in December, showed a dramatic recovery in its fortunes, after the coronavirus outbreak dragged down its core home rental business during the first half of the year. The slump forced it to lay off 25% of its workforce in May, suspend marketing activities for the year and seek $2 billion (£1.5 billion) emergency funding from investors, including Silver Lake and Sixth Street Partners, at a valuation of $18 billion

Biden says U.S., allies need to set global trade rules to counter China's influence
Business

Biden says U.S., allies need to set global trade rules to counter China's influence

By David Lawder WASHINGTON (Reuters) - U.S. President-elect Joe Biden said on Monday the United States needed to negotiate with allies to set global trading rules to counter China's growing influence but declined to say whether he would join a new China-backed Asian trade pact signed on Sunday.