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American Express to invest US$1 billion in diversity push – CNA

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NEW YORK: American Express said on Thursday (Oct 29) it was investing US$1 billion to advance racial and gender equality, the latest in a line of US companies pledging to promote social justice after a series of race-related protests earlier in the year.

The payment services operator said it would work to achieve 100 per cent pay equity for its employees, as well as promote practices to hire and retain underrepresented colleagues, including

Black/African American, Latinx and female colleagues.

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

Several US companies 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.

Companies that rushed to take a stand included Home Depot, Procter & Gamble and Coca-Cola. JPMorgan Chase & Co recently made a US$30 billion commitment over the next five years.

This content was originally published here.

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