American Express to invest $1 billion in diversity push

By Reuters | Posted - Oct. 29, 2020 at 10:10 a.m.

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NEW YORK (Reuters) — American Express 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 payment services operator said it would work to achieve 100% 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 nonprofit organizations by the end of 2024.

Several U.S. 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 recently made a $30 billion commitment over the next five years.

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

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