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Fifth Third Bank Announces $2.8 Billion Investment to Accelerate Racial Equity, Equality and Inclusion

Fifth Third Bank, National Association today announced a $2.8 billion commitment that will provide $2.2 billion in lending, $500 million in investments, $60 million in financial accessibility and $40 million in philanthropy as part of its Executive Diversity Leadership Council's Accelerating Racial Equality, Equity and Inclusion initiative. The initiative is part of the Bank's ongoing commitment to inclusion and diversity, which is focused on creating equitable outcomes for all.

The three-year pledge focuses on three constituents: employees, customers and communities. Each vertical has a specific emphasis on accelerating the Bank's progress toward an equitable environment for Black Americans.

"As we continue to make meaningful strides in advancing inclusion and diversity in our industry and in our communities, Fifth Third is committed to maintaining and extending its leadership and making a difference for our Black customers, communities and employees," said Greg Carmichael, Chairman and CEO. "The dedicated investment, philanthropy and lending efforts will help accelerate our progress toward promoting equality, equity and inclusion, both within the Bank and in our communities, launching with a $2.8 billion commitment."

The $2.8 billion commitment is focused on four strategic pillars that directly impact customers and communities with targeted outcomes enabling the Bank to track progress and measure success in the following areas:

In addition to the community financial investments for Fifth Third's customers and communities, the Executive Diversity Leadership Council's efforts include an employee-focused workstream to ensure the Bank maintains and grows its culture of equality, equity and inclusion among its workforce.

"It is important that we collaborate with our external and internal stakeholders so that we can serve them in the most effective, impactful and sustainable ways," said Kala Gibson, chief enterprise responsibility officer and head of Business Banking. "We will continue to review policies and practices to evaluate where comprehensive improvements can be made so that the Bank's employees, customers and communities are fully supported."

Stephanie Smith, Fifth Third's senior vice president and chief inclusion and diversity officer, explained that while the Bank has long valued inclusion and diversity, its leaders are working to enhance equality among its employees. "We have a responsibility to establish a more equitable workplace, particularly for our Black employees, customers, community members and suppliers," she said. "While these challenging issues won't be solved overnight, we are continuing the efforts toward actionable change and we are committed to be a force of advancement."

The Bank recently unveiled six bold goals that will be achieved by 2025 to support inclusion and diversity within its entire workforce and for its diverse suppliers:

As the Bank continues to make meaningful strides in advancing inclusion and diversity in the banking and financial services industry and in its communities, it is equally committed to maintaining and extending that position to make a difference for its employees and customers. To learn more about the Bank's commitment to racial equity and equality visit www.53.com/racialequity.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Sept. 30, 2020, Fifth Third had $202 billion in assets and operated 1,122 full-service banking centers and 2,414 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Sept. 30, 2020, had $422 billion in assets under care, of which it managed $53 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the Nasdaq® Global Select Market under the symbol "FITB." Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.

News published on 7 december 2020 at 12:00 and distributed by: