The company has established a fund that will provide capital, technical assistance and long-term recovery support to small businesses, especially minority-owned companies. The other megabanks are expected to donate their fees, also.
Funneling fees from emergency loans to feed the hungry. Supporting psychological counseling for health care heroes and financial advice for the poor. Backing retrofits of customer operations to produce protective gear for front-line medical personnel. Bankers and financial educators have tossed out the traditional playbook to help clients and communities in crisis.
Ed Skyler, the bank's global head of public affairs, says a newly established $150 million fund will make equity investments in firms seen as having a positive impact on society.
The merging banks, whose new headquarters would be Charlotte, N.C., will each double their charitable giving over the next three years in Atlanta and Winston-Salem, N.C.
The bank has hired Brandee McHale away from Citigroup to head its charitable foundation and implement a new strategy that will place a greater emphasis on rental housing and combating homelessness.
The total includes donations to community groups helping low-income people, support for the development of financial coaching programs and investment in the creation and testing of fintech tools that can help underserved people.
Scholarship programs for high schoolers and college students can also promote banking as a viable career option and serve as a channel for bringing in new business.
