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Company News

American Express to invest $1 bln in diversity push

Oct 29 (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 non-profit 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 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)

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