Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Citi Becomes First Wall Street Bank to Agree to Racial Audit (1)

Oct. 22, 2021, 7:20 PM

Citigroup Inc. became the first Wall Street bank to agree to do a deep dive into its business to see if, and how, it contributes to racial discrimination.

The audit will be conducted by attorneys at Covington & Burling LLP, Citigroup said Friday on its website. The bank said the audit will focus on its 2020 commitment to dedicate $1 billion toward initiatives it hoped would help close the persistent racial wealth gap in the U.S., where the average net worth of a white family is nearly ten times higher than that of a Black family.

While Citigroup’s plan ...