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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 ...