JPMorgan Chase commits $30 billion to advance racial equity

New York(CNN Business) JPMorgan Chase (JPM) is committing $30 billion over the next five years to promote racial equality.

"Systemic racism is a tragic part of America's history," said JPMorgan Chase Chairman and CEO Jamie Dimon in a news release. "We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people. It's long past time that society addresses racial inequities in a more tangible, meaningful way."

The announcement from the largest bank in the United States comes after other banks, including Citi (C) and Bank of America (BAC), each pledged around $1 billion to advance racial equality and economic opportunity.

The bank says it plans to invest a mix of loans, equity and direct funding to support its new commitments, which include promoting and expanding affordable housing, homeownership and access to banking, helping grow Black and Latinx-owned businesses, and building a more diverse workforce.

"The Covid-19 crisis has exacerbated long-standing inequities for Black and Latinx people around the world. We are using this catalytic moment to create change and economic opportunities that enhance racial equity for Black and Latinx communities," said Brian Lamb, JPMorgan's global head of diversity and inclusion in a statement.

There has been a surge in philanthropic giving toward racial justice following the police killings of George Floyd and Breonna Taylor. Apple (AAPL), Netflix (NFLX), Peloton (PTON), Facebook (FB) and other companies have vowed to fight racial inequality and have pledged donations to minority-led organizations.