PITTSBURGH — PNC Financial Services Group Inc. on Thursday announced a more than $1 billion commitment to help end systemic racism and support economic empowerment of African Americans and low- and moderate-income communities.
“We are living in one of the most important civil rights movements of our time,” Bill Demchak, PNC chairman, president and CEO, said in a prepared statement. “Each of us has a role to play in combatting racism and discrimination, and PNC is committed to driving real change in areas in which we can make the greatest impact.”
Pittsburgh-based PNC (NYSE:PNC) will provide more than $50 million in additional charitable support for national and local work that will help eliminate systemic racism and promote social justice; expand financial education and workforce development initiatives; and enhance low-income neighborhood revitalization and affordable housing, with funding allocation led by the PNC Foundation board of directors, PNC’s regional presidents and community development banking teams.
The commitment also includes more than $1 billion in community development financing and capital for neighborhood revitalization, consumers and small businesses; enhancements to PNC’s existing matching gift program to include support for qualifying nonprofit organizations that support economic empowerment and social justice educational efforts; and a commitment to fully engage PNC employees in support of qualifying social justice and economic empowerment nonprofits through volunteerism, with up to 40 hours paid time annually off to do so.
Read more from our news partners at the Pittsburgh Business Times.
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