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Citibank has received approval from the Department of Labor (DOL) for a program that will promote diversity in investment management for retirement funds.
According to a letter released on Sept. 29 by DOL, Citibank's Diverse Asset Manager Program was proposed as part of its Action for Racial Equity (ARE) initiative. The DOL letter described the program as: "Citi's response to a set of social issues that it refers to as a 'racial wealth gap' affecting the business environment in which Citi operates," the DOL letter said. "Citi describes ARE as a comprehensive approach to increasing investment in Black-owned business, advancing racial equity practices in the financial services industry, providing greater access to banking and credit in communities of color, and expanding home ownership among Black Americans."
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