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Citigroup, Wells Fargo, Bank of America, Goldman Sachs And JPMorgan Urge Shareholders To Vote Against Racial Equity Oversight

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Five of the nation’s largest banks are pushing shareholders to reject racial equity resolution audits after expressing solidarity with the Black Lives Matter movement.

According to Business Insider, shareholders of Citigroup, Wells Fargo, Bank of America, Goldman Sachs, and JPMorgan Chase, which represent $1.2 trillion in assets, want the banks to conduct racial equity audits.

Shareholders are urging their banks to have their practices and policies reexamined by a third party to identify ways to avoid the negative impact on communities of color. The banks, however, have all pushed back against those calls and other changes saying they’ve done enough to address racial equity.

According to MarketWatch, the CtW Investment Group wrote in its proposal to Citi shareholders, the bank “has a conflicted history when it comes to addressing racial injustice within the community it serves.” The group also cited several examples including when Citi was fined $25 million in 2019 for violating the Fair Housing Act.

Citi sidestepped CtW’s concerns in its response.

“While we disagree with the overall approach in this proposal, we are completely aligned with its stated goal of addressing racial inequity in the financial sector,” Citi said according to MarketWatch.

Bank of America largely did the same. CtW mentioned in 2018 the Treasury Department found the bank offered proportionately fewer home loans to minorities than white applicants in Philadelphia. Additionally, CtW said Bank of America’s C-suite is just 8% Black.

In its response, Bank of America referenced in its $1 billion commitment to supporting minority-owned businesses, job initiatives, and affordable housing programs.

Shareholders of Wells Fargo mentioned its history of discriminatory lending practices that have led to multiple lawsuits and settlements of employment discrimination claims. Shareholders at Goldman Sachs and JPMorgan Chase also mentioned their racial issues in the past, including that Wells Fargo profited off police brutality and JPMorgan’s $55 million settlement of a federal lawsuit related to mortgage discrimination.

All the banks mentioned their recent pledges and donations last summer but added that more is not needed.

All five banks made racial equity and DEI pledges last summer after the deaths of George Floyd and Breonna Taylor last summer. Now, it appears as if those pledges are falling short.

Lyron Foster is a Hawaii based African American Musician, Author, Actor, Blogger, Filmmaker, Philanthropist and Multinational Serial Tech Entrepreneur.

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Dwayne Wade Purchases Ownership Stake in Utah Jazz; Plans to Use Opportunity to Expand Impact

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NBA superstar Dwayne Wade has purchased a minority ownership stake in the Utah Jazz. The retired Miami Heat guard is expanding his basketball legacy beyond the court.

“Proud and excited to become a part of the Utah Jazz family with Ryan Smith and the rest of the amazing ownership team,” Wade posted on Instagram. “As a businessman, entrepreneur, and investor, I bring a lot to this partnership outside of my basketball experience. I’m excited to help take the Utah Jazz to the next level.”

Dwayne Wade Joins the Utah Jazz Ownership Team

Last year, tech billionaire Ryan Smith and his wife Ashley purchased a majority stake in the Utah Jazz. The Salt Lake Tribune reports that Smith purchased the franchise for $1.66 billion. Smith spoke to Wade about the opportunity to join the team’s ownership group. Wade believed it was a perfect match and agreed to the deal.

“As we continue to build on the incredible legacy of the Utah Jazz franchise, we are excited to add Dwayne’s experience and expertise to the equation,” Smith said in a statement.” Utah is an amazing place and I couldn’t be more thrilled about the future of the franchise and the future of this state. Dwyane’s influence will be important to both.”

In 2019, Wade retired from the NBA after a 16-year playing career. Although he spent the majority of his career with the Miami Heat, he also played for the Chicago Bulls and Cleveland Cavaliers. The three-time NBA champion and 13-time NBA All-Star is now focused on opportunities that will allow him to go beyond himself. At the same time, he’s staying true to his love for the Miami Heat.

“The respect I that I have for that [Heat] organization will not go anywhere, the love that I have for the [Heat] fans — that goes nowhere,” Wade told ESPN. “But this is about the next phase of my life as an investor, a businessman, an entrepreneur. For me, this is an opportunity to grow.”

Dwayne Wade Plans to Expand Community Impact

Wade joins a list of other retired basketball legends who have NBA ownership stakes. His childhood role model, Michael Jordan, is a majority owner in the Charlotte Hornets. Jordan played an influential role in what Wade defined as possible. Now, he aspires to expose more youth to opportunities beyond what they see in their neighborhoods.

Wade grew up on the south side of Chicago. After his parents divorced, he lived with his father in Robins, Illinois. He’s witnessed a lot of black men fall due to a lack of support and guidance. Wade plans to use this opportunity to support more underrepresented youth, including providing scholarships. Jazz owner Ryan Smith is known for granting scholarships. Wade knows that his Utah Jazz ownership stake will have an impact beyond the court.

“I’m a living example that fairytales do come true,” he shared with The Salt Lake Tribune. “I’m excited about what this not only does for the NBA, but what it does for the little boys and girls out there that look like myself.”

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Best Stocks To Buy Now? 4 Cyclical Stocks To Consider

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While the economy appears to be on the uptrend, could these cyclical stocks follow suit?

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Today is Malbec World Day. This is how it is celebrated in Mexico

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Wines of Argentina celebrates the eleventh edition of Malbec World Day with a Mexico online store. The festivities run from April 15 to May 15.

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