Do Black Lives Matter to Major Corporations?

The summer of Black Lives Matter protests responding to the police killings of George Floyd, Breonna Taylor and Rayshard Brooks, among others, has led to stunning commitments from major banks and corporations to commit to social justice and promoting practices to recruit, hire and retain underrepresented populations, including black Americans, Latinx and female colleagues.  American Express just announced its pledge to invest $1 Billion to advance racial and gender equity.  JP Morgan Chase in October announced a $30 Billion commitment to advance racial equity.  Similarly, Citi and Bank of America have each pledged $1 Billion to promote economic mobility among communities of color.  Goldman Sachs, famously referred to as a vampire squid during the mortgage crisis in 2008, has announced its “Launch With Goldman Sachs” program “to increase capital and facilitate connections for women, Black, Latinx and other diverse entrepreneurs and investors.”  These commitments represent huge infusions of capital into causes that these major corporations have just recently found religion upon.  Numerous corporations have made recent pledges to financially support social justice and economic equality including Google, Disney, Facebook, Amazon,  Cisco, DoorDash, Etsy, Home Depot, Intel, TikTok, Lego, Nike, Proctor & Gamble, Fashion Nova, WeWork, and YouTube, among so many others.

Jamie Dimon, CEO of JP Morgan Chase stated in announcing its $30 billion-over-five-year commitment, that “[s]ystemic racism is a tragic part of America’s history. . . . 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.”

For those long-time followers of the Corporate Justice Blog, these corporate pronouncements may seem ironic or perhaps will be received with trepidation or doubt.  Profit maximization has for years furiously driven corporate leadership to dizzying examples of fraud, corruption, and malfeasance as recorded on these blog pages for years.  Still, these Billion dollar commitments respond to a summer of true discontent and protest over inequality and the value of black lives, and if these corporations are to be taken seriously, these capital infusions could come as true gamechangers.  Will these corporations truly put their money where their commitments are?  And how do we hold these companies accountable to their commitments to advancing racial equality and economic mobility for those communities previously shut out?  

photo: Jamie Dimon, Wikimedia Commons

hat tip: Jessica Smith, 3L, Arkansas Little Rock Bowen School of Law