This post features content from the Fifth Third 2020 ESG Report beginning on page 57

In the wake of widespread civil protests, Chairman & CEO Greg Carmichael make a prompt and public statement against racism, and the Bank committed itself to being part of the solution. Our Commitment was more than words; it resulted in concrete, ongoing actions.

It was necessary that we acknowledge that we hadn’t previously done enough and recognize that our work to address shortcomings was far from over. As the nation reached a tipping point in a long history of racial injustice impacting Black Americans, we, too, were galvanized to redouble our efforts.

An enterprise-wide strategic initiative, led by the Inclusion & Diversity team and supported by the EDLC and the Enterprise Program Management Office, was launched to ensure accountability and to achieve measurable and sustainable progress. This initiative is called “Accelerating Racial Equality, Equity and Inclusion” or AREEI, and is comprised of three workstreams: customers, communities and employees. Each workstream has a specific emphasis on accelerating the Bank’s progress toward an equitable environment for Black Americans.

AREEI FOR CUSTOMERS AND COMMUNITIES

We are currently refining our lens on Black customers in four areas:

• Mortgage
• Small business banking/business banking
• Commercial and treasury management
• Wealth and asset management

For home mortgages, we are engaging with real estate agents and through dedicated marketing in Chicago, Charlotte, North Carolina, Cincinnati, Columbus, Ohio, Cleveland, Detroit, Indianapolis, and Tampa, Florida, to educate and raise awareness among new homebuyers. 

The Bank also took intentional steps to help close the racial wealth gap for Black Americans and to eliminate the social and economic barriers that negatively impact Black Americans, including job creation and job preparation. In December 2020, we announced a three-year, $2.8 billion commitment that included $2.2 billion in loan capital, $500 million for investments in Fifth Third communities, $60 million in financial accessibility efforts, and $40 million in philanthropic investment.

In addition to the community financial investments for Fifth Third’s customers and communities, the efforts of the Inclusion and Diversity team and the Executive Diversity Leadership Council include an employee-focused workstream to ensure the Bank maintains and grows its culture of equality, equity and inclusion among its workforce.

AREEI for EMPLOYEES

In 2020, our efforts primarily focused on enhancing the employee experience of our Black employees, while remaining mindful and inclusive of all minorities and diverse employees. The strategic approach includes a mixture of continuous listening and learning, providing tools and resources, enhancing all employees’ awareness of racism and inequality, and analyzing all employee-related policies and procedures to mitigate bias. 

To create awareness around challenges faced by Black Americans, our Inclusion and Diversity team created the Fifth Third Inclusion Toolkit: From Awareness to Advocacy. The toolkit has useful terms, actions community members can take, movies that can be watched, recommended books and articles, and other ally and anti-racism resources. We provided this helpful resource to our employees and also made it available to customers and communities on www.53.com/racialequity. 

In June and July 2020, the Inclusion and Diversity team and the Bank’s African American Business Resource groups facilitated 31 “Let’s Talk” listening sessions. The first sessions were for Black Employees. In August, all employees were invited to share their experiences and thoughts in a safe space. More than 550 employees participated in the sessions offered. These sessions were instrumental in forging a strategic plan that will ensure Black employees understand that racial discrimination is not tolerated at Fifth Third Bank, that their contributions are valued and that they are vital to this journey. To continue providing a safe forum for employees to express themselves, the Bank has partnered with an experienced diverse supplier to hold additional listening sessions in 2021.

All employees also had access to resources to help guide empathetic, supportive conversations about racial equality, equity and inclusion. Resources were added to LifeWorks, our Employee Assistance Program, to help address feelings of anxiety, sadness and worry among employees.

Unconscious bias training launched to all employees in July 2020; 100% of employees and contractors completed this by the end of the year. Going forward, all new Bank employees are required to undergo this training within their first 90 days. Employees also can take advantage of supplemental training on cultural competence and mitigating bias through Fifth Third’s online learning platform, Degreed.

Fifth Third Bancorp

Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Dec. 31, 2021, Fifth Third had $211 billion in assets and operated 1,117 full-service banking centers and 2,322 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.

Fifth Third’s Purpose is to improve lives and the well-being of its communities by being the One Bank people most value and trust. The Company believes in doing well by doing good and delivering long-term sustainable value to all its stakeholders. Fifth Third is focused on five environmental, social and governance priorities: keeping the customer at the center, demonstrating its commitment to employees, strengthening its communities, promoting inclusion and diversity, and addressing climate change.

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