American Express to invest $1 billion in diversity push

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The payment services operator said it would work to achieve 100% pay equity for its employees, as well as promote practices to hire and retain underrepresented colleagues, including

Black/African American, Latinx and female colleagues.

The company also said it intends to double its spending on diverse and minority-owned suppliers in the United States, as well as provide grants to non-profit organizations by the end of 2024.

Several U.S. companies had pledged billions of dollars to promote racial equality after the killing of George Floyd, a black man, by Minneapolis police sparked protests across the country earlier in the year.

Companies that rushed to take a stand included Home Depot Inc (N:HD) , Procter & Gamble Co (N:PG) and Coca-Cola Co (N:KO). JPMorgan Chase & Co (N:JPM) recently made a $30 billion commitment over the next five years.

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