Citigroup estimates the economy would see a $5 trillion boost in the next five years if the U.S. were to address key areas of discrimination against Black Americans.
"We believe we have a responsibility to address current events and to frame them with an economic lens in order to highlight the real costs of longstanding discrimination against minority groups, especially against Black people and particularly in the U.S.," wrote Raymond J. McGuire, a vice chairman at the bank and the chairman of its banking, capital markets and advisory team.
Wall Street itself has also faced accusations for years of discriminatory practices against African Americans, such as limiting approval for mortgages or not providing enough banking options in minority neighborhoods, which are among the damaging actions identified by Citigroup researchers.
$13 trillion lost in potential business revenue because of discriminatory lending to African American entrepreneurs, with an estimated 6.1 million jobs not generated as a result$218 billion lost over the past two decades because of discrimination in providing housing credit And $90 billion to $113 billion in lifetime income lost from discrimination in accessing higher educationAs a result, Citigroup urges a slew of actions to reverse discriminatory practices and boost GDP over the next five years, including addressing the wage gap suffered by African Americans and promoting diversity at the top within banks and companies.
Citigroup's recommendations aren't new: Various studies have shown similar findings, and experts have called for similar action for years, though so far progress has been slow.
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