U.S. Bank ranked No. 11 on the Fair360 2023 Top 50 Companies for Diversity list.
Three leaders at U.S. Bank discussed how Black families could build generational wealth during a LinkedIn Live session in May.
Scott Ford, Head of Affluent Wealth Management, Sekou Kaalund, Head of Branch and Small Business Banking, and Greg Cunningham, Chief Diversity Officer, discussed barriers that have prevented Black Americans from building intergenerational wealth and recent progress to help decrease the racial wealth gap.
U.S. Bank’s Building Black Wealth Insights Study revealed that 79% of Black Americans felt institutional roadblocks kept them from accumulating wealth. The study also revealed that 69% of Black Americans felt a deep sense of responsibility to help their communities financially and are committed to leaving a financial legacy for the next generation.
“The study revealed an eight-to-one wealth disparity between white households and Black households in terms of overall wealth,” Cunningham said. “Forty-five percent of Black households own their own home vs. 74% of white households. We all know how important homeownership is. It’s the No. 1 way that wealth gets transferred in this country. These are big and important problems.”
U.S. Bank also recently launched a Business Diversity Lending program.
“Too many diverse and underinvested businesses have been starved of capital,” Kaalund said. “Our diversity lending program can provide access, consulting, advisory services, capital and lending to help these businesses scale. Because when they are scaling, they are hiring people. Job and business growth strengthens communities and contributes to wealth creation and a stronger economy.”
The leaders also offered advice for building wealth.
“Start where you are,” Ford said. “Be more deliberate about saving and paying yourself first — that will help you pass more wealth on to the next generation. It’s incumbent upon all of us to take it to the next level. My hope is, in the next 25 years we will absolutely see a significant increase as people educate themselves and become more aware of the tools and ways they can pass on wealth to their families and children.”
