Despite apology from Wells Fargo CEO, African Americans still face ‘uphill battle’ for respect
by Kaylan Ware On September 23, Wells Fargo CEO Charles Scharf apologized in a letter to his employees for comments made in a June 16 memo titled “Our commitment to change.” “While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of Black talent to recruit from with this specific experience,” Scharf said in the June 16 memo. He also repeated this sentiment during a company Zoom meeting. In the same memo, Scharf proposed to double the number of Black senior leaders
Women more likely to face housing insecurity in pandemic-led recession
The pandemic-led recession is disproportionately hurting women in the workforce and is more likely to threaten their housing security. A new Zillow analysis finds women are more likely than men to be unemployed, renters and caregivers during the coronavirus pandemic, thereby increasing their risk of becoming severely cost-burdened by housing. The pandemic has been a startling setback for women who had been narrowing the gender gap in recent years. At the beginning of the year, more women than ever before were in the workforce, incomes were rising along
Student Loan Debt Widens Racial Wealth Gap
NNPA NEWSWIRE — With the freeze placed on student loan repayments set to end Dec. 31, Biden has gotten behind the Democrat-led House’s HEROES Act, which calls on the federal government to pay off up to $10,000 in private, nonfederal student loans for economically distressed borrowers. “People having to make choices between paying their student loan and paying the rent … debt relief should be done immediately,” Biden stated during a news conference on Monday, November 16. By Stacy M. Brown, NNPA Newswire Senior National Correspondent President-elect Joe Biden
New Voices Foundation and JPMorgan Chase launches Banking Bootcamp for Black women entrepreneurs
by Sherri Kolade Are you a Black female entrepreneur who needs some assistance upping your coin? Then the New Voices Foundation and JPMorgan Chase’s Advancing Black Pathways might be a great tool for you and your entrepreneurial dreams, according to an article from Essence. The two entities partnered on a new business banking educational program for Black women entrepreneurs that will assist them in creating strong business banking relationships and grow their access to critical capital, a needed element to business development and achievements, the magazine article added. The Banking Bootcamp, which
Nielsen’s 10th-Year African American Consumer Report Explores The Power Of The Black Community From Moment To Movement
For 10 years, Nielsen has been dedicated to telling the story of the power of Black consumers and their diversity, long before the call for social justice sounded. According to "The Power of the Black Community – From Moment to Movement," the 10th annual report in Nielsen's Diverse Intelligence Series on African American consumers, Black influence on the economy and pop culture continues to drive not only significant moments in history, but drive change across industries and digital platforms. From video streaming, radio listenership and podcasting to buying Black and
JPMorgan Chase Commits $30 Billion to Advance Racial Equity
NNPA NEWSWIRE — JPMorgan Chase announced new long-term commitments to advance racial equity. The firm will harness its expertise in business, policy and philanthropy and commit an additional $30 billion over the next five years to provide economic opportunity to underserved communities, especially the Black and Latinx communities. Structural barriers in the U.S. have created profound racial inequalities that have been exacerbated by the COVID-19 pandemic. The existing racial wealth gap puts a strain on families’ economic mobility and restricts the U.S. economy. Building on the firm’s existing
Comcast and Revolt Reach New Deal Expanding to 30 New Markets
Comcast and REVOLT, the unapologetically Hip Hop content platform from Sean “Diddy” Combs, have reached an agreement to significantly expand its availability to Xfinity TV customers across the country in new and existing markets. As of September 29, REVOLT has been added in HD to the Xfinity Digital Starter package in Philadelphia, Northern New Jersey, Orlando, West Palm Beach, Ft. Myers, Jacksonville, Tampa, Knoxville, Indianapolis, Charleston, and Augusta, making the network available to millions more Xfinity customers. Additionally, in markets where REVOLT has been available in standard definition
Jesse Collins Set to be First Black Producer of Super Bowl Halftime Show
For the first time in history, the Super Bowl Halftime Show will be headed by a Black producer. Emmy-nominated Jesse Collins will produce the 2021 show. Collins, founder and CEO of Jesse Collins Entertainment, has previously worked on the BET Awards and Grammys. “It is an honor to be part of such an iconic show at such an important time in our history,” Collins said in a statement, via Sports Business. “I am grateful to Jay-Z, [Roc Nation chief operating officer] Desiree Perez, the entire Roc Nation family,
Distribution deals bring Black-owned whiskey brand ‘Guidance’ to store shelves in 5 states
NASHVILLE—Black-owned brands are suddenly in demand, and serial entrepreneur Jason Ridgel is in high spirits after sales of Guidance, a whiskey brand he owns, skyrocketed in recent months. Guidance is making a name for itself as one of the few black-owned premium craft small-batch whiskey brands available for purchase online and in stores in Tennessee, Kentucky, Florida, Georgia and California. It’s part of a growing black-owned spirits movement. Since launching in 2018, Guidance Whiskey has made its product available for purchase online in 43 states. The company recently inked a
Fifth Third Foundation Empowers Program Black, Women-Owned Entrepreneurs with New Program
Fifth Third announced an exciting new $1.2 million program called Innovation meets Main Street: Boosting Black Women-Owned Businesses, a partnership between AEO and LISC powered by Fifth Third Bank. The program is made possible by grants from the Fifth Third Foundation to Local Initiatives Support Corporation (LISC) and the Association of Enterprise Opportunity’s (AEO) MainStreet RISE program. The funds are part of the $8.75 million Fifth Third pledged to support small businesses and the community during the COVID-19 pandemic. Fifth Third’s Senior Vice President and Chief Enterprise Responsibility Officer Byna Elliott said,