The Royal Bank of Canada has committed C$150 million for racial diversity initiatives. It plans to increase the percentage of non-white executives from 20% to 30%. As of 2019, minorities account for 37% of RBC’s Canadian employees and 35% of its U.S. workforce.
People of color make up only around 10% of senior executives in Canada’s top six banks and none of them had either a Black board member or CEO. RBC’s move follows other large corporations in committing funds for racial justice causes following the murder of George Floyd. These companies include Google, Amazon Inc. and Bank of America which announced a $1 billion commitment to address racial inequality.