CHARLOTTE, N.C. -- Bank of America is pledging a billion dollars to help fight racial inequality.

With its headquarters in North Carolina, the bank's CEO made the announcement in a press release Tuesday.

“Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” said CEO Brian Moynihan. “The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live. We all need to do more.”

Bank of America says over the next four years, the billion dollars would go to several community programs and businesses. The areas of focus will be health, jobs/training, support to small businesses, and housing.

The money will expand health services, like vaccination clinics, in communities of color and help recruit new bank employees in economically disadvantaged communities.