Amid a national reckoning on racism, JP Morgan Chase says it will dedicate $30 billion to closing the racial wealth gap, from granting loans that help Black and Latino Americans purchase homes, to helping the unbanked open checking and savings accounts.

The five-year effort aims to chip away at the systemic racism and inequities that have been on glaring display during the coronavirus pandemic, which has had a disproportionate impact on the financial as well as physical health of Black and Latino communities.

“Systemic racism is a tragic part of America’s history,” Jamie Dimon, JP Morgan Chase's chairman and CEO said in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people. It’s long past time that society addresses racial inequities in a more tangible, meaningful way.”