Sign in Subscribe
Sustainable development

Fifth Third's 2022 Sustainability Report Highlights Progress on Five Priorities

Strategic Insights

— 1 min read

Fifth Third Bancorp's 2022 Sustainability Report highlights the company's progress on its five sustainability priorities: keeping the customer at the center, strengthening its communities, delivering on its commitment to employees, promoting inclusion and diversity, and addressing climate change. The report showcases the company's commitment to transparency and data alignment with industry standards. "It's an honor for Fifth Third to report its progress in advancing sustainability," said Kala Gibson, executive vice president and chief corporate responsibility officer.

Key Takeaways:

  • Fifth Third eliminated non-sufficient funds fees for all accounts in 2022 and was named to Fortune's inaugural list of the America's Most Innovative Companies.
  • The bank delivered $2.7 billion of its $2.8 billion Accelerating Racial Equality, Equity and Inclusion Initiative, including over $100 million toward its transformative $180 million Empowering Black Futures Neighborhood Program.
  • Fifth Third achieved its goal for 10% of its supplier spending to go to diverse suppliers and received an "Outstanding" CRA rating from the Office of the Comptroller of the Currency.
  • The company raised its minimum wage to $20 per hour and provided a wage adjustment for its first four job levels, resulting in more than 40% of the workforce receiving a midyear compensation increase.
  • Fifth Third delivered $14 billion in 2022 toward its environmental and social finance target of $100 billion through 2030.
  • The bank was recognized by Ethisphere for the fourth time as among the world's most ethical companies, and was named among Ethisphere's World's Most Ethical Companies for several years.

Statistics:

  • $2.7 billion: Amount delivered by Fifth Third toward its Accelerating Racial Equality, Equity and Inclusion Initiative
  • $100 million: Amount allocated toward Fifth Third's Empowering Black Futures Neighborhood Program
  • 10%: Percentage of supplier spending that went to diverse suppliers
  • $20: New minimum wage for employees
  • 40%: Percentage of employees receiving a midyear compensation increase
  • $14 billion: Amount delivered toward Fifth Third's environmental and social finance target
  • $100 billion: Goal for environmental and social finance through 2030
  • 27%: Percentage of progress toward the environmental and social finance goal

Sources:

  • Fifth Third's 2022 Sustainability Report
  • Fortune's inaugural list of America's Most Innovative Companies
  • Ethisphere's World's Most Ethical Companies
  • Office of the Comptroller of the Currency
  • NASDAQ Global Select Market under the symbol "FITB"
  • Fifth Third's investor information and press releases at www.53.com

Read more