American Express has announced it will spend $1 billion to promote racial, ethnic and gender equity internally and externally via a recently established corporate diversity office.

The additional payments are being halted this month, according to Bill Halldin, a spokesman for the company. They were introduced for eligible staff in March as the coronavirus spread throughout the U.S.

A comment by the megabank's CEO could be a teachable moment as financial institutions of all sizes attempt to diversify their ranks.

The Hawaii bank has paid employees who carpool, bike or walk to work. About a third of the workforce bought into the program before the pandemic, and it's expected to continue once life returns to normal.

The Florida company has created a series of programs to coach leaders on motivating employees and avoiding conflict.

The community bank has developed trivia and other Zoom-based games to keep workers engaged during the pandemic.

Many in the industry were adding counseling services to benefits packages even before the coronavirus outbreak spurred demand for assistance with mental well-being.

The announcement marks one of the credit union community's largest funding efforts toward diversity and inclusion initiatives.

Donald Felix will join the Rhode Island company in January as head of national banking. He recently was responsible for developing a personal finance management strategy for JPMorgan Chase’s consumer bank.

The bank is scaling back how it distributes research to clients, part of a push to simplify operations and lower headcount, according to people familiar with the matter.