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Ethisphere Announces Fifth Third Bank as One of the 2022 World’s Most Ethical Companies
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Rhea-AI Summary
Fifth Third Bank (Nasdaq: FITB) has been recognized for the third consecutive time as one of the World’s Most Ethical Companies by Ethisphere in 2022. The recognition highlights the bank's leadership in ethics, compliance, and governance among 136 honorees across 22 countries. Fifth Third’s commitment is exemplified by the $180 million Empowering Black Futures Program and its goal to achieve $8 billion in sustainable finance by 2023, outperforming peers on the Ethisphere Ethics Index by 24.6% over five years.
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Recognized as one of the World's Most Ethical Companies for the third time.
Demonstrated strong commitment to sustainability with $180 million allocated to the Empowering Black Futures Neighborhood Program.
Close to achieving $8 billion sustainable finance goal three years ahead of schedule.
Outperformed comparable large-cap companies by 24.6% according to Ethisphere’s Ethics Index over the past five years.
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Recognition honors companies demonstrating leadership, commitment to business integrity through ethics, compliance, governance practices
CINCINNATI--(BUSINESS WIRE)--
Fifth Third Bank, National Association (Nasdaq: FITB) today was recognized by Ethisphere, a global leader in defining and advancing the standard of ethical business practices, as one of the 2022 World’s Most Ethical Companies. Today’s announcement marks the third time Fifth Third has been recognized by Ethisphere in the “banks” category. In 2022, 136 honorees were recognized, spanning 22 countries and 45 industries.
Fifth Third Bank is a three-time honoree of Ethisphere's World's Most Ethical Companies. (Photo: Business Wire)
Fifth Third is a top 10 U.S. regional bank whose vision is to be the one bank people most value and trust. The Company is committed to doing the right thing in order to create a great customer experience, maintain an engaging workplace and contribute to healthy, vibrant communities. In addition, the Bank strives to be a top quartile performer in environmental, social and governance – known as ESG – leadership and reporting.
“Fifth Third is proud to have been named for the third time among the world’s most ethical companies by Ethisphere,” said Fifth Third Chairman and CEO Greg Carmichael. “To be consistently recognized is a testament to the hard work of our employees and demonstrates our Bank’s commitment to advancing sustainability and to doing well by doing good for all of our stakeholders.”
“We know the journey to be the best possible corporate citizen is ongoing,” Carmichael continued. “Our recent efforts include the innovative $180 million Fifth Third Empowering Black Futures Neighborhood Program, which is infusing up to $20 million across nine neighborhoods, and we’re getting close to reaching three years ahead of schedule the $8 billion sustainable finance goal we set in 2020 while delivering record financial performance for our shareholders.”
“Today, business leaders face their greatest mandate yet to be ethical, accountable and trusted to drive positive change,” said Ethisphere CEO Timothy Erblich. “We continue to be inspired by the World’s Most Ethical Companies honorees and their dedication to integrity, sustainability, governance and community. Congratulations to Fifth Third Bank for earning the World’s Most Ethical Companies designation.”
Ethics & Performance
According to Ethisphere’s Ethics Index, the publicly listed 2022 World’s Most Ethical Companies honorees outperformed a comparable index of large cap companies by 24.6 percentage points over the past five calendar years.
Methodology & Scoring
Grounded in Ethisphere’s proprietary Ethics Quotient®, the World’s Most Ethical Companies assessment process includes more than 200 questions on culture, environmental and social practices, ethics and compliance activities, governance, diversity, and initiatives to support a strong value chain. The process serves as an operating framework to capture and codify the leading practices of organizations across industries and around the globe.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Dec. 31, 2021, Fifth Third had $211 billion in assets and operated 1,117 full-service banking centers and 2,322 branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Dec. 31, 2021, had $554 billion in assets under care, of which it managed $65 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.”
About Ethisphere
Ethisphere® is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character and measure and improve culture. Ethisphere honors superior achievement through its World’s Most Ethical Companies recognition program and provides a community of industry experts with the Business Ethics Leadership Alliance. More information about Ethisphere can be found at ethisphere.com.
