New York Life, which jumps 28 spots on the Global 500 this year, was well prepared for COVID-19. After all, the 175-year-old company previously survived yellow fever, the Spanish flu, two world wars, and the Great Depression. Though revenues were up 5.9% in 2020, profits dropped sharply. Even so, in a bid to soothe employee anxiety, the company pledged in March 2020 there would be no layoffs through the end of the year. The company is also taking the lead in addressing the racial wealth gap, debuting a $1 billion impact investment initiative to invest in “underserved and undercapitalized communities over the next three years,” it says. Investments will run the gamut from small businesses to affordable housing.
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