2022 Sustainability Report
Fifth Third is committed to keeping the customer at the center, strengthening its communities, delivering on its commitment to employees, promoting inclusion and diversity and addressing climate change.
The 2022 Sustainability Report provides updates against these five priorities as the Company works to be the one bank people most value and trust and to improve the lives of individuals and the communities it serves.
A Message from our Leaders
Fifth Third believes in the philosophy of doing well by doing good and focusing on generating long-term sustainable value for its stakeholders, including customers, employees, communities, shareholders and regulators.
In their introductory letter, Fifth Third President & CEO Tim Spence and Chief Corporate Responsibility Officer Kala Gibson speak to the current financial environment and the progress made against the Bank’s sustainability goals. The Bank’s sustainability program is led by the Corporate Responsibility Office. Sustainability reporting and governance is run by Fifth Third’s chief sustainability officer. The Fifth Third Bancorp Board of Directors has full oversight of the Bank’s sustainability program.
Major Initiatives
Fifth Third’s $2.8 billion Accelerating Racial Equality, Equity and Inclusion initiative, including its $180 million Empowering Black Futures Neighborhood Program, delivered $2.7 billion as of Dec. 31, 2022, and is ahead of schedule to meet its full commitment by year-end 2023.
Fifth Third's 10-year $100 billion Environmental and Social Finance Target through 2030 achieved $14 billion, or over 27% of goal, through year-end 2022. The target is a commitment to fund projects that will lead to a sustainable and inclusive economy.
Customers
Fifth Third has a simple, diversified business portfolio with three main business segments, Consumer and Small Business Banking, Commercial Banking, and Wealth & Asset Management. The Bank pairs a commitment to outstanding customer service with innovative and inclusive products and services that benefit lives and improve businesses. This is highlighted by the Bank’s award-winning, flagship Fifth Third Momentum® Banking accounts.
In 2022, Fifth Third’s innovative culture was recognized with inclusion in Fortune’s inaugural list of America’s Most Innovative Companies.
Corporate Responsibility
Fifth Third views the well-being of the people and communities it serves as its corporate responsibility. The Bank cares deeply about every person—embracing their individuality and helping them to achieve their goals. In communities, Fifth Third wants to work with its neighbors to build strong, stable and sustainable economies.
Fifth Third’s innovative and inclusive programs are designed to maximize transformative, positive change, one life and one neighborhood at a time.
Employees
Fifth Third believes that its employees, along with the service they provide to the Bank’s customers and communities, is what sets it apart.
The Bank strives to provide its employees with a world-class work environment, competitive pay and comprehensive benefits, and to engage employees regularly to empower its recruitment, development, retention and advancement efforts.
Planet
Driven by its understanding that integrating environmental sustainability into all aspects of its business creates long-term value for its customers and strengthens its communities, Fifth Third is helping lead the transition to a sustainable future.
Fifth Third believes the sustainable transition begins at home. It has set six ambitious operational sustainability goals to be achieved through 2030, including an effort to begin adding solar panels to select branches as well as Electric Vehicle charging stations.
Governance
To be the one bank people most value and trust, Fifth Third’s most valuable asset is its integrity. The Bank is steadfastly committed to always acting in a matter that merits public trust and confidence.
A strong governance program is the foundation for a sustainable and well governed company. Fifth Third has been recognized by Ethisphere as among the World’s Most Ethical Companies for four years, and in 2022, was one of only two U.S. banks to earn the recognition.
Additional Information
Fifth Third has published its sustainability data in conjunction with the 2022 Sustainability Report, including the GRI Index, the SASB Index and the Stakeholder Capitalism Metrics Index. Access them on the Investor Relations site.