CINCINNATI—Fifth Third’s supplier diversity program ranks among the nation’s best for minority-owned businesses, according to DiversityComm Magazine.
The magazine’s annual "Best of the Best" rankings, released this week, recognize companies for excellence in advancing supplier diversity and supporting minority-owned business enterprises.
"For the past decade, supplier diversity has been a strategic imperative for Fifth Third. We are proud of the program that we have built over this time," said Stephanie A. Smith, chief inclusion officer for Fifth Third. "We believe that a robust, inclusive and competitive supply chain is good for our businesses, our customers, our communities and our employees. Growing the supplier diversity ecosystem is vital to an inclusive and sustainable economy and has positive ripple effects across the communities we serve."
DiversityComm’s "Best of the Best" list features companies from a range of industries that are committed to fostering a strong, diverse supply chain. The magazine’s methodology includes reviewing surveys and compiling independent data from various public sources such as 10-K Annual Reports, reader feedback, market studies, interviews, community engagement, and participation in conferences.
Fifth Third’s supplier diversity program was created in 2014 to encourage small diverse businesses (certified as owned by minorities, women, veterans, people with disabilities and LGBTQ+ people) to compete for contracting opportunities with the bank. The program has been so successful that in 2023 it was named "Best of the Decade" by Minority and Multicultural Business News in 2023.
"Fifth Third’s commitment to supplier diversity and to supporting minority-owned businesses is stronger than ever, and we are pleased that our program has been recognized in this way," said Carla Cobb, director of supplier diversity for Fifth Third. "We are proud to continue our longstanding tradition of leadership in supply chain diversity and inclusion."
When the program was launched, Fifth Third’s spend with diverse suppliers was less than 1%. Today, the Bank’s spend with diverse suppliers is 11.2%. In 2023, Fifth Third spent $189.2 million with diverse suppliers across the Tier 1 and Tier 2 categories.
Tier 1 spending includes work with suppliers who provide products and services directly and receive payment directly from Fifth Third. Tier 2 spending includes suppliers who provide products and services to Fifth Third and receive payment from a Tier 1 supplier.
In early August, Fifth Third’s eighth annual Supplier Diversity Summit attracted 200 attendees from across the country to the Bank’s corporate headquarters in Cincinnati. The annual event connects diverse-owned businesses and suppliers from across the country with leaders from Fifth Third and other Fortune 500 companies, and it helps diverse business owners gain perspectives from each other and network with other corporate partners.
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
About DiversityComm Magazine
DiversityComm Magazine is one of the nation’s fastest-growing magazines, promoting the advancement of diversity in all aspects of business and employment to ensure equal opportunity.