2023 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 addressing climate change.
The 2023 Sustainability Report provides updates against these five priorities as the Company works to be the one bank people most value and trust.
A Message from our Leaders
Fifth Third’s sustainability priorities are guided by our intention to provide leadership across of a range of critical and interconnected issues. We are a purpose-driven company working hard to make an impact and drive positive change.
In their introductory letter, Fifth Third Chairman, CEO and President 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 in 2023. The Bank’s sustainability program is led by Fifth Third’s Corporate Responsibility and Sustainability Offices. Sustainability reporting and governance is run by Fifth Third’s chief sustainability officer, Pratik Raval. The Fifth Third Bancorp Board of Directors has full oversight of the Bank’s sustainability program.
Strengthening Our Communities
Fifth Third sets the bar high for our corporate citizenship. We seek to be a trusted advisor in our communities and want to bring our social capital and commitment to bear on major projects and initiatives.
We are focused on creating affordable housing, spurring inclusive and sustainable economic development, delivering financial access, education and stability, and advancing workforce development, especially in underserved communities.
Promoting Inclusion
Fifth Third has long believed that fostering an inclusive experience for employees, suppliers, customers and communities is essential to our broader purpose of creating an inclusive future with equal access and opportunity to thrive for all.
We strive to uphold the highest principles of diversity, equity, inclusion and belonging in our relationships with others and to create products and experiences that reflect all of us.
Our Commitment to Employees
The talent, passion and commitment of our employees have always been at the center of our success. Who they are and how they perform is what helps us build great relationships with our customers and the communities we serve. Their individual and collective contributions, meaningful connections, innovative ideas, inclusion, collaboration and commitment propel our Company forward.
The Bank strives to provide our employees with a world-class work environment, competitive pay and comprehensive benefits, and to engage employees regularly to empower our recruitment, development, retention and advancement efforts.
Customer at the Center
Fifth Third has a simple, diversified 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 2023, Fifth Third’s innovative culture was again recognized with inclusion in Fortune’s inaugural list of America’s Most Innovative Companies.
Addressing Climate Change
Fifth Third’s strategy to address climate change includes supporting a sustainable transition by helping our customers respond to a changing climate, managing climate-related risks facing our company and reducing our environmental and carbon footprint through projects that efficiently manage our operations.
Fifth Third’s 10-year $100 billion Environmental and Social Finance Target through 2030 achieved $37.6 billion, or over 37% of goal, through year-end 2023. The target is a commitment to fund projects that will lead to a sustainable and inclusive economy.
Fifth Third also has made significant progress on our six ambitious operational sustainability goals to be achieved by 2030. In 2023 and into 2024, we completed solar panel installations at 20 more financial centers and continued to add electric vehicle charging ports at retail branches.
Governance
To be the one bank people most value and trust, Fifth Third’s most valuable asset is our integrity. We are 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 five years.
Additional Information
Fifth Third has published its sustainability data in conjunction with the 2023 Sustainability Report, including the GRI Index, the SASB Index and the Stakeholder Capitalism Metrics index. Access them on the Investor Relations site.