The past couple of years have served one of the most tumultuous chapters in recent history. We saw numerous reminders that systemic inequities and racism have created structural barriers that prevent individuals, families and communities from accessing opportunity.
In the wake of social unrest, the largest bank in the United States took deliberate steps to address inequality first by actively listening, in order to respond in the most meaningful way.
JPMorgan Chase built on its existing community strategy with a thoughtful and comprehensive approach to respond to the urgent need for racial equity to support the diverse population of customers and employees it serves.
Armed with the goal of understanding the changes required to address the largest drivers of the racial wealth divide, the firm pooled its business, philanthropy, policy and data expertise to develop a strategy to transform banking for communities that have been historically marginalized.
Allowing opportunity to react with intention gave birth to the five-year $30B Racial Equity Commitment, announced in October 2020 and well underway in its third year.
“Systemic racism is a tragic part of America”™s history.” said Jaime Dimon, Chairman and CEO, JPMorgan Chase. “It”™s long past time that society addresses racial inequities in a more tangible way.”
The firm identified four key areas of opportunity:
- Expand access to services and grants to increase affordable housing and home lending in underserved communities
- Increase access to affordable banking and tools to create paths for sustained financial health
- Launch programs designed to help entrepreneurs in historically underserved areas with access to coaching, technical assistance and capital
- Build a more diverse and inclusive workforce through executive accountability, employee financial health, expanded educational offerings and internships
Underpinned by accountability, progress is consistently tracked to ensure maximum impact through the five-year commitment and beyond.
HOW JPMORGAN CHASE IS ADVANCING EQUITABLE ECONOMIC OPPORTUNITIES IN WESCHESTER
Working closely with local leaders, the firm is committed to being a positive force in the communities it serves and that includes bringing the best of the firm to support Westchester residents and the broader community.
As an example, the firm invested $2.5 million in the National Council for Workforce Education; a workforce-focused non-profit organization committed to driving economic advancement for all.
The council partnered with Westchester Community College to replicate the Money Smart Forum, a student financial coaching program developed by Westchester Community College. The program is focused on helping students build healthy financial habits by setting goals and measuring outcomes. As a result of their partnership, Rockland Community College and Fulton-Montgomery Community College receive support to replicate the program, proven to increase persistence and graduation rates.
JPMorgan Chase also supports the Money Smart Forum, a Westchester Community College initiative, focused on helping students build healthy financial habits by setting goals and measuring outcomes.
Since the Money Smart Forum began, Westchester students have demonstrated stronger college retention rates and increased workforce preparation and success.
The firm has also invested more than $3.5 million in nonprofits throughout Westchester, including Today”™s Students, Tomorrow”™s Teachers, Ronald McDonald House of the Greater Hudson Valley and Yonkers Partners in Education, among others, to address critical needs like education, affordable housing, financial health and small business growth while engaging and collaborating with community leaders to make a lasting positive impact for all people in Westchester.
“Aiming to be the bank of choice for all, we are breaking down barriers to lead with diversity, equity and inclusion and drive inclusive economic growth all over the world.” David Miree, Global head of Diversity, Equity and Inclusion for JPMorgan Chase.
Ultimately, we know that no single entity can close the racial wealth gap, but it is our responsibility to join arms with other companies and policymakers to create a force multiplier that may just move the needle towards greater equity.
The firm is owning its part in this ”” and they”™re just getting started.
Visit JPMorganChase.com/Pathforward to learn more about our efforts to advance racial equity, which include affordable housing, minority-owned businesses, financial health, workforce diversity and more.
