JPMorgan Chase has announced that it will boost its philanthropic investments over the next five years by 40 percent, to $1.75 billion.
Announced as part of the bank's plan to invest $20 billion in support of employees, branch expansion, and local economic growth, the additional investment in its corporate philanthropy activities will support ongoing efforts to drive inclusive economic growth in underserved neighborhoods, including an expansion to other cities of the model it developed for its $150 million Detroit revitalization initiative. The bank also is boosting its support for the Entrepreneurs of Color Fund, which it created with the Detroit Development Fund and the W.K. Kellogg Foundation, and will replicate in San Francisco and the South Bronx.
In addition, the bank will continue to support job training initiatives in dozens of cities, including Dallas, Los Angeles, and Miami; will expand its Fellowship Initiative, an academic, leadership, and professional development program for young men of color, to Chicago, Dallas, Los Angeles, and New York; and will make the JPMorgan Chase Service Corps — a three-week skills-based volunteer program that engages JP Morgan Chase employees in helping nonprofit organizations — available to more nonprofits in Chicago, Detroit, and the South Bronx.
The larger $20 billion investment in the economy announced by the bank includes a hike in wages from between $12/hour and $16.50/hour to between $15/hour and $18/hour for hourly bank employees in more than a hundred cities; the opening of four hundred new branches that together will create three thousand new jobs; a $4 billion increase in small business lending; and a commitment to boost mortgage lending in low- and moderate-income communities by 25 percent over the next five years.
"Our philanthropy continues to be a strategic investment in driving inclusive economic growth," said Peter Scher, head of global corporate responsibility at JPMorgan Chase. "We have established a model to help more people share in the rewards of the economy, and with this investment we will be able to further scale meaningful, long-term growth in more communities."