Howard University Names JPMorgan Chase Its Primary Bank, Expanding Relationship to Drive Economic Empowerment for Students
Washington, D.C. – September 7, 2021 – On Tuesday, Howard University and JPMorgan Chase announced an expanded relationship making JPMorgan Chase the University’s primary operating bank. This move brings together the two institutions’ shared values of excellence, leadership, service and trust to drive impact for Howard students, faculty and staff. The banking relationship is directly aligned with Howard’s five-pillar Howard Forward strategic plan and supports the University’s goals of improving efficiency and effectiveness and serving the community. It builds on many years of successful collaboration between Howard and JPMorgan Chase focusing on the academic development and recruitment of Howard students.
“JPMorgan Chase has been a steadfast and committed partner to Howard University. In naming JPMorgan Chase as our primary operating bank, we are deepening an already impactful partnership in ways that will drive clear and measurable success across the Howard University community and move us closer to achieving our Howard Forward strategic plan,” said Howard University President Wayne A.I. Frederick, M.D., MBA. “We are excited to be aligned with a financial institution that will work with us to find ideas and solutions beyond traditional banking.”
“As one of the oldest and most impactful Historically Black Colleges and Universities, Howard University has inspired generations of young talent and helped rebuild a more equitable society,” said JPMorgan Chase & Co. Chairman and CEO Jamie Dimon. “We recognize that talent is distributed equally but opportunity is not, which is why we are so proud of our expanded partnership with Howard University. Together, we will empower a whole new generation of leaders and create new opportunities to serve our country and expand our global economy.”
Implementing JPMorgan Chase’s innovative technology and digital banking solutions will simplify and reduce manual processes to increase efficiencies and save time for Howard staff. With the bank’s help, the University will adopt digital payments technologies that improve cash flow processes, enabling Howard to deliver refunds to students faster and facilitate more seamless donor transactions. Business continuity and prevention measures around fraud and cybersecurity will also be a significant area of focus. The new banking relationship is expected to reduce costs to the University, with savings totaling the equivalent of more than 20 full-time scholarships.
“Having JPMorgan Chase as our primary banking institution will positively impact key financial processes,” said Howard University’s Interim CFO Annemieke S. Martinez. “This new relationship will enable us to reduce costs and improve customer service in ways that will dramatically increase our efficiency.”
In 2020, JPMorgan Chase announced a $30 billion commitment to help advance racial equity and provide economic opportunity to underserved Black and Latinx communities, building on the firm’s Advancing Black Pathways (ABP) initiative. ABP, which launched in 2019, expands on the bank’s existing efforts to help the Black community chart stronger paths toward economic success and empowerment, and focuses on careers and skills development, wealth creation and education. The firm has committed to hiring 4,000 Black students in apprenticeships, internships and post-graduation roles by 2024, with 86 percent of its goal already met. This is directly aligned with the University’s strategic goal of serving the community through workforce training.
Howard University senior Bryanna Gabriel participated in the inaugural ABP Fellowship Program and returned to JPMorgan Chase as an intern in Corporate and Investment Banking this past summer. She recently accepted a full-time post-graduate position at the firm.
“Having the experience as an Advancing Black Pathways Fellow and returning to the JPMorgan Chase network of colleagues I’d built gave me a sense of family connection,” said Gabriel. “I’ve learned so much already thanks to the support of my team. The inclusive environment at JPMorgan Chase makes me feel proud to bring my whole self to work. I couldn’t imagine starting my career anywhere else.”
JPMorgan Chase and Howard will continue to build on their existing collaboration and programming, key highlights which include:
- Hiring and recruitment: JPMorgan Chase has been actively hiring full and part-time positions in its branches as it continues to expand into new markets, including in Greater Washington. This is in conjunction with the ABP Fellowship where Howard sophomores can apply for a pre-internship program at JPMorgan Chase that bridges into internship roles across the firm’s Asset & Wealth Management, Consumer & Community Banking, Commercial Banking, Corporate & Investment Bank and Corporate Strategy & Technology groups.
- Career and professional development: An ABP relationship manager hosts on-campus office hours to coach students on resume and cover letter building, interview preparation and other professional skills. ABP also works in conjunction with Howard’s administration to support curriculum development that aligns with JPMorgan Chase’s hiring needs to better position students and graduates to excel in entry-level careers in finance.
- Financial health and education: JPMorgan Chase and ABP host on-going programs dedicated to combatting the racial wealth divide by creating pathways to financial health for students through education on topics such as budgeting, credit use and managing student expenses.
“JPMorgan Chase’s support over the years has been a tremendous asset to the Howard community through various student programs and University initiatives” said Executive Vice President and Chief Operating Officer at Howard University Tashni-Ann Dubroy, Ph.D. “We look forward to delivering innovative solutions to our campus stakeholders and furthering excellence in financial operations as we continue working to move Howard forward.
About Howard University
Founded in 1867, Howard University is a private, research university that is comprised of 13 schools and colleges in Washington D.C. Students pursue more than 140 programs of study leading to undergraduate, graduate and professional degrees. Howard University operates with a commitment to Excellence in Truth and Service and has produced one Schwarzman Scholar, three Marshall Scholars, four Rhodes Scholars, 12 Truman Scholars, 25 Pickering Fellows and more than 165 Fulbright recipients. Howard also produces more on-campus African-American Ph.D. recipients than any other university in the United States. For more information on Howard University, visit www.howard.edu.
About JPMorgan Chase & Co. in Greater Washington
JPMorgan Chase has been doing business in the Greater Washington region since 1999 and serves more than two million consumers and 70,000 business clients in the region. By the end of 2022, Chase will have opened 70 branches and hired more than 700 new employees.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. For more information on JPMorgan Chase & Co., visit www.jpmorganchase.com.