Sep 14, 2017
With nearly 14,000 employees in the Chicago area supporting more than 5.8 million customers, JPMorgan Chase has a solid footprint in Illinois and has since 1863. And the firm is deepening its commitment to the community with a newly announced $40 million investment over three years to expand opportunity in Chicago's South and West Sides.
In an effort to boost economic growth in the city and by extension help curb some of the issues the city faces, the initiative will seek to address four main areas: financial capability programs, small business growth, neighborhood revitalization and workforce and job training.
"Chicago is one of America's greatest cities, but not every resident shares equally in the city's economic growth," said Jamie Dimon, Chairman and CEO. "It is on us — leaders in business — to step up, collaborate with government and the community and develop solutions where we have resources and expertise to offer. We believe in Chicago's future and are hopeful our investment will help the city thrive and make opportunity available to every Chicagoan."
A lack of economic opportunity has been cited as a root cause of Chicago's concentrated poverty, persistent racial and economic inequalities and gun violence. The investments will target these problems using strategies developed through a variety of global initiatives — including the firm's work in Detroit.
"JPMorgan Chase uses the same strategies that drive business success — innovation, ingenuity and focus — to drive change most effectively in communities," said Peter Scher, Head of Corporate Responsibility. "We look to see where we can move the needle and make the biggest difference, relying on data and the expertise of our people to strengthen our investments. In Chicago, we will take what we've learned in other cities to invest in the communities that have been left behind."
The firm will also partner with new businesses, governments and nonprofits to help Chicago's economy, as well as capitalize on existing partnerships with groups like the Chicago Community Loan Fund, Boeing, Walmart and the Brazier Foundation.
"By bringing together a broad coalition of civic, corporate and community partners to create jobs and invest in neighborhoods, we can drive change that will last for generations," said Chicago Mayor Rahm Emanuel. "Today we have the opportunity to build a powerful coalition with JPMorgan Chase that will create economic opportunities in communities across Chicago."
The firm will also be leveraging its existing assets, including the expertise of employees through the Service Corps, analysis from the JPMorgan Chase Institute and financing from the Community Development Banking group.
The firm's strategies fall into four categories: