Sep 07, 2017
JPMorgan Chase has been named the leading company to “Change the World” by Fortune magazine, topping the list of 56 companies around the globe that have made a positive social or environmental impact as part of their core business strategy. In its third annual list, Fortune features CEO Jamie Dimon’s leadership in revitalizing the city of Detroit, where the road to economic recovery is long.
The bank’s initiative, called Invest Detroit, has committed $150 million by 2019 to finance the most critical elements of economic recovery across the city including the transformation of neighborhoods, investment in small businesses, and the creation and training for in-demand jobs. “If you don’t have jobs, you don’t have housing,” tells Dimon in the interview. “If you don’t have housing, people can’t get to their jobs. If people don’t have skills, people can’t buy homes. You’ve got to make progress on all these fronts.”
The pace of progress has exceeded the bank’s initial investment of $100 million, and has spurred the deployment of resources for career training and technical education, capital for local small businesses, and neighborhood revitalization and community development.
“Dimon and his colleagues believe U.S. GDP growth won’t be robust again unless the country does more to revitalize cities hobbled by lost manufacturing jobs,” Fortune writes. “That’s one reason America’s largest bank is now steering some $250 million annually into community-building investments like small-business development, job-skills training, and neighborhood revitalization, and deploying a “service corps” of advisers to help those investments bear fruit.”
Read more about JPMorgan Chase’s efforts in Detroit.
Fortune.com, September 2017