J.P. Morgan Deploys Nearly €4 Million EUR ($4.5 Million USD) to Prepare Greater Paris Residents for the Future of Work
Philanthropic investments mark the first year of J.P. Morgan’s $30 million, five-year commitment to create greater economic opportunity for underserved residents and local entrepreneurs across Île-de-France
Paris — J.P. Morgan (NYSE: JPM) announced today that it has deployed nearly €4 million EUR ($4.5 million USD) during the first year of its $30 million USD, five-year commitment to equip underserved residents in Île-de-France, particularly in Seine-Saint-Denis, with the skills they need to qualify for in-demand jobs in a rapidly changing economy.
“Over the past year, we have been bringing lessons learned from our work around the world to Greater Paris and are also gaining insights that are helping us advance economic opportunity for more people,” said Peter Scher, Head of Corporate Responsibility, JPMorgan Chase. “We look forward to continue working with local political, business and nonprofit leaders to help more residents benefit from the city’s vibrant economy.”
These initial investments are focused on new data and research to inform J.P. Morgan’s strategy focused on connecting Seine-Saint-Denis residents with quality training and jobs, and helping young and long-term unemployed residents develop the skills required for major infrastructure and economic development projects planned in and around Paris.
“Digital inclusion policies cannot be solely a defensive response toward the digitization of administrative procedures. It must serve a broader goal of empowerment in a digitized society, of reflexivity toward technology and as a force of development for local communities,” said Cédric O, French Minister of State for Digital Affairs. “Our mission is to train digital citizens of today and tomorrow, who can apply online to a job or recognize a hoax. The Government wants to go further on this challenge. No doubt that corporates will support us to scale up our initiatives.”
These philanthropic investments are part of AdvancingCities, which aims to connect people in underserved communities with greater economic opportunity. It builds on the firm’s 150-year commitment to serving clients and the local communities in France and applies lessons from J.P. Morgan’s proven investment model, which has been recognized for its impact by Harvard Business School.
Investing in the future of work in Greater Paris
Today, 1.5 million of Greater Paris’ residents live in neighborhoods with limited access to opportunity and significant levels of poverty and unemployment. Meanwhile, research shows that by 2020, there will be 80,000 unfilled jobs in France.
Over the past year, J.P. Morgan accelerated its innovative efforts to connect underserved young people and adults with in-demand skills in collaboration with local community organizations, business and political leaders. Specifically, the firm invested nearly €4 million EUR ($4.5 million USD) in:
Digital Upskilling: €2.6 million EUR ($2.9 million USD) to Simplon, OpenClassrooms and Social Builder to prepare youth and women of all ages in Seine-Saint-Denis for in-demand jobs in the growing digital sector - such as web developers, web integrators and payroll managers - through apprenticeships, hands-on training and mentorship.
J.P. Morgan has been closely collaborating with local political leaders to help maximize the reach and impact of these investments. They are designed to complement the government’s strategy to encourage workforce training in France through its commitment to apprenticeships for young people and the CPF, offering personal training accounts to enable more people to participate in qualifying training.
- Skills Development for Ongoing Economic Development Activity: €1 million EUR ($1.1 million USD) to Les Compagnons du Devoir to connect young and long-term unemployed adults in Île-de-France with skills for in-demand, well-paid jobs in sectors like construction to qualify for jobs that support major economic development and infrastructure projects, which are underway, such as the rebuilding of the Notre Dame Cathedral.
- Research: €200,000 EUR ($230,280) to Institut Montaigne to identify the barriers to employment in Seine-Saint-Denis and offer a roadmap to address those barriers. The research will take into account ongoing economic activity in the area, and major economic development and infrastructure projects.
“J.P. Morgan has been a partner of Simplon for several years and their support has allowed us to design and test innovative proposals that aim to maximize the social impact of our training programs,” said Frédéric Bardeau, President and co-Founder of Simplon. “We share the belief that this social impact requires a response aligned with not only the needs of individuals out of work, but also the needs of companies, and digital skills can provide powerful leverage for both job seekers and employers.”
“The support of J.P. Morgan allows us to help more people access in-demand jobs and to therefore prepare the next generation of professionals in high-demand sectors,” said Jean-Claude Bellanger, Secretary General of the Compagnons du Devoir.
Over the next four years, J.P. Morgan will apply lessons learned from its efforts to date to inform its investments in Greater Paris, continuing to use its full resources – including its data, capital, relationships and people’s expertise – to create greater economic opportunity for Seine-Saint-Denis and other Greater Paris residents.
The firm will accelerate its philanthropic investments to prepare more people for the future of work and help them build in-demand skills for major projects, such as the Grand Paris Express and the Paris Olympics.
In addition, the firm will continue providing the time and talent of its employees through programs like the Service Corps to help local community organizations, which provide critical services to local residents, maximize the impact of their work.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.8 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. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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