NEW YORK--(BUSINESS WIRE)--JPMorgan Chase & Co. today released its annual Corporate Responsibility report, highlighting the firm’s model for impact, which combines business and philanthropic resources to drive inclusive economic growth. The report features JPMorgan Chase’s $100 million investment in Detroit’s economic recovery, the firm’s most comprehensive initiative to date, as a proof of concept for how the firm’s model can effectively make a meaningful impact in communities around the world.
“The same attributes that drive business success — innovation, ingenuity and the ability to efficiently marshal human and financial capital — also offer tremendous promise to help solve pressing societal challenges,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase. “The private sector has not only a moral obligation but also a deeply vested interest in delivering on this potential for public good. Why? Because businesses flourish when the communities they operate in succeed.”
Specifically, the Corporate Responsibility report reviews how the firm has reimagined its approach to corporate responsibility over the past five years. Along with deploying approximately $250 million globally in 2016, JPMorgan Chase is leveraging its worldwide presence, talent and resources to invest in four universal drivers of inclusive economic growth: jobs and skills, small business expansion, neighborhood revitalization and financial health.
These initiatives are helping people move up the economic ladder by arming workers with the skills for today’s well-paying jobs; building capital bridges for underserved entrepreneurs; spreading prosperity to neighborhoods outside the urban core; and unlocking financial innovation to help struggling consumers.
The firm’s $100 million investment in Detroit aligns with corporate responsibility’s key initiatives and deploys firmwide skills, expertise, data, relationships and resources to make a positive contribution toward the city’s comeback. While helping to revitalize the city, this effort has also yielded lessons that are instructive for how to solve challenges and create economic opportunity in other cities around the globe.
“Creating greater economic opportunity must be a responsibility and an imperative for all of us,” said Peter Scher, Chairman of the Greater Washington, DC region and Head of Corporate Responsibility, JPMorgan Chase. “While financial capital is important in helping advance this cause, money alone does not solve complex societal challenges. A critical and deliberate part of our comprehensive strategy is strengthening the underlying organizations and systems that are needed to empower communities to deliver and sustain change.”
In addition to Detroit, the report reviews how the firm is putting its corporate responsibility model into action around the world. It features perspectives from notable leaders such as Detroit Mayor Mike Duggan, New Orleans Mayor Mitch Landrieu, Denver Mayor Michael Hancock, London Mayor Sadiq Khan, former U.S. Senator Mel Martinez, former President of Entertainment at Telemundo Nely Galan, Beverly Johnson and Lebron James, among others.
The initiatives highlighted in the report are building the capacity of nonprofits in Detroit through the firm’s Detroit Service Corps; using actionable data from the JPMorgan Chase Institute to inform small business efforts in Detroit; preparing the next generation of workers in Denver and New Orleans; bridging the skills gap through data in South Africa; creating greater inclusive growth in East London; expanding capital to underserved small businesses in Texas; creating prosperous neighborhoods in Atlanta, Chicago, Miami and New York; and boosting the financial health of families around the world.
For more information about corporate responsibility at JPMorgan Chase, or to read the report, please visit https://www.jpmorganchase.com/corporate/Corporate-Responsibility/cr-2016-overview.htm.
About JPMorgan Chase
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.5 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 consumers 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.