Global  

JPMorgan pledges $30 billion to address racial wealth gap

Video Credit: Reuters - Politics - Duration: 01:13s - Published
JPMorgan pledges $30 billion to address racial wealth gap

JPMorgan pledges $30 billion to address racial wealth gap

JPMorgan Chase & Co said on Thursday it would commit $30 billion to address racial inequality over the next 5 years, marking one of the largest corporate pledges related to race since the death of George Floyd.

Freddie Joyner has more.

JPMorgan Chase on Thursday said it would commit $30 billion to address racial inequality over the next 5 years, marking one of the largest corporate pledges related to race since the death of George Floyd.

The initiative seeks to provide $8 billion in new mortgages for Black and Latino borrowers, $14 billion in loans for affordable housing projects, $2 billion in small business loans, and $2 billion in philanthropy.

In comparison, Bank of America and Citigroup have made similar pledges totaling about $1 billion each.

JPMorgan, the largest U.S. bank by assets, earned $36.4 billion in profit last year.

A wide range of U.S. companies from Facebook to Kraft Heinz has also announced financial commitments to counteract systemic racism.

But JPMorgan's commitment stands out because of the way the bank is embedding the initiative across its business lines.

In addition, the bank has also committed to do more business with minority suppliers, improve the diversity of its workforce, and open 100 branches in low-income communities.




You Might Like


💡 One News Page Knowledge: Other News Mentions

JPMorgan Chase JPMorgan Chase American multinational banking and financial services holding company

Meet Siqi Mou, the founder who is using artificial intelligence to redefine skincare [Video]

Meet Siqi Mou, the founder who is using artificial intelligence to redefine skincare

In this episode of #SiliconValley2.0, hosted by Sabrina Halper, we bring you a conversation with HelloAva co-founder Siqi Mou. Born in China, Siqi moved to California to attend Stanford University. After graduating, she worked at JP Morgan and was an on-air anchor for Bloomberg Indonesia. Eventually, she found herself back at Stanford for business school. It was there, as part of a class project, that she began to work on the idea behind HelloAva. HelloAva Inc is a tech-enabled beauty personalization startup which combines artificial intelligence and human expertise. This cutting edge, data-driven approach has led them to over 1.6 million skincare consultations. Applying the pillars of modern technology onto the ever-growing beauty industry has helped this start up stand out. In this episode, you can hear about Siqi’s path to her start-up, her insights into the future of the industry, and her personal approach to following her dreams. Silicon Valley 2.0 is a fortnightly series that showcases the next generation of entrepreneurs and businesses that have the potential to scale new heights.

Credit: HT Digital Content    Duration: 16:49Published
Jamie Dimon slams 'childish' politicians [Video]

Jamie Dimon slams 'childish' politicians

U.S. politicians are behaving like children by not passing a new stimulus bill that could help Americans whose income has been wiped out by the coronavirus pandemic, JPMorgan Chase & Co Chief Executive Jamie Dimon said on Wednesday at a New York Times conference. Gavino Garay has more.

Credit: Reuters Studio    Duration: 01:38Published

George Floyd George Floyd Man killed during Minneapolis police arrest in 2020

Kamala Not a Shoo-In for 2024 with Black America, Tamika Mallory Says

You'd think Kamala Harris would have widespread support among African-Americans if she runs for President in 2024 -- but that's no guarantee ... so says Tamika..
TMZ.com

Pope supports George Floyd protests in book

The pope also addresses the coronavirus pandemic and criticized people who protested preventative guidelines in his new book.
CBS News
Philadelphia police to boost presence following shooting [Video]

Philadelphia police to boost presence following shooting

[NFA] Philadelphia will deploy additional police officers and has asked surrounding regions for law enforcement support as it braces for further unrest on Tuesday sparked by the police killing of a Black man, the police commissioner said. Freddie Joyner has more.

Credit: Reuters - Politics    Duration: 01:29Published

Bank of America Bank of America American multinational banking and financial services corporation

Bank of America pledges $25 million to address racial and economic inequities

Bank of America is pledging to address racial and economic inequities by committing $25 million to assist "up-skilling and reskilling" for Black and..
CBS News
Former Bank Of America Analyst Charged $21,000: Corporate Card At 'Adult Venue' [Video]

Former Bank Of America Analyst Charged $21,000: Corporate Card At 'Adult Venue'

Reuters A former Bank of America analyst charged over $20,000 to his corporate card at an "adult venue," a complaint from the securities industry self-regulator FINRA filed Friday alleges. The former employee still has not paid the firm back and said that his card was stolen, the complaint said. But a recording of the employee phoning his corporate card's call center shows otherwise, the complaint alleged. Visit Business Insider's homepage for more stories.

Credit: Wochit News    Duration: 00:32Published

Citigroup Citigroup American multinational investment bank and financial services corporation