JPMorgan Chase has launched a multiyear examination of its philanthropic division, providing $10 million to the Urban Institute to study the impact of its charitable initiatives.
As part of the five-year grant, the Urban Institute a Washington-based think tank will produce a comprehensive study of the way JPM approaches corporate responsibility. The study will measure the outcomes of the company's philanthropic investments in workforce and economic development.
"Over the next five years, our firm will deploy $1 billion towards our philanthropic programs focused on creating economic growth and expanding access to opportunity," Peter Scher, the company's head of corporate responsibility, said in a press release Thursday. "We believe corporate responsibility includes a commitment to impact, measurement and accountability."
Additionally, JPMorgan will provide the institute with an undisclosed amount of funding for "institutional modernization and capacity-building," the release said.
JPMorgan and Urban will share the research findings through publicly available reports, briefings and meetings beginning later this year.
The announcement comes as JPMorgan faces increasing scrutiny over its social responsibility initiatives some of which stem from its recent legal settlements.
JPMorgan in December issued a report, at the request of faith-based groups, detailing improvements in the company's corporate governance practices. The report also included an accounting of its recent settlements.
In November 2013, as part of its $13 billion mortgage-related settlement with federal regulators, JPMorgan agreed to provide $4 billion in consumer relief.
Since then, JPMorgan has funded several initiatives related to workforce and economic development, particularly in Detroit. The company pledged $100 million in financing to help with the city's economic recovery efforts last spring. It has also recently provided grants to help city residents purchase and rehab blighted properties.