JPMorgan Chase (JPM) has pledged to invest $20 million over the next five years to support U.S. military veterans and their communities.

JPMorgan Chase's commitment was announced Wednesday alongside pledges from 30 other corporations and philanthropic organizations as part of the White House's Joining Forces Initiative, which aims to assist veterans in finding employment, furthering their education, becoming homeowners and finding affordable rental housing. In total, the coalition pledged more than $170 million.

JPMorgan Chase said in a press release that its earmarked money will go toward supporting community partners that provide direct services to the military and veteran populations at the national and regional level. Part of the money will go toward supporting Syracuse University's Institute for Veterans and Military Families, which the bank co-founded in 2011.

"We've seen dramatic progress over the last three years since we launched our military and veterans program and believe our renewed promise will encourage more employers and institutions to join us in supporting our nation's best," said Jim Cummings, global head of infrastructure protection, business continuity and military affairs for JPMorgan Chase, in a press release.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.