JPMorgan Chase to give $125M to global financial health programs
JPMorgan Chase is promising $125 million over the next five years to a variety of community groups focused on improving the financial health of underserved communities worldwide.
The total includes donations to community groups helping low-income people, support for the development of financial coaching programs and investment in the creation and testing of fintech tools that can help underserved people. JPMorgan said it also wants to collaborate with community groups to help develop more accessible banking products and services.
“When we create opportunities that make prosperity possible for more people, we become stronger as a country,” Thasunda Brown Duckett, JPMorgan’s consumer banking CEO, said in a press release. “Our firm is being intentional in our approach by bringing together our people, our products and branches, our digital tools, and our community investments so we can serve everyone, including those who need it most.”
The program announced this week is the latest in a string of commitments the largest bank in the U.S. has made toward improving financial health and targeting income inequality.
In March, JPMorgan said it would commit $350 million to support training programs designed to help workers without a traditional college degree retrain for high-tech jobs and encourage companies to hire them. Last fall it said it would invest $500 million in job training, affordable housing and other economic development programs in as many as 30 U.S. cities.
Broadly, its latest philanthropic effort will be spread across groups helping people to build credit and savings, reduce debt and become more financially resilient. The effort is largely focused on helping vulnerable and underrepresented groups, like low-income women, immigrants, people of color and senior citizens.
It includes, for example, a $1 million donation to EARN to expand a national savings platform for low-income households, as well as an $800,000 award to the Learning and Work Institute, which helps low-income families in London manage their finances. It also includes a $600,000 commitment to the International Rescue Committee to offer financial coaching and small-dollar loans to refugees and immigrants in several Western U.S. cities.