JPMorgan Chase and Bloomberg Philanthropies are providing $7.5 million in grants for public education programs that address workforce needs in New Orleans.
The $2.4 trillion-asset JPMorgan and former New York City Mayor Michael Bloomberg's charitable arm said Monday that the funds will support YouthForce NOLA, a public-private partnership of educators, businesses and civic leaders that helps the city's public high schools redesign their education programs to align better with job opportunities in state and regional industries.
The announcement was made on the eve of JPMorgan's annual meeting, which is scheduled to be held in New Orleans on Tuesday. JPMorgan has more than 2,700 employees in Louisiana, including about 600 in New Orleans, a spokeswoman told American Banker.
JPMorgan is providing $2.5 million, and Bloomberg Philanthropies has pledged $5 million, for YouthForce NOLA. The funds will provide opportunities for students to earn paid internships in three industries: advanced manufacturing, energy and the health sciences. More than 67,000 skilled high school graduates will be needed in these New Orleans industries by 2024, the donors said in a news release.
"Our support of YouthForce will go a long way to creating greater economic opportunity in New Orleans," Jamie Dimon, JPMorgan's chairman and chief executive, said in the release.
The donation is part of a broader outreach effort by JPMorgan, including the launch in January of a $75 million, five-year program called New Skills for Youth, which is designed to strengthen career and technical education to address youth unemployment.
Since 2005 JPMorgan Chase has provided $36 million in philanthropic support to create economic opportunity through workforce training programs and small-business growth in Louisiana, the spokeswoman said. In March the firm provided $1 million to small-business and workforce programs in New Orleans, and last week it announced that 16 top employees will travel to the city to spend three weeks assisting area nonprofits.
Bloomberg Philanthropies operates in more than 120 nations with the stated mission to improve the lives of people in five key areas: arts, education, environment, government innovation and public health. The charitable organization is currently investing in career and technical education pilots across the United States.