New York (April 30, 2014) — JPMorgan Chase & Co. (NYSE: JPM) today pledged to invest $20 million over the next five years to support U.S. military veterans and their families. This pledge builds upon the firm's existing programs and initiatives for military veterans focused on employment, education and housing.
JPMorgan Chase's expanded pledge endorses the new collaborative effort of the White House's Joining Forces Initiative and philanthropic leaders across the nation known as the Philanthropy-Joining Forces Impact Pledge. The Philanthropy-Joining Forces Impact Pledge – initiated by the Blue Shield of California Foundation, the Bristol Meyers Squibb Foundation, the Lincoln Community Foundation and the McCormick Foundation – creates a community of funders and builds momentum for programs that will support service members, veterans and their families, in local communities.
"We are honored to join with other leaders to support our nation's veterans and military families as they transition to civilian life," said Peter Scher, head of Corporate Responsibility for JPMorgan Chase. "We believe this collaboration will make a dramatic difference for the servicemembers and their families who have given so much for our nation."
JPMorgan Chase will earmark the $20 million for programs and initiatives focused on employment, education and housing, which are designed to help veterans and their families succeed after their military service ends. The pledge includes a commitment to community partners that provide direct services to the military and veteran populations through both national and regional programming – as well as a continued commitment to fund higher education programs for veterans and Syracuse University's Institute for Veterans and Military Families, which the firm 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 addition to the firm's philanthropic work, JPMorgan Chase in 2011 worked with 10 other companies to launch the 100,000 Jobs Mission, promising to hire 100,000 veterans by 2020. Since then, the coalition has grown to more than 150 companies, which have collectively hired more than 117,000 veterans. That prompted the companies to double their commitment – to hire a total of 200,000 veterans – and to expand their efforts to include military spouses.
JPMorgan Chase has hired more than 6,700 veterans since 2011. It has also provided nearly 700 mortgage-free homes, amounting to more than $104 million, to military families – often those with serious injuries – through its nonprofit partners.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.