A letter from our CEOs
Over the last few weeks, many of us have felt intense pain, anger, sadness and frustration. And our Black colleagues, customers and fellow citizens have felt it much more acutely. In fact, these are hardly new emotions in the Black community.
Racism, social inequity and discrimination have blocked the path to prosperity for so many, particularly the Black community, for far too long. Now, we must channel this emotion, this visibility and this time to forge lasting and meaningful change.
We’ve had many difficult, honest conversations with employees about the work we have to do within our company, as well as the social and economic inequities facing the larger Black community. We feel a collective responsibility as individuals, as Chase employees and as a company.
We don’t know all the ways we will do that, but we do know we can build on initiatives that have already shown promise at our company. A year ago, we created the Advancing Black Pathways program to help close historical gaps in wealth, education and career success among Black Americans. Advancing Black Pathways will guide our company’s leaders to mobilize community leaders, influencers, organizations and policymakers.
We affirm and expand our commitment through: investments in philanthropy and in our communities, hiring and mentorship programs, supporting affordable housing, lending to small businesses, and giving people with criminal records a second chance.
What we're doing
- Investing in cities — We are investing $500 million to drive inclusive growth and create greater economic opportunity—such as affordable housing, small business expansion, neighborhood revitalization—in cities around the world, including Detroit, Chicago, the Bay Area and the Washington, D.C. region. But it’s more than money: It’s finding willing and able partners in the private and public sectors to amplify the results.
- Hiring/mentoring — We will hire more than 4,000 Black students in full-time positions, apprenticeships and internships at JPMC over the next five years. And we’ll provide 1,000 young men of color—primarily Black and Latinx—the skills they need to succeed and access greater economic opportunity through our Fellowship Initiative program over the next 10 years.
- Affordable housing — We’ve committed more than $28 billion to support financing of affordable housing and community projects over the last decade, resulting in over 112,000 affordable housing units.
- Small business — The Entrepreneurs of Color Fund expands access to capital and advisory services for minority entrepreneurs. In four years, we committed over $17 million through the fund, creating or retaining over 3,000 jobs.
- Branches — This is where we start relationships with so many customers and communities. One-third of our branches today are located in majority-minority communities, and we expect 30% of new branches to be in low- and moderate-income communities as we expand into more markets.
- Policy — Our newly created JPMorgan Chase PolicyCenter last year helped lower barriers to good jobs for people with criminal backgrounds. This includes advancing policies that restore Pell grants to people with criminal backgrounds, "banning the box" on job applications and reforming clean-slate laws so anyone with minor offenses on their records can more easily qualify for jobs. Last year, we practiced what we preach in hiring more than 3,000 people with criminal backgrounds.
- Commemorating — To honor Juneteenth—the oldest nationally celebrated commemoration of the ending of slavery—we closed our branches early on June 19 to allow time to reflect on our nation’s inequities, as well as the roles we all play in addressing them. Juneteenth celebrates African American freedom and achievement, while encouraging continuous self-development and respect for all cultures.
- Philanthropy — We are committing $1.75 billion through 2023 to create economic opportunity and drive inclusive growth around the world. We recently made a philanthropic commitment—and will match our employee contributions—to promote racial and social equality through recognized leaders: the Leadership Conference Education Fund, NAACP Legal Defense and Educational Fund, the National Urban League, and the Equal Justice Initiative.