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The
investment program in Chicago, where the bank has significant
business interests, is modeled on a $100 million urban renewal
program that JPMorgan began in Detroit in 2014 and this year
boosted by another $50 million. (http://reut.rs/2y6mXYx)
"A lack of opportunity is a root cause of Chicago’s gun
violence, concentrated poverty, and persistent racial and
economic inequities, so the firm’s investments will focus on key
drivers of inclusive economic growth," the company said in a
news release.
Chief Executive Officer Jamie Dimon, 61, has turned more of his
attention lately to advocating for public policies to promote
the economy, including infrastructure improvement and job skills
training.
Since becoming chairman of the Business Roundtable, a CEO group,
in December, Dimon has been spending more time in Washington
discussing policies that go beyond banking.
(http://reut.rs/2fjGexX)
JPMorgan is the biggest bank in the United States, with $2.56
trillion in assets. It earned $24.7 billion in 2016.
In Chicago, the bank has 5.8 million retail customers and 360
branches.
The 2014 Detroit investment grew out of a desire by Dimon to
better direct JPMorgan's community contributions to projects
with lasting impact. Monies were directed to specific locations
there in consultation with local officials.
The Chicago investments will be directed to the city's South and
West sides. They include money for established job training
organizations and community development financial institutions.
(Reporting by David Henry in New York; Editing by Matthew Lewis)
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