As part of their $30 billion commitment for inclusive economic growth, JPMorgan Chase created a team of 30 community-focused members who will work to close the racial wealth gap in different New York neighborhoods. The team will engage customers, non-customers, nonprofits and elected officials for the cause.
JPMorgan Chase is one of the oldest financial institutions in the U.S., serving its customers and clients through integrity, honesty and respect. In Oct. 2020, JPMorgan Chase announced new long-term commitments to advance racial equity. Over five years, the firm dedicated $30 billion to provide economic opportunity to underserved communities, especially the Black and Latinx communities.
“Systemic racism is a tragic part of America’s history,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality… It’s long past time that society addresses racial inequalities in a more tangible, meaningful way.”
Enlarged by the COVID-19 pandemic, now is the time to address these issues. In New York City, the firm hired a team of experts to connect the community to tools and resources focussed on financial health, housing and small business.
Serving Manhattan, Brooklyn, the Bronx, Queens and Long Island, a team of 18 Community Managers, a new role at Chase, are charged to focus on the financial health of communities of color, working with local residents, businesses and the community to identify programming, resources and collaboration opportunities that address local needs.
“Financial health isn’t always associated with more income necessarily. Getting the right education is important to understanding how to utilize money and watch your finances grow,” said Wendy Velazquez, who operates out of the Chase branch at 109 Delancey Street on the Lower East Side. “That’s why it’s so important for [us] to collaborate with neighborhood leaders and organizations to break down economic barriers and support the success of our customers and our community.”
Along with financial health, the firm plans to advance homeownership opportunities. JPMorgan Chase created the role of Community Home Lending Advisor as part of the overall Racial Equity Commitment. CHLAs plan to support the mortgage products that fit the needs of the people and down payment assistance programs.
Additionally, the firm hired a team of senior business consultants to accelerate minority small business growth. This free program will connect entrepreneurs to advisory services such as mentorship, business development coaching and financial planning.
“With nearly 20,000 employees, more than 430 branches, more than $7 million in philanthropic investments over the past year around New York City and Long Island, this city is critical to the success of JPMorgan Chase,“ said Sekou Kaalund, Head of Consumer Banking, Northeast Division, JPMorgan Chase. “We’re bringing in local leaders who know these communities inside and out and are committed to empowering everyone throughout New York to take charge of their financial futures and succeed.”
