When you think of big business, correcting societal issues generally doesn’t come to mind.
JP Morgan Chase has set out to correct that.
“At a time when so many people are being left behind, shut out of the rewards of a growing economy, we, as leaders in business and in our communities, simply cannot afford the consequences of inaction,” stated Jamie Dimon, CEO & Chairman of JP Morgan Chase.
Dimon believes that the private sector plays a bigger part in society than is believed; that they act as a role model of sort, and it is his belief that large corporations, like his, should take a step back and embrace their societal role in a much greater way.
But, while he feels it is the right thing to do, it is not completely without a self-beneficial factor. “By working to grow the economies of the communities we serve and playing a more active role in the future of people who live there, we can earn a fair return for our shareholders and lay a foundation that promotes inclusive and sustainable growth,” Dimon said.
It was five years ago that JP Morgan Chase decided to place a stronger focus on an inclusive economic growth through philanthropic efforts. Today, the company invests approximately $250 million into four key development areas: jobs and skills, neighborhood revitalization, small business expansion, and financial health. These areas are designed to help more people share in the rewards of the US economy.
In five short years, they went from having 40% of their initiatives focused on these four pillars to an impressive 95%! The company’s first example of their new initiative is focused directly in Detroit. “Our $150 million investment in Detroit is the first example, which showcases our model for citywide impact in creating more widely shared prosperity,” Dimon said. “Our investment alone cannot solve all of the issues the city faces. But by working closely with deeply committed and knowledgeable partners, our coordinated investments across a range of elements are making a real impact.”