JP Morgan Will Invest $30 Billion in Fighting Racial Wealth Gap

POLITICS & POLICY
Jamie Dimon, chairman & CEO of JP Morgan Chase Co., speaks during the Bloomberg Global Business Forum in New York, N.Y., September 25, 2019. (Shannon Stapleton/Reuters)

JPMorgan Chase on Thursday announced it will commit $30 billion to fighting economic racial inequality in the country over the next five years.

“Systemic racism is a tragic part of America’s history,” CEO Jamie Dimon said in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people. It’s long past time that society addresses racial inequities in a more tangible, meaningful way.”

The massive investment is meant to “drive an inclusive economic recovery, support employees and break down barriers of systemic racism,” the country’s largest bank said.

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The New York-based bank’s commitment includes $14 billion for the building of 100,000 affordable rental units in underserved communities, including new construction and refurbishing existing units.

Another $8 billion will go toward 40,000 new home mortgages for Black and Latino borrowers, $4 billion for mortgage refinancing, $2 billion for 15,000 loans to small businesses in Black and Latino communities, and $2 billion is philanthropic capital.

Other banks have recently made similar but smaller commitments, Bank of America and Citigroup each pledging $1 billion to fighting the racial wealth gap.

JPMorgan also said it plans to open new branches in underserved areas of Chicago, Los Angeles and Detroit.

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