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Last week, JPMorgan Chase announced Brian Lamb as the new Global Head of Diversity & Inclusion in a press release. Beginning at the start of May, Lamb will take over his new role, a unique position created for the investment banking company. Within his position, Lamb will “be responsible for executing a strategy that builds on the firm’s existing work and further incorporates a diversity lens into how the firm develops products and services, serves clients, helps communities and supports employees,” JPMorgan Chase said in the announcement. This new role will help strengthen the banking firm’s current strategy to support underserved communities and their existing diversity and inclusion initiatives. Lamb shared his excitement about joining the company in an official statement: “I’m excited to join JPMorgan Chase and help to further foster a culture where diversity and inclusion are a central and driving force. A company that is diverse and inclusive can better serve our customers,...
The Black Tax — defined as the financial cost of discrimination against Black people in the American economic industry deserves its time in the spotlight. This theory developed by Shawn Rochester, author of “ The Black Tax: The Cost of Being Black in America ,” (available at www.blacktaxed.com ) , is based on research from the finest universities in the country that Americans and American institutions have significant levels of conscious and unconscious bias against Black people in America. This bias often manifests itself in the form of discrimination which makes it more difficult to access the resources that could otherwise lessen the gaping wealth gap. At AfroTech 2019, J.P. Morgan brought together Rochester and Isa Watson, founder and CEO of Squad ( withyoursquad.com ), to openly discuss The Black Tax, how they have worked to overcome it in their own careers, and what actions need to be taken to address it in order to create a more equitable ecosystem for Black entrepreneurs....
JPMorgan Chase is teaming up with two Black-owned banks for the U.S. Department of Treasury’s Financial Agent Mentor-Protégé Program. The Harbor Bank of Maryland and Liberty Bank and Trust Co. will be mentored by JPMorgan to help the banks gain customers, create new business strategies, and accelerate growth within the company. The partnership comes at a time when Black-owned banks are struggling to stay alive facing operational and regulatory costs that are common strains for small banks. There are currently only 19 Black-owned banks in major cities across the country. With JPMorgan’s help, Harbor Bank of Maryland and Liberty Bank will have the chance to strengthen their presence and help their respective Black communities. Eva Robinson, Head of Treasury Services Public Sector Sales for North America, JPMorgan, said in a press release: “We’re excited about the opportunity to help black-owned community banks expand their capabilities through this program. This initiative is...
JPMorgan Chase will no longer fund private prisons. A spokesperson for the bank informed Reuters of the decision earlier this week. Immigration activists are applauding JP Morgan’s decision. Private prisons have served as detention centers for immigrants since the government’s increased effort to detain undocumented immigrants. According to the New York Times , two of the country’s largest private prison companies — CoreCivic and GEO Group — borrowed almost $2 billion from banks, JP Morgan Chase being one them. The Times also reports that 9 percent of the country’s prison population are in private prisons, and three-quarters of immigrant detainees are housed in private prisons. Last year, activists protested outside of JP Morgan CEO Jamie Dimon’s apartment, highlighting issues with private prisons. Similar protests have taken place for years and many financial analysts and activists have long questioned the ethics and profitability of private prisons. Changing government policies...
JPMorgan is now the first bank in the U.S. to create and test its own cryptocurrency. This move could be a catalyst for other large institutions. Tagged as the JPM Coin, the bank’s cryptocurrency is based in U.S. dollars. The bank said it plans to expand to other currencies once the prototype has been thoroughly tested, but the coin is specifically for business-to-business transactions. Individual JPMorgan clients won’t be able to use the cryptocurrency until decisions are made after the testing phase. As a heavy critic of Bitcoin, JPMorgan said its cryptocurrency is more regulated. “We are supportive of cryptocurrencies as long as they are properly controlled and regulated,” Umar Farooq, head of Digital Treasury Services and Blockchain at JPMorgan, said. “As a globally regulated bank, we believe we have a unique opportunity to develop the capability in a responsible way with the oversight of our regulators.” JPM Coin will be issued to institutional clients on the Quorum Blockchain...
JPMorgan Chase announced that it is expanding its Entrepreneurs of Color Fund with $3.65 million in funding as part of its new Advancing Black Pathways initiative focused on assisting African American business owners. Advancing Black Pathways builds on some of JPMorgan’s previous efforts to create financial equality and promote diversity. In addition to JPMorgan’s multi-million dollar commitment , Capital Impact Partners is investing $2 million and the A. James & Alice B. Clark Foundation is providing $1 million to the Entrepreneurs of Color Fund for a total of $6.65 million. The Entrepreneurs of Color Fund model is also making its way to the Washington, D.C., according to a press release. Advancing Black Pathways is set to offer education and job training, grow careers for African Americans within the company and develop partnerships to help create financial wellness in Black households. “The Greater Washington region is thriving, but opportunity is not shared equally,” JPMorgan...
JPMorgan Chase announced its $10 million commitment to the Chicago Community Loan Fund to assist in the small business and retail storefront development in Chicago’s South and West sides. “We want our support for the South and West sides to be sustainable and to encourage others to see the benefits of investing here too,” JPMorgan Chase Chairman and CEO Jamie Dimon said in a statement. The Chicago Community Loan Fund (CCLF) is a nonprofit organization dedicated to providing affordable financing to low-income areas for community development. JPMorgan Chase’s capital commitment to the organization is set to create sustainable loan programs and attract additional outside capital for the CCLF and is part of JPMorgan Chase’s greater initiative to create economic opportunity in Chicago. “This new investment propels CCLF’s strategic commitment to increase commercial retail in low-income neighborhoods in Chicago,” CCLF President Calvin L. Holmes said in a statement. “This substantial...