JPMorgan Chase pledges $ 30 billion to bridge US racial divide

JPMorgan Chase pledges $ 30 billion to bridge US racial divide

JPMorgan Chase CEO Jamie Dimon speaks at the North American Building Trade Unions (NABTU) 2019 Assembly Meeting on April 9, 2019 in Washington.

Gene Moon | Reuters

JPMorgan Chase is committed to $ 30 billion, which it says will help address U.S. wealth inequality, especially in traditionally low-income black and Latino communities.

The bank’s pledge is a combination of more than five years of loans, investments and charitable activities, which it says goes beyond what it normally does. The organization’s press release aims to: “Comprehensive economic recovery, support for employees, breaking down barriers to systemic racism.”

It started after questions about racial inequality in the US May 25 Death At the hands of a police officer, George Floyd led weeks of protests across the country. The Coronavirus infection And revealing the gap in circumstances Health effects The Kovid-19 mortality rate is much higher than the total population, especially facing the black community.

“Systematic racism is a terrible part of American history,” JPMorgan CEO Jamie Demon said in a statement. “We can do more to break down the systems that perpetuate racism and widespread economic inequality, especially the black and Latin people.

Banks that have historically contributed to inequality through prohibited measures, including Redlining, Is expected to be part of the solution to the problems of the community. Earlier, Bank of America and Citigroup each raised $ 1 billion Commitments To reduce inequality.

Much of JPMorgan’s dollar commitment is to housing. The New York-based bank is pushing for the creation of 100,000 affordable rental units in low-income communities that will provide $ 14 billion in loans and deposits.

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The bank will also launch 40,000 home loans for black and Latino families, pledging $ 8 billion in pledges. It will help another 20,000 Black and Latino customers reduce their mortgage payments with $ 4 billion in refinancing. The bank said the effort would include grants for down payments and closing costs.

The bank estimates additional $ 12 billion in mortgages based on the company’s 2019 mortgage volume. Minority communities, Which is used as the default rate for loans over the next five years.

JPMorgan also said it would launch a new program to train entrepreneurs with $ 15,000 in loans worth $ 2 billion to small businesses in the Black and Latino neighborhoods. An additional $ 750 million will be spent on Black and Latino suppliers.

“I am delighted to see JPMorgan’s specific and measurable commitments that will address decades of systemic racism against black communities – and strengthen the well – being of families across the country and our collective economy,” President Mark Moriel said in a statement to the National Urban League.

JPMorgan also said that 1 million people from low-lying areas will be able to access low-cost bank accounts.

The bank said it would employ 256,710 workers to hold managers accountable for a variety of purposes, including targets in compensation decisions.

Finally, the bank provides $ 2 billion in charitable activities, expanding and expanding its previous five-year pledge of $ 1.75 billion in 2018.

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