Headquartered in New York City, JPMorgan Chase & Co. is a multinational financial services and investment bank holding company. As of 30th September 2021, JPMorgan Chase was America’s largest bank by market capitalization. With total assets of US$3.758 trillion, JPMorgan Chase is the fifth-largest bank in the world.
On the 18th of March 2020, JPMorgan Chase announced their $50 million commitment to tackling the immediate and urgent long-term health and economic challenges created by the COVID-19 global pandemic. This is their global, philanthropic response to assist people and communities most severely affected by this pandemic, starting with an immediate $15 million commitment with the following breakdown –
The $35 million balance of their commitment is to be deployed over a period of time, helping vulnerable people and their communities bounce back from this crisis and hopefully benefit from future economic growth. JPMorgan Chase will utilize its principal areas of expertise, specifically small business growth, jobs and skills, financial health, and neighborhood development, applying lessons learned from past experiences, such as AdvancingCities.
Peter Scher is JPMorgan’s Chairman of the Mid-Atlantic region and Head of Corporate Responsibility. Mr. Scher advised that JPMorgan is utilizing its resources to support employees, customers, and communities, but especially the most vulnerable, during this time of crisis. The firm will be providing immediate funds to assist those most impacted by humanitarian challenges; they’ll also be looking for innovative and sustainable solutions to assist underserved communities and small businesses recover once the crisis lessens.
Supplying Humanitarian Community Relief
JPMorgan’s goal is to tackle the immediate healthcare and humanitarian crisis by providing $5 million to specific organizations that are focused on providing food, emergency medical supplies, and other critical health-related fundamentals. The organizations involved and their financial donations include –
In addition, JPMorgan is matching ‘dollar-for-dollar’ employee donations to the above four COVID-19 relief efforts. All employees of JPMorgan have the opportunity to contribute to any or all of the above funds.
JPMorgan Chase Supports Small Business and Non-Profit Partners
According to research carried out by the JPMorgan Chase Institute, half of the small business economy does not have sufficient cash reserves to last more than two weeks, which means that the current climate could severely disrupt the small business sector. Thus, $8 million will instantly be deployed to support underserved and vulnerable small businesses; this includes $5 million in the US market and $3 million in international markets, as follows –
JPMorgan will also be providing $2 million to their existing non-profit partners who currently face challenges supporting vulnerable populations adversely affected by COVID-19. These funds will be directed to their partners to assist in maintaining operational capacity while they adjust their programming, providing resources to support their resiliency planning, remote working capabilities, communications, and fundraising efforts.
JPMorgan Chase’s Long-Term Pledge
JPMorgan Chase has committed $35 million towards both medium and long-term challenges likely to be faced by communities as the COVID-19 Pandemic continues unfolding, at the same time working in conjunction with community partners, businesses, and Government. Utilizing its core areas of expertise, the firm intends to support the most vulnerable communities, small businesses, and individuals, as they face uncertain work opportunities, financial hardship, the shifting business landscape, and the pressure to maintain or even access affordable housing.
JPMorgan will continue working with existing non-profit partners who require additional support and flexibility to meet their clients’ needs; it will also assist them long-term to help advance an inclusive economy.
To learn more about our policies on this matter, please call
1-800-300-0715 Ext. 303. Thank you.