JPMorgan Chase Pursues A More Inclusive Chicago Economy

In 2020, JPMorgan Chase announced a $30 billion commitment to help address the racial wealth gap. This included $150 million in philanthropic capital and low-cost loans to support inclusive economic growth on the South and West sides of Chicago, plus $600 million in lending to increase homeownership for communities of color across the region.

The Trust is proud to collaborate with dynamic partners like JPMorgan Chase that are committing to more inclusive business practices, skills training and job creation, neighborhood revitalization, and small business growth. JPMorgan Chase is also one of the Trust’s trustee banks – the five financial institutions that manage a large portion of our assets.

Here are just a few examples of JPMorgan Chase’s commitment in action:

We Rise Together: For an Equitable & Just Recovery

The Trust-led initiative to spur economic recovery on Chicago’s South and West sides was a natural fit for JPMorgan Chase. In addition to providing financing to several of the community-driven development projects funded by We Rise Together, the firm also has boosted success by matching small developers with JPMorgan Chase business mentors. Meanwhile, Curtis Reed, Jr., managing director and Chicago region manager for JPMorgan Chase, contributed invaluable leadership as a member of the We Rise Together Steering Committee.

Inclusive Business Practices

JPMorgan Chase has committed to examining its business practices to identify where its leadership can open doors to economic opportunity for historically excluded communities through several programs and partnerships:

• Second Chance – Through policy and hiring practices, the firm is removing barriers to employment for people with criminal records. Approximately 10 percent of JPMorgan Chase’s U.S. hires in 2023 had criminal backgrounds.
• The Fellowship Initiative (TFI) – For nearly a decade, TFI Chicago has expanded economic opportunity for young men of color, preparing high school students for college and career success. TFI has paired nearly 200 fellows and JPMorgan Chase volunteer mentors in Chicago alone; 1,000 nationwide. In 2023, TFI launched a pilot program with City Colleges of Chicago and One Million Degrees to increase college persistence and access to early work experiences for young women of color.
• Apprenticeships – A partnership with City Colleges of Chicago to equip more young people for careers in the financial services industry through hands-on learning.

Homeownership

Since 2020, JPMorgan Chase has made more than $14 million in philanthropic investments to community efforts to build new affordable homes on the South and West sides of Chicago, including Connecting Capital and Community (3C) housed at the Trust, The Resurrection Project’s Block by Block Initiative, and Reclaiming Chicago led by United Power and several coalition members. These initiatives have built more than 70 homes on concentrated blocks in Humboldt Park, Garfield Park, Roseland, Back of the Yards, Lawndale, and Chicago Lawn to build household and community wealth. They are also testing new approaches, including modular housing, to deliver homes affordably. Next up: scaling the work to deliver more than 200 homes per year.

“We believe our business is stronger when our economy is more inclusive and when everyone has the opportunity to unlock their full potential.”

Joanna Trotter
Executive Director & Senior Program Officer of Global Philanthropy
JPMorgan Chase