JP Morgan Chase announced a $30 billion commitment to boosting the Black and Hispanic communities in an effort to promote diversity and battle racial inequality.
Over the next five years, the company seeks to improve minority homeownership, provide banking to minority communities, provide capital to minority-owned businesses and increase diversity throughout its entire staff.
“Systemic racism is a tragic part of America’s history,” said Jamie Dimon, JPMorgan’s CEO.
“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.”
JPMorgan is pledging $26 billion towards various housing initiative, aiming to increase Black and Latino homeownership through the creation of an additional 40,000 loans for home buyers, while helping 20,000 households refinance their home loans and lower mortgage payments for thousands.
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