 | | | Global Scale, Local Impact When we empower communities, we power economies. Today, we're touring several regions worldwide where our localized strategies are helping to drive economic growth. This initiative is underscored by Tim Berry, our Global Head of Corporate Responsibility and Chairman of the Mid-Atlantic Region, in his annual letter to shareholders. - Snapshot: When communities thrive, our business thrives, so we bring the full force of the firm to listen, learn, and help local leaders tackle local community challenges.
- Our approach: We work with policymakers and nonprofits to help create economic opportunities for residents, from offering financial education and job training to banking services.
Let's look at some recent examples, starting in the U.K. |
| The U.K.: Fueling career opportunities & financial futures  The problem: Despite being the sixth largest economy and second biggest services exporter globally, income inequality in the U.K. is higher than any other large European country. Weak productivity growth has contributed to flattening wages and sluggish income growth, with 15 years of lost wage growth costing the average worker £10,700 a year. What works: With a robust and growing presence across the U.K., we're able to support small businesses, help people save for their financial future, and boost access to quality careers. - Our impact: We've helped thousands of small businesses grow, over 33,000 individuals improve their financial health, and over 9,000 people find apprenticeships or jobs through nonprofit partners.
The latest: Building on learnings from our 200-year history in the U.K., we're investing £40 million more over five years targeting two goals: 1) Expand access to jobs: - Across our operations and technology functions we're lowering barriers to entry-level roles and quality careers.
- Beyond the firm, this funding supports nonprofits that offer career guidance and training for young people starting out, and adults from low-income backgrounds looking for their best next steps.
- Research shows that having career conversations with 14-18 year-olds or offering workplace visits lifts their likelihood of starting a job or training program by 47% and boosts their earnings by over 10%.
2) Boost families' financial futures: - People need simpler ways to manage their money, so we are accelerating the development of easier to use tools for day-to-day financial planning.
- For low-income groups that can't access mainstream banking, we're helping nonprofits open access to affordable credit and empower people to build buffers against financial shocks.
Go deeper: Read Tim Berry's highlight on the U.K in his letter to shareholders. |
| Iowa: Serving & supporting more communities  We're opening 24 new Chase branches in Iowa by 2030, part of our nationwide branch expansion effort to connect more communities with consumer, business, and community banking. The branches will bring customized services, expertise, and partnerships across the state, supporting economic growth and prosperity by: -
Reaching more communities in Des Moines, Waterloo, Cedar Rapids, Sioux City, Iowa City, and Ames as we grow from eight to more than 30 branches across the state by 2030. -
Creating 150+ new jobs, from construction to branch roles and new specialist positions in commercial banking and business banking. -
Engaging with local leaders from community, business, and civic life to help identify areas for opportunity and collaboration that support economic growth. By the numbers: This investment builds on more than 39 years of support for our clients and communities across the state, where we: -
Serve as the bank of choice for nearly 20,000 small business customers. -
Support 400,000 consumer customers with mortgages, auto loans and savings, and checking and credit card accounts. -
Provided over $1 billion in credit and capital to more than 20 government, higher education, healthcare, and nonprofit clients throughout the state over the last five years. Bottom line: We're expanding branches, hiring locally, and deepening our community commitments in Iowa, Alabama, and across the country to expand opportunity to thousands of people. |
| San Francisco: Revitalizing downtown  Our over 120-year history in the Greater Bay Area continues with efforts to boost San Francisco's economy and support the vibrancy of the community. Why it matters: Our focus on San Francisco aims to rejuvenate the city and support local businesses amid challenges created by the pandemic. Driving the news: We've opened a tech campus in Palo Alto, a Community Center Branch in Oakland, and have hosted a major Healthcare Conference in Downtown San Francisco for more than 40 years. - We're working with companies like Visa and Gap on initiatives like the Downtown Volunteer Coalition and Advance SF to revitalize downtown San Francisco.
What's next: We're supporting the Downtown San Francisco Vibrancy Loan Fund, which will provide low-interest loans through Main Street Launch, a nonprofit lender, to small businesses to aid recovery. Bottom line: As Tim Berry says in his letter to shareholders, "despite being a bank headquartered in New York City, we are proud to show up like a bank headquartered in San Francisco." |
| Chicago: Investing in community lending & affordable housing  The problem: High borrowing costs and a lack of access to equity financing have led to disinvestment in low-income communities throughout Chicago, a city we've called home for more than 160 years. Creating impact: we're supporting certified Community Development Financial Institutions (CDFIs) to help make that principle a reality. -
The Chicago Community Loan Fund (CCLF), a local CDFI, offers low-cost capital to developers targeting projects in low-to-moderate income neighborhoods. We've committed more than $10 million to CCLF to develop affordable housing and revitalize neighborhoods. -
We're building on that by addressing housing affordability, small business growth, and workforce development with nearly $11 million more in philanthropic capital for 27 nonprofits and community-based organizations. Zoom in: We are strengthening our commitment to local communities through community lending and community banking services — including our 18 Chase Community Center branches that not only expand banking access but offer financial health education and events for residents. Go deeper: Learn more about our $200 million commitment to Chicago and the impact we're making. |
| Ohio: Uplifting the local workforce  We're one of Ohio's largest private employers — hiring and training more than 20,000 Ohioans — which puts the state at the center of our efforts to create a stronger, more inclusive economy. -
The problem: The Columbus Region is one of America's fastest-growing economies, but — as in many urban areas — new job opportunities aren't shared among all residents. -
What works: We're supporting a new regional workforce collaborative formed to break down obstacles to employment, enhance workforce development, and equip job-seekers with the skills and experience needed to thrive. This workforce collaborative, led by central Ohio's leading economic development organization, One Columbus, will modernize the region's workforce strategy and connect business, education, community, and elected leaders. What's next: We're lending our more than 210 years of experience working in Ohio to the collaborative as it targets emerging industries that demand highly technical skills. Together, the collaborative will develop: -
A comprehensive plan for the region's workforce system, incorporating robust community input, strategic implementation steps, and critical partners. Go deeper: We're also helping small businesses scale and grow, like Fire-Dex, an Ohio-based company that manufactures head-to-toe protective gear for first responders and firefighters around the world. |
| | As Tim Berry says in his Annual Letter: We know there's no silver bullet — that's why the work ahead looks different in each place, reflecting the unique nature of the communities where we are lucky enough to be included. The through line of our approach is bringing businesses, governments and nonprofits together to take big, ambitious ideas and work to turn them into results. Learn more about other markets where we're driving economic impact, like in New York City – home to our first Community Center branch in Harlem. |
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