JPMorgan Chase invests $30 million USD to create economic opportunity in Greater Paris
Today, JPMorgan Chase announced a $30 million (USD), five-year commitment to create economic opportunity in Greater Paris, with a focus on Seine-Saint-Denis and other communities struggling with significantly high levels of poverty and unemployment. Our Chairman and CEO, Jamie Dimon, and other senior leaders of our firm were joined at the announcement by French Minister of Employment Muriel Penicaud, among others.
This investment, the first from our AdvancingCities initiative, marks the firm's 150th anniversary in Paris and it doubles our philanthropic commitment to the city. I encourage you to read more about this in an op-ed from Jamie Dimon in the Financial Times.
To ensure the greatest impact, we're applying our model for impact, developed and refined in Detroit, Chicago and Washington, D.C., which has been recognized by Fortune and Harvard Business School as a blueprint for driving inclusive growth in cities.
We know that the greatest challenges can only be solved when public and private institutions bring their unique capabilities to the table and work together to solve problems. Through this commitment to Greater Paris, we're combining the best of our business, employees, expertise, partnerships and data to help more communities benefit from a growing economy.
In Greater Paris, we will work with government and local partners to expand access to jobs and skills for underserved young people and adults, and help local and diverse small businesses that need new supply chains and more affordable work and commercial space to grow. These new investments were informed by the work of our Service Corps initiative, which - through the time and expertise of our employees earlier this year - helped local nonprofits maximize their impact, and by our collaboration with local organizations, such as Les Compagnons du Devoir, FACE and ADIE over the past years.
We will continue working in close collaboration with local business, government and nonprofit leaders to leverage the economic development activity and major infrastructure projects planned in Greater Paris to help more people share in the rewards of a growing economy.
I encourage you to learn more about JPMorgan Chase's commitment to serving local communities in Greater Paris and the firm's AdvancingCities initiative.
We look forward to sharing more about our investments in cities over the coming months.
Sincerely, Peter L. Scher Head of Corporate Responsibility Chairman of the Mid-Atlantic Region JPMorgan Chase & Co.
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