JPMorgan has launched a five-year, $30 billion program that it hopes will tackle racial inequality within America. The program hopes to boost Black and Latino home ownership, assist minority-owned businesses, support Black and Latino-owned banks and increase diversity within its workforce.
Twenty-six of the $30 billion fund will go towards the home ownership portion of the initiative. By doing so, it marks the largest financial commitment to boosting Black and Latino home ownership from a single entity in American history.
“We have a responsibility to intentionally drive economic inclusion for people that have been left behind,” JPMorgan’s Global Head of Diversity and Inclusion Brian Lamb said.
“We are using this catalytic moment to create change and economic opportunities that enhance racial equity for Black and Latinx communities.”
JPMorgan's recent commitment follows a similar commitment from one of its competitors, Citi. Earlier this year, the bank put $1 billion towards addressing racial inequality in the country.
“Systemic racism is a tragic part of America’s history,” JPMorgan’s Chief Executive Jamie Dimon stated.
“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.”
The $30 billion commitment will begin with the "Advancing Black Pathways" program, an initiative committed towards created paths to economic success for Black communities. JPMorgan hopes to aim the "Advancing Black Pathways" initiative's efforts at a group of 13 cities across the country including New York, Atlanta, Los Angeles and Houston. In addition, the company will push to offer home loans for 40,000 Black and Latino home buyers. and help 20,000 households refinance their home loans. Not to mention, JPMorgan will finance an extra 100,000 rental units in an effort to offer affordable rental housing across the country.
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