- Jul 2, 2003
Banks, which have historically contributed to inequality through now-banned practices including redlining, are hoping to be part of the solution to society's problems.
JPMorgan Chase is making a $30 billion commitment it says will help address U.S. wealth inequality, especially in traditionally underserved Black and Latino communities
- The bank’s pledge is a combination of loans, investments and philanthropy over five years that it says goes beyond what it would do in the normal course of business.
- The great bulk of JPMorgan’s dollar commitment is tied to housing: The bank says it will provide $14 billion in loans and investments for 100,000 affordable rental units and make $12 billion in mortgages it wouldn’t otherwise.
- “Systemic racism is a tragic part of America’s history,” said Jamie Dimon, CEO of JPMorgan.