Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

JPMorgan pledges $30 billion to address racial wealth gap

10/08/2020 | 06:22pm EDT

JPMorgan Chase on Thursday said it would commit $30 billion to address racial inequality over the next 5 years, marking one of the largest corporate pledges related to race since the death of George Floyd.

The initiative seeks to provide $8 billion in new mortgages for Black and Latino borrowers, $14 billion in loans for affordable housing projects, $2 billion in small business loans, and $2 billion in philanthropy.

In comparison, Bank of America and Citigroup have made similar pledges totaling about $1 billion each.

JPMorgan, the largest U.S. bank by assets, earned $36.4 billion in profit last year.

A wide range of U.S. companies from Facebook to Kraft Heinz has also announced financial commitments to counteract systemic racism.

But JPMorgan's commitment stands out because of the way the bank is embedding the initiative across its business lines.

In addition, the bank has also committed to do more business with minority suppliers, improve the diversity of its workforce, and open 100 branches in low-income communities.

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FACEBOOK INC 0.32% 341.88 Delayed Quote.25.16%
JPMORGAN CHASE & CO. -0.78% 169.5 Delayed Quote.34.45%
THE KRAFT HEINZ COMPANY -1.46% 36.38 Delayed Quote.4.96%
Latest news "Economy & Forex"
06:37aIndian shares fall for 4th day on weaker metals; Reliance results in focus
06:33aToo little, too late? Evergrande's tortuous restructuring, asset sales in focus after default averted
06:26aTesla looks to pave the way for Chinese battery makers to come to U.S
06:25aTencent says 'loophole' allowed WeChat searches on Google, Bing
06:25aIndonesia to miss 2021 coal output target, minister official says
06:14aJOURNEY OF NON-FERROUS METALS : Products of the Future
06:10aPhilippines' Synergy Grid prices $273 million share offer at bottom of guidance
06:09aGlobal equity funds see biggest inflows in seven weeks - Lipper
06:06aChina's land sales slump for second month as property chill bites
06:06aInvestors shrug off rate hike fears to stock up on equities - BofA
Latest news "Economy & Forex"