JPMorgan Chase, in its first major effort in the UK to promote racial equality, has allocated approximately $ 2.6 million to charitable groups in London led by blacks and other minority leaders.
America’s largest bank’s largest bank’s philanthropic investment was announced on November 17th at the Powerlist Black Excellence Awards, an event honoring UK black business, political and community leaders.
The bank reports that its new efforts are aimed at providing funding and other technical assistance to boost the work of minority-led nonprofits, which are facing unprecedented demand for their services given the disproportionate impact of COVID-19 on ethnic minorities . It focuses on creating pathways to stable jobs, entrepreneurship and financial health for communities that have historically been underserved by community-led, localized and targeted solutions.
The new effort follows a $ 30 billion pledge from JPMorgan Chase to advance racial justice through its expertise in business, politics and philanthropy. The bank's endeavors include efforts to help Black and Latin American Americans develop wealth, buy homes, and build businesses.
The bank plans to work with other organizations in the UK, including the London Community Foundation. The collaboration aims to help remove barriers to opportunity for black and minority communities by empowering businesses that focus on jobs and skills, small business growth and financial health.
Viswas Raghavan, CEO of JPMorgan in EMEA (Europe, Middle East and Africa) stated, “As part of our global commitment to racial justice, JPMorgan Chase is focused on developing local, community-based solutions to help historically underserved Londoners enjoy the benefits of inclusive Economy. "
The bank announced that structural barriers in the UK have exacerbated racial gaps exacerbated by the pandemic. While more than half of white groups said they were not financially affected by the coronavirus and had no problems paying bills or basic necessities, only a third of black and ethnic minorities reported the same.
Kate Markey, CEO of the London Community Foundation said, “This is an important initiative for the London community as it seeks to invest in both BME-led frontline organizations that provide vital employment and financial health support and organizations that Can support their resilience and voice. "
The bank claims the commitment builds on the approach the company has taken to support London Youth, where the company is providing technical assistance to help 15 youth clubs across London empower young people. This measure helps improve their employability by developing their skills and connecting them with employers.
Syed Uddin, Operations Manager at Leaders in the Community Youth Club in East London, added: “By building our employability support capacity, we have been able to more effectively serve the young people who come to our club. We can now work better with them to pursue their career and educational goals. We were able to interact with other youth clubs, train staff to offer relevant advice and guidance, access better employability resources online, establish a framework for skills development and use new digital tools for virtual career insights and opportunities for work experience . "