JP Morgan Chase commits additional £40m to boost economic growth in the UK
JP Morgan Chase has announced a new wave of investment in the UK with the aim “to help connect young people and underserved communities to economic opportunities” and to “drive sustainable economic growth”.
JP Morgan Chase commits £40m to boost UK economic growth
The £40 million commitment, which brings the company’s overall investment since 2019 to £90 million, is to be spread over the next five years.
Focusing specifically on “financial health and careers and skills”, the investment is divided into two initiatives: £24 million is allocated to improve access to job opportunities for young people and underserved communities, while £16 million has been designated to help families build “stronger financial futures”.
In a bid to reduce the barrier to entry-level positions at the bank, the firm has committed to “creating more inclusive pathways to employment through expanding its skills-based hiring”.
Focusing specifically on operations and technology jobs, the company, via its support of non-profit organisations, says it will help young people access “better career guidance, employability support, and training to start their careers”.
Furthermore, the bank has announced it will run in-house programmes providing young people mentoring, workplace visits, and skills sessions to equip them with the experience needed “to succeed at JP Morgan Chase or other firms”.
JP Morgan Chase’s commitment to supporting UK families includes developing “easy-to-use financial management tools” and collaborating with non-profit organisations to help low-income groups. The goal is to improve access to affordable credit and “empower people to build buffers against financial shocks”.
For fintech founders, the bank’s payments business is set to introduce an accelerator programme aimed at improving their financial health. This initiative will offer a variety of solutions to help them manage their day-to-day finances more effectively.
Commenting on the investment, Jamie Dimon, chairman and CEO at JP Morgan Chase, states: “Our intent is for these new investments to continue to help us serve clients, hire great people, and collaborate with the UK government and local partners to create new investment opportunities and encourage others to get involved too.”
