There is a significant racial gap in the U.S., and COVID-19 exacerbated inequities
Why it’s important: The widening racial wealth gap and reduced buying power for Black and Latinx people cost the U.S. economy about $2.3 trillion per year, according to a National Equity Atlas report.
To address this, JPMorgan Chase is investing in jobs and skills programs as part of its work to advance racial equity, including the company’s $30 billion firmwide commitment across the business.
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“An inclusive economy – in which more people are participating and benefiting from the growth of that economy – is better for everyone.”
- Jennie Sparandara, JPMorgan Chase’s head of skills programs for corporate responsibility.
JPMorgan Chase is focusing on:
Strengthening the pipeline and creating high-quality career pathways.
The challenge: The perception that any sustainable, well-paying jobs require a bachelor’s degree or higher.
University students in the U.S. today are 61% white, 18% Hispanic, 12% Black and 6% Asian.
In practice, many roles may not need a bachelor’s degree.
The company is committed to increasing diversity firmwide: 75% of JPMorgan Chase roles don’t necessarily require a 4-year degree.
JPMorgan Chase’s Emerging Talent Programs give more people access to education and real-world work experiences.
For example, high schoolers received on-the-job experience through the CareerWise NY Apprenticeship. The first cohort of apprentices was 50% Latinx and 34% Black.
JPMorgan Chase is expanding The Fellowship Initiative (TFI) to help more than 1,000 Black and Latinx young men prepare for college and careers.
TFI has driven a 100% high school graduation and college acceptance rate over the past decade, among graduating Fellows.
Here’s how: The three-year program matches Fellows with JPMorgan Chase employees for coaching, academic support and leadership development.
Additionally, JPMorgan Chase is introducing a program to upskill and reskill employees globally, helping them prepare for long-term success.
Supporting more inclusive talent practices.
The challenge: Past criminal records can be significant barriers to employment.
JPMorgan Chase is helping clear pathways to a second chance for people with criminal backgrounds, supporting skills development and access to employment by:
Advocating federal and state policy change to reduce barriers to employment.
Removing questions about criminal backgrounds from initial job applications at JPMorgan Chase.
Making community investments to support people with criminal backgrounds.
JPMorgan Chase is working with partners who understand the specific needs of their communities.
Providing nonprofit Apprenti with a $2.75M philanthropic investment to help scale, delivering more historically underrepresented tech talent to 100 employers in 18 states, including 19 software engineering apprentices at JPMorgan Chase now.
Partnering with HBCUs on curriculum development, scholarship and mentorship programs to increase the pipeline of Black students entering the financial planning profession.
Working with anti-racist youth workforce development nonprofit LeadersUp to develop new skills trainings.
“The partnership helped JPMorgan Chase operationalize this anti-racist practice of local hiring, as it relates to ensuring equitable access to opportunity is at the core of economic development."
CEO of LeadersUp Jeffery Wallace
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