“Systemic racism is a tragic part of America’s history,” CEO Jamie Dimon said.
JPMorgan Chase pledged $30 billion to help ameliorate the racial wealth gap in the U.S. and “reduce systemic racism against Black and Latinx people,” the firm announced in a statement Thursday.
The investment bank said the $30 billion commitment over the next five years will come in the form of loans, equity and direct funding to promote affordable housing, grow Black and Latinx-owned businesses, improve access to banking in communities of color, and build a more diverse workforce.
“Systemic racism is a tragic part of America’s history,” Jamie Dimon, chairman and CEO of JPMorgan Chase, said in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people.”
“It’s long past time that society addresses racial inequities in a more tangible, meaningful way,” the chief executive added.
Brian Lamb, the bank’s global head of diversity and inclusion, added that he feels they have a “responsibility to intentionally drive economic inclusion for people that have been left behind.”
“The COVID-19 crisis has exacerbated long-standing inequities for Black and Latinx people around the world,” Lamb said. “We are using this catalytic moment to create change and economic opportunities that enhance racial equity for Black and Latinx communities.”
Black and Latinx workers have been disproportionately impacted by unemployment amid the COVID-19 crisis, data from the Department of Labor indicates.
Some of the highlights from the bank’s outline of how the $30 billion will be parceled include originating an additional 40,000 home-purchase