(RTTNews) – JPMorgan Chase & Co. (c) announced Thursday an additional $30 billion long-term commitment to advance racial equity. The firm will harness its expertise in business, policy and philanthropy over the next five years to address key drivers of the racial wealth divide, reduce systemic racism against Black and Latinx people, and support employees.
Structural barriers in the U.S. have created profound racial inequalities that have been exacerbated by the COVID-19 pandemic. The existing racial wealth gap puts a strain on families’ economic mobility and restricts the U.S. economy.
The firm will also provide $2 billion in philanthropic capital over the next five years to drive an inclusive economic recovery and support Black, Latinx and other underserved communities. This extends and increases the firm’s current five-year $1.75 billion philanthropic commitment made in 2018.
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