JPMorgan Chase commits $30 million to support historically black colleges and universities and students

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Engagement will expand career paths, student development programs and promote financial education resources on campus

NEW YORK, June 16, 2022–(BUSINESS WIRE)–JPMorgan Chase announced an expanded five-year, $30 million commitment to support the financial and career success of students at historically black colleges and universities (HBCUs). This commitment extends to the company’s commitment Advancing Black Lanes (ABP) which was launched in 2019 to chart clearer pathways to economic success and empowerment within the Black community.

“Deepening our relationship with HBCUs is an important step in breaking down barriers and creating greater access to economic opportunities for Black students,” said Byna Elliott, Global Head of Advancing Black Pathways. “This commitment gives HBCUs the flexibility they need to meet the unique needs of their students and provide the next generation with access to the tools and resources to move forward.”

Deepening partnerships

Over the past two years, the company has grown from three initial HBCU partnerships to 19. Each of the partner schools are located in or near where JPMorgan Chase does business, which will allow the company to leverage leveraged its business expertise, partnerships and philanthropy. efforts to best support the long-term development of the sector and the sustainability of HBCUs and their students.

Career Paths Initiative

As part of this larger initiative, the company has committed $5 million to help HBCUs expand their career path programs and connect more students with career mobility opportunities after graduation. The commitment includes $3 million in philanthropic capital provided to five HBCUs and $2 million in philanthropic capital provided to the United Negro College Fund (UNCF) and its Institute for Capacity Building to help these institutions increase completion by high-quality career path students and expand their operational functioning. models to improve overall student achievement.

The UNCF Institute for Capacity Building focuses on improving student and workforce outcomes for low-income, first-generation Black students and other students of color. The program helps institutions prepare career-ready 21st century graduates through integrated career path development.

“HBCUs have been producing top talent for decades and are uniquely positioned to accelerate economic mobility for students of color,” said Monique Baptiste, jobs and skills manager, global philanthropy, JPMorgan Chase. “Helping these institutions build their capacity to support more students in their successful transition from college to in-demand jobs is critically important to building a more inclusive and equitable future. Together, we can help empower a new generation of leaders and creating more opportunities for all.”

Through this collaborative effort between UNCF and HBCU institutions, the company is focused on supporting young people to make successful transitions from post-secondary education to the in-demand jobs of the future.

Even before the pandemic, rapid changes in technology, automation and artificial intelligence continued to shape the economy and exacerbate the mismatch between skills and jobs, especially for young people. Colleges and universities are adapting to better prepare their students for an ever-changing job market, including reinforcing the importance of connecting credentials and work experience to the in-demand jobs of the future. HBCUs play a critical role in creating pathways to economic opportunity.

“Recognizing the transformational impact that a college education can bring, JPMorgan Chase is a generous and caring partner and embraces UNCF’s mission to prepare students for career and entrepreneurial opportunities in the 21st century,” said Edward Smith-Lewis, Vice President, Strategic Partnerships and Institutional Programs, UNCF. “We are deeply grateful to JPMorgan Chase for their generosity and look forward to continuing our partnership for many years to come.”

Student Financial Hardship Fund

The five-year commitment includes plans to continue the Student Financial Hardship Fund launched by the firm in February 2020, in partnership with UNCF and the Thurgood Marshall College Fund, to help students attending any of the schools HBCU members to cover personal expenses. fund emergencies that might otherwise prevent them from continuing their education. Since its launch, the Fund has helped more than 1,200 students offset the costs of crisis-related expenses, including home transportation and personal technology needs at the start of the coronavirus pandemic. The Fund will now also be earmarked for graduation expenses to meet the demand to support students as they prepare for graduation.

Additional Resources for HBCU Students

In October 2020, JPMorgan Chase announcement a five-year, $30 billion commitment to address key drivers of the racial wealth divide, which included a commitment to partner with HBCUs through program development, scholarships and mentorship programs to increase the number of HBCU students entering the wealth management industry.

As part of the $30 billion commitment, JP Morgan Wealth Management has created the JP Morgan Wealth Management Scholarship Program in partnership with UNCF to strengthen career paths for HBCU students in the wealth management. Established in 2021, the program provides scholarships and mentorships to students studying any major at select HBCUs and will help them develop the skills needed to develop a career as a financial advisor. JP Morgan Wealth Management will award a total of 375 scholarships through 2025.

The company also supports innovation in student support and education delivery through direct equity investments in companies transforming higher education and career readiness. In March 2021, the company co-led a $5 million funding round for Upswing, an online student engagement organization that supports 11 HBCUs and two predominantly black institutions, and provides tutoring, support for students and other services to 49,000 HBCU students.

Firm-Wide HBCU Partners

1.

Alabama A&M University

11.

Paul Quinn College*

2.

Central State University

12.

Prairie View A&M University

3.

Atlanta Clark University

13.

Simmons College*

4.

Delaware State University*

14.

South Carolina State University

5.

Florida A&M University

15.

Spelman College

6.

Howard University

16.

Tennessee State University

seven.

Johnson C. Smith University*

17.

University of Southern Texas*

8.

Morehouse College

18.

Wilberforce University

9.

Morgan State University

19.

Winston-Salem State University

ten.

North Carolina A&T State University

*Participant in the 2022 UNCF cohort

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services company based in the United States of America (“US”), with operations worldwide. JPMorgan Chase had $4 trillion in assets and $285.9 billion in equity as of March 31, 2022. The company is a leader in investment banking, financial services for consumers and businesses. small business, commercial banking, financial transaction processing and asset management. Under the JP Morgan and Chase brands, the company serves millions of customers in the United States and many of the world’s largest businesses, institutions and governments. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220616005097/en/

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