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JPMorgan commits billions to build Black and Latinx wealth

ImpactAlpha, Oct. 12 – JPMorgan Chase is touting $30 billion in commitments to close the racial wealth gap.

JPMorgan Chase will add $8 billion to $4.2 billion pledged last year to originate 40,000 mortgages for Black and Latinx households over the next five years. The bank also will boost lending to Black and Latinx small businesses by $2 billion in order to extend an additional 15,000 loans. And the bank will tie executive pay to diversity targets and spend $750 million on Black and Latinx suppliers. 

  • Racial justice pledges. JPMorgan’s commitment follows its pledge to align its financing strategy with the Paris climate agreement. Since the May police killing of George Floyd, financial institutions including Citi, Bank of America and Mastercard have made commitments to close racial wealth gaps.

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