JPMorgan commits $30 billion to fight the racial wealth gap

[babylonsister]

This sounds like a BFD.

JPMorgan commits $30 billion to fight the racial wealth gap
Axios
Dion Rabouin, Andrew Witherspoon
Graph, data at link~


JPMorgan Chase announced Thursday a $30 billion investment over the next five years that the company says will address some of the largest drivers of the massive wealth gap between Black and white Americans.

The commitment makes the bank by far the largest monetary contributor to efforts by businesses to fight systemic inequality and racism in the U.S.

Why it matters: "JPMorgan essentially is setting an example of what to do," Andre Perry, a fellow at the Brookings Institution, told Axios.

JPMorgan is the country's largest bank but more importantly CEO Jamie Dimon is past chairman of the Business Roundtable, a group of nearly 200 CEOs at America's largest corporations, Perry said.

"If a fraction of the members of the Business Roundtable follow suit then you're talking about a more concrete effort than anything we've seen before."

Details: JPMorgan has earmarked $14 billion for new housing loans to Black and Latino borrowers plus...

$8 billion to increase affordable housing and homeownership in underserved communities.
$4 billion for mortgage refinancing.
$2 billion for small business lending.
$2 billion in philanthropic capital.

more...

https://www.axios.com/jpmorgan-commits-30-billion-racial-wealth-gap-95186920-1949-4864-a11f-82a7d2cce057.html

[brewens]

1. I'd be willing to bet it will be to narrow the gap between poor minorities and poor whites,

while blowing it wider for the people at the top. Making sure poor whites resent it as much as possible

[ananda]

3. That's the only think that makes sense out of this.

JP Morgan altruistic?

Do flies swim?

[Magoo48]

2. I'll remain skeptical on that one.

[WhiteTara]

4. If they paid their taxes

they wouldn't feel a need to offer 30Billion. Our Treasury would be full of the money it needs for those affairs.

[betsuni]

5. So people working on Wall Street and billionaires aren't all cartoon villains who'll stop

at nothing to prevent progressive policies, bribed everyone in Congress? Hmmm, heard that for years. As if nobody in finance or business knows Democrats are good for the economy and Republicans bad.

Guess it wasn't such a big deal that Hillary Clinton gave a speech at Goldman Sachs, like hundreds of other people do at the usual pay rate. Idiots went on and on about a vague nutty corruption conspiracy theory, the speech being "Shakespearean."