Jamie Dimon, chief executive officer of JPMorgan Chase & Co.
Giulia Marchi | Bloomberg | Getty Images
JPMorgan Chase on Tuesday announced its latest round of initiatives to support banks and credit unions that are primarily owned or directed by people of color, as well as banking institutions that work with underserved communities.
It’s part of JPMorgan’s $30 billion commitment to help address wealth inequality.
“These new initiatives are focused on strengthening minority-owned and diverse-led financial institutions by providing additional access to capital, connections to institutional investors, specialty support for Black-led commercial projects and mentorship and training opportunities,” the bank said in a news release.
JPMorgan announced its initiative last October, following the killings of George Floyd and Breonna Taylor. The ongoing coronavirus pandemic has also highlighted longstanding systemic health and social inequities.
“Systemic racism is a tragic part of America’s history,” Jamie Dimon, CEO of JPMorgan, said in a statement at the time. “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.”
Historically, banks have contributed to inequality through now-banned practices such as redlining…