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Applying Strategies for Inclusive Growth East London Rising

Stephen Cutler

Our firm has deep roots in London, with a presence here for more than 200 years. Over the past decade, London’s rapidly growing financial center has shifted from its historic home in the City of London to East London. This shift has heralded huge changes for the boroughs of East London, including more economic activity, jobs and development.

The rate of employment in four East London boroughs is approximately 5% lower than that of the rest of London.

As East London booms, however, these new opportunities are not reaching everyone equally — especially those who have lived and worked here since before the area’s ascendance. In fact, some East London boroughs still struggle with stubborn economic challenges.

To address these inequities, JPMorgan Chase is taking a long-term, holistic and multifaceted approach to its corporate responsibility efforts in East London so that the area’s newfound prosperity can be more equally shared.

In 2012 the firm relocated from the City of London to Canary Wharf, boosting our presence in this thriving area of energy and growth. Our collaborative relationships with London Legacy Development Corporation and leading local nonprofit efforts such as Bromley by Bow Centre and the St. Paul’s Way Transformation Project helped us establish a strong connection with the community. Now we are proud to say that our work in East London has created a positive impact through our support of efforts to build a skilled workforce, strengthen small businesses and boost the financial health of individuals and families.

There is no one-size-fits-all solution to this problem.

Yet through meeting local communities and leveraging our competencies to invest in the four key drivers of inclusive economic growth, our firm has gained valuable insight into the broad approaches that are proving effective in cities around the world.

“The new East London is a place where diversity and cultural vibrancy meet growing economic prosperity. It’s crucial that no one is left behind and that East Londoners have opportunities to both contribute to and benefit from economic growth.”

 

In East London, we are supporting a broad range of organizations by focusing our investments in areas that best leverage our firm’s skills and expertise. Here are some examples:

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At Saint Paul’s Way Trust School, a fast-paced, high-achieving school that serves some of the most disadvantaged communities in East London, JPMorgan Chase funded the Enterprise & Employability Project for students to practice business skills, learn about entrepreneurship and gain confidence through real-life work experiences. The project also includes mentorships and paid internships for students so they can develop one-on-one relationships with people in their field of interest.

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YTKO Group has advised both new and established entrepreneurs on growing their business. With funding from JPMorgan Chase, YTKO’s GetSet for Growth East London program works with small businesses that are looking to expand, by providing specialized finance, marketing and sales support — the areas of biggest need for entrepreneurs. As part of the successful program, business development experts serve as mentors to local business owners to help increase their skills, knowledge and confidence.

Toynbee Hall’s Money Mentors Toynbee Hall’s Money Mentors

Based on the idea that most people get financial advice from people they know, Toynbee Hall’s Money Mentors program educates and trains local residents on money management. After a successful pilot, JPMorgan Chase provided funding to expand the program to an additional six boroughs and train 22 staff members of partner organizations.