One Year In… Letter from our Chairman
In May of 2014, JPMorgan Chase made a $100 million, five-year pledge to support and advance Detroit's economic recovery. Our commitment is a sustained, strategic and comprehensive effort that supports innovative approaches to complex challenges. We are bringing to bear our financial capital and also our human capital in the form of the skills and expertise of some of our most talented people.
One year in, our pledge is yielding results across the city. Small businesses and entrepreneurs are graduating from incubator programs and finding new markets. New jobs have been created, and more training opportunities are available to workers of all ages to help them compete for middle-skill jobs that lead to better livelihoods. The city and its citizens are using interactive technology to tackle Detroit’s vacant and abandoned homes, and new homebuyers are beginning to obtain rehab financing to make those homes livable.
Our inaugural team of Detroit Service Corps executives, embedded with Detroit nonprofits, has completed projects that are expanding these organizations’ ability to make a difference. And we have brought new data to Detroit’s ongoing work to attract new foreign direct investment and strengthen its workforce system to better align training programs with the skills employers are hiring for today and in the future.
We’re particularly encouraged by how quickly our community development financial institution partners have injected capital into the community, and by the diverse set of projects they have in their pipelines. Invest Detroit’s loan to Global Titanium Inc. enabled it to upgrade and expand its manufacturing facility that will allow the company to hire new workers. Capital Impact Partners’ investments have supported the development and preservation of new housing opportunities in Midtown and Northwest Detroit. These and other investments are helping to restore density, economic activity and a sense of vitality to neighborhoods across the city.
We know that not everything we do will work, and we will continue to learn and adapt as we work to help tackle the city’s challenges. But when I visited Detroit recently it was clear that a great deal of what we are doing is working. In collaboration with our partners, we are achieving concrete, measurable results.
We made our commitment to Detroit not only because of our deep roots in the community, but because we saw big needs and big potential. Detroit and its people are dynamic, innovative and resilient. Together, Mayor Duggan, Governor Snyder, Detroit’s business and community leaders and citizens are sparking a vibrant recovery. Detroit’s challenges, from population shifts and unemployment to crumbling infrastructure, are not unique. They are emblematic of the issues facing communities around the world. By contributing to – and supporting rigorous documentation of – innovative solutions in Detroit, we can help to provide a blueprint for other cities adapting to changing economies.
Jamie Dimon, Chairman and CEO, JPMorgan Chase & CO.