JPMorgan Chase & Co. Takes Aim at Skills Gap in Los Angeles with $10 Million Investment in Workforce Readiness Training Citywide
New Skills at Work, a Landmark Economic Opportunity Initiative, Seeks to Revolutionize How Employers and Skills Trainers Develop Talent for Jobs in Local High-Growth Industries
Los Angeles, April 21, 2014 – JPMorgan Chase & Co. today announced a $10 million, five-year commitment toward workforce readiness and demand-driven training in Los Angeles, as part of its unprecedented five-year, $250 million global New Skills at Work initiative. Launched in December 2013, New Skills at Work is the largest ever private-sector effort aimed at addressing the skills gap that exists across many industries, such as healthcare and advanced manufacturing, where not enough trained workers have the specific skills needed to fill the jobs available.
According to the California Employment Development Department, unemployment in Los Angeles County is at about 8.7 percent and about 435,000 people remain unemployed. Using research and data analysis, public-private partnerships and engagement with local leaders and organizations, New Skills at Work will accelerate economic growth by supporting training programs that will have the greatest impact.
“We have long supported the skills training and development work of high-impact organizations throughout Greater Los Angeles,” said Joni Topper, Region Head for JPMorgan Chase’s Government, Non-Profit and Healthcare banking unit. “We are pleased to make Los Angeles one of the inaugural cities of New Skills at Work, which aims to train people for the jobs that are available – today and tomorrow. We know that helping workers gain the skills they need is only one part of the solution to the unemployment challenge, but it is an area we can do something about right now. Our data-driven approach will better equip organizations to serve the community and help people get the skills they need to succeed.”
New Skills at Work will build upon successful programs like the California Career Pathways Trust Fund. Grants will be given to local organizations including:
- • LA Chamber Foundation ($300,000 for 2014 programming)
- • YWCA of Greater Los Angeles ($100,000 for 2014 programming)
- • LA Conservation Corps ($200,000 in 2014)
- • LA Business Council Institute ($100,000 in 2014)
- • Los Angeles Urban League Business and Career WorkSource Center ($75,000 in 2014)
The initiative also will produce Skills Gap Reports that will explore workforce challenges specifically in the Los Angeles area and seek to identify holes in local job markets and the skills needed to fill identified gaps. The data will be used to inform program development efforts with leading local workforce training groups.
"JPMorgan Chase serves as an example of the impact the private sector can have on local, regional and national economic development," said Los Angeles Area Chamber of Commerce President, Gary Toebben. "The L.A. Area Chamber is proud to work with JPMorgan Chase to overcome a challenge that threatens the prosperity of the United States in the 21st century. With a systematic approach and deliberate action by all stakeholders, we can close the skills gap."
New Skills at Work research and programming will focus on major U.S. and European urban areas, with an initial focus on Los Angeles, the San Francisco Bay Area, Chicago, Columbus, Dallas, Detroit, Houston, Miami, New York and London.
“It’s incredibly humbling to be a part of an endeavor that seeks to raise the capacity for our at-risk youth for the future,” said Faye Washington, president and chief executive officer of the YWCA Greater Los Angeles. “To suggest that there is a skills gap is really a ‘no brainer.’ We know, with growth comes a responsibility to best match industry needs with our capacity to teach and inspire youth. The YWCA Greater Los Angeles has engaged in this type of activity for 47 years and we see no reason to stop now.”
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. The Firm and its Foundation give approximately $200 million annually to nonprofit organizations around the world and lead volunteer service activities for employees in local communities, utilizing its many resources -- including access to capital, global reach and expertise. More information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.