JPMorgan Chase Publishes 2012 Corporate Responsibility Report, Global Strength, Local Impact
NEW YORK, MAY 13, 2013 - JPMorgan Chase (NYSE: JPM) today released its 2012 Corporate Responsibility summary report, titled Global Strength, Local Impact. The report highlights the many ways the firm leveraged its strength and global reach, expertise and resources to make a positive impact in communities around the world.
Global Strength, Local Impact underscores the firm's efforts to help grow the economy - investing in workforce training, economic development and infrastructure, and continuing to connect economic leaders through its Global Cities Initiative, strengthen the communities in which it operates, honor military and veterans and promote environmental sustainability with clients as well as in its own operations.
"At JPMorgan Chase, we believe that we have a unique and fundamental corporate responsibility to help our clients and communities navigate a complex global economy and address their economic and social challenges," said Peter Scher, Executive Vice President and Head of Corporate Responsibility at JPMorgan Chase. "This is at the core of our values and central to how we do business. We are proud of the ways in which we bring all our assets to bear to help our economy continue to rebuild and improve the lives of people in our communities."
The report also features an exclusive dialogue between the company's Chairman and CEO Jamie Dimon and Mark Tercek, President and CEO of The Nature Conservancy. They address issues ranging from the financial industry's role in society to the firm's risk management, as well as environmental and social practices.
In 2012, JPMorgan Chase increased its lending to small businesses by 18% over 2011, earning the position as #1 Small Business Administration lender for the third year in a row and receiving recognition from organizations like the Export-Import Bank of the United States, whose Chairman and President Fred Hochberg said, "J.P. Morgan has done an effective job of reaching small and medium-sized businesses. They're a great partner in ensuring that American exporters have access to the financing they need to grow their companies and succeed in the international market."
The firm also provided $6 billion to low- and moderate-income individuals or communities through its community development lending and investing and received recognition from Terry Simonette, President & CEO of NCB Capital Impact: "JPMorgan Chase has demonstrated its ability to harness these resources collectively, rather than approach circumstances in low-income communities with a banking approach driven solely by volume and visibility of deals."
JPMorgan Chase also introduced Chase Liquid®, a general purpose reloadable card that is a low-cost alternative to traditional checking accounts and designed to bring underserved customers into the traditional banking system. It has been received positively, earning recognition from consumer advocacy groups like National Council of La Raza, whose Economic Policy Director, Janis Bowdler, said that Liquid strikes the balance between its "business interests and the needs of underserved consumers by creating products and delivery channels that foster long-term relationships" and that the bank "has been able to reach Hispanic customers that previously had been skeptical or intimidated by mainstream banks."
Other highlights include how JPMorgan Chase:
- provided credit and raised capital of over $1.8 trillion for clients worldwide;
- donated more than $190 million to nonprofit organizations;
- worked to improve the lives of underserved people around the globe by growing the amount of capital we committed to impact investments to nearly $50 million; and
- continued to work with coalition firms to grow the 100,000 Jobs Mission to 91 companies that hired more than 51,000 American veterans in just under two years. JPMorgan Chase alone hired nearly 5,000 veterans by the end of the year.
For more information about corporate responsibility at JPMorgan Chase, or to read the summary report, please visit www.jpmorganchase.com/corporateresponsibility. The full report expands on the summary and includes more detailed information about our Corporate Responsibility efforts, including our environmental risk management, stakeholder and public policy engagement, and how we support our people. It will be released on May 21, 2013.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and 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. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.