JPMorgan Chase Publishes 2013 Corporate Responsibility Report
New York, May 12, 2014 - JPMorgan Chase (NYSE: JPM) today released its 2013 Corporate Responsibility Report. The report highlights the many ways the firm leveraged its resources and capabilities to help address big societal challenges: growing economies and tackling unemployment, revitalizing communities, harnessing the power of markets for social progress and promoting a sustainable economy.
This year's report features conversations among some of the firm's key partners, stakeholders and executives in which they discuss their perspectives on these challenges and how the private, public and nonprofit sectors can work together to create opportunities for more people, preserve our natural environment and foster the fundamental conditions for widely-shared prosperity.
"At JPMorgan Chase, we believe we have a responsibility to be part of the solution to the world's most pressing problems, not only because it's the right thing to do but because our own long-term success depends on the success of our communities and the people, companies and institutions we serve," said Jamie Dimon, Chairman and CEO at JPMorgan Chase. "In 2013, we used our size, scale and expertise to make a difference and to be a real, positive contributor to society, and we will continue to do so."
An exclusive dialogue between Dimon and Walter Isaacson, President and CEO of the Aspen Institute, is featured in the report. They address issues ranging from how society can increase access to economic opportunity to how JPMorgan Chase is rebuilding confidence in the company and capital markets.
"Ongoing challenges have presented opportunities for JPMorgan Chase to work with great partners in the public, private and nonprofit sectors to find solutions that create greater opportunities for more people," said Peter Scher, Executive Vice President and Head of Corporate Responsibility at JPMorgan Chase. "While there is more work to be done, we are proud to have rolled up our sleeves to break down the traditional barriers among the three sectors and developed and supported initiatives that will build stronger communities around the world - from the largest countries to the smallest towns."
In 2013, JPMorgan Chase continued to drive economic growth in our communities. The firm:
- Launched New Skills at Work, a $250 million, five-year workforce development initiative aimed at helping close the skills gap around the world. New Skills at Work research and programming is focusing on major U.S. and European urban areas, with an initial focus on Chicago, Columbus, Dallas, Detroit, Houston, Los Angeles, Miami, New York, the San Francisco Bay Area and London.
- Created the Global Cities Exchange, a program to help U.S. and international cities develop and implement regional strategies to boost their global trade and investment. The Exchange is part of the Global Cities Initiative, a joint project with the Brookings Institution launched in 2012 aimed at helping metropolitan leaders strengthen their regional economy.
- Provided $19 billion in new credit to American small businesses and, for the fourth fiscal year in a row, was named the #1 U.S. Small Business Administration lender by units.
The firm also developed and funded innovative investment vehicles that leverage market mechanisms to create social, environmental and financial value. Last year, JPMorgan Chase:
- Along with the Bill and Melinda Gates Foundation, developed the Global Health Investment Fund, a $108 million innovative social impact fund, and invested an additional $9 million in best-in-class funds addressing the needs of low-income populations around the world.
- Worked with a group of peer investment banks to develop the Green Bond Principles, a set of voluntary guidelines designed to promote integrity and transparency in the growing market for Green Bonds, which are issued to finance environmentally-beneficial projects.
- Collaborated with The Nature Conservancy to establish NatureVest, a new initiative of The Conservancy that aims to create a platform to advance investment in conservation.
JPMorgan Chase continued its commitment to U.S. veterans and military service members, hiring more than 6,300 veterans from 2011 to 2013 and continued its leadership of the 100,000 Jobs Mission, a coalition of employers that collectively hired 117,439 U.S. veterans by the end of 2013, prompting it to double its hiring goal to 200,000 veterans by 2020.
Other highlights include how JPMorgan Chase:
- Provided $2.7 billion in community development loans and investments to build or preserve 45,000 units of affordable housing, create 1,100 new jobs, enable 784,000 patient visits and serve 4,400 students in low- and moderate-income communities in the U.S.;
- Launched CDFI Collaboratives, an innovative new program that is catalyzing investment in low- and moderate-income communities with $33 million in grants to community development financial institutions nationwide;
- Provided nearly $7 million in grants to leading nonprofits to promote the financial capability of consumers in cities across the U.S.; and
- Donated $210 million to nonprofits in 39 countries and contributed 540,000 hours of employee volunteer service globally.
For more information about corporate responsibility at JPMorgan Chase, or to read the report, please visit www.jpmorganchase.com/corporateresponsibility. The report includes more detailed information about our Corporate Responsibility efforts, including our sustainability efforts, stakeholder and public policy engagement, and how we support our people.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 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. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.