JPMorgan Chase Commits £2 Million to Boost Black and Ethnic Minority-Led Nonprofits in London
London Community Foundation to join effort to increase local organisations’ ability to respond to the impact of COVID-19.
Initiative is in line with a
to address key drivers of the racial wealth divide, reduce systemic racism, and support employees
London, U.K. – November 17, 2020 - Today, during the Powerlist Black Excellence Awards, JPMorgan Chase will announce a £2 million philanthropic investment to support nonprofit organisations in London that are led by Black and ethnic minority leaders.
In collaboration with other organisations, including the London Community Foundation, the firm will help boost the ability of local nonprofit organisations to deal with the increased demand for their services since the onset of COVID-19. This collaboration aims to help remove barriers to opportunity for Black and ethnic minority communities by strengthening organisations that focus on jobs and skills, small business growth and financial health.
“The COVID-19 pandemic has had a disproportionate impact on the health and finances of Black and ethnic minority communities, highlighting and exacerbating structural barriers to economic opportunity,” said Viswas Raghavan, CEO of J.P. Morgan in EMEA. “As part of our global commitment to racial equity, JPMorgan Chase is focused on helping develop local, community-driven solutions to help historically underserved Londoners share in the benefits of an inclusive economy.”
Structural barriers in the U.K. have created profound racial inequalities that have been exacerbated by the COVID-19 pandemic. While over half of white groups reported that they had not been affected financially by the coronavirus crisis, only a third of Black and minority ethnic (BME) people said the same. Research found that BME people are more likely to have found it harder than usual to pay for essentials, meet basic needs (12% BME vs 8% white groups) and pay bills or rent (15% BME vs 8% white groups).
JPMorgan Chase and the London Community Foundation are looking to collaborate with organisations with Black and ethnic minority leaders to design and implement a programme that helps address economic disparity in a targeted and meaningful way. This effort is focused on strengthening local nonprofit organisations that are on the frontlines of addressing the impact of COVID-19 on vulnerable communities.
“This is an important initiative for London’s communities as it seeks to invest in both BME-led frontline organisations, providing vital employment and financial health support, as well as the organisations that can support their resilience and voice,” said Kate Markey, CEO of London Community Foundation. “LCF is delighted to be partnering with J.P. Morgan on the programme at this time.”
This commitment builds on the approach JPMorgan Chase has taken in its support of London Youth to help 15 youth clubs across London empower young people. This increases their employability by building their skills and connecting them with employers.
“Building out our capacity to deliver employability support has allowed us to be more impactful in helping the young people who come to our club,” said Syed Uddin, Head if Operations at Leaders in Community Youth Club in East London. “We are now better able to work with them to pursue their career and education goals. We have been able to exchange ideas with other youth clubs, train staff to offer relevant advice and guidance, access better employability resources online, introduce a skills development framework and use new digital tools for virtual career insight and work experience opportunities.”
A Commitment to Racial Equity
This new effort follows a $30 billion commitment by JPMorgan Chase to advance racial equity through its expertise in business, policy and philanthropy. The commitment will focus on promoting and expanding affordable housing and homeownership, growing Black and ethnic-minority owned small businesses, improving financial health and access to banking, and building a more diverse and inclusive workplace.
In the U.K., through its Advancing Black Pathways Programme, the firm has a history of investing in the careers of Black students and leaders.