JPMorgan Chase Releases $30 Billion Racial Equity Commitment Audit Report
New York, November 22, 2022 – JPMorgan Chase & Co. (NYSE: JPM) released today a comprehensive report outlining the results of an independent attestation examination of its reported progress of $18.2 billion toward its $30 billion Racial Equity Commitment (“REC”).
JPMorgan Chase retained PricewaterhouseCoopers (PwC) to perform the examination. The decision to retain an independent accountant was made following extensive engagement with SOC Investment Group and other shareholders, and was informed through the firm’s ongoing engagement with external civil rights and economic justice advisors.
As is stated in the third-party attestation, REC progress of $18.2 billion, as reflected in Management’s Assertion, is fairly stated, in all material respects.
Since launching the REC, the firm has seen the positive momentum that making a commitment of this significance has made across the organization. The firm believes the REC is focused on the right economic drivers and it continues to learn and adapt as the work progresses.
The preparation for — and completion of — the independent third-party attestation examination has been a valuable process that will enhance future reporting and has reinforced the firm’s commitment to transparency. There is greater clarity and more granular detail about its reported progress, and Management’s Assertion clearly documents its methodologies and inclusion criteria. The firm plans to include these enhancements in future reporting of REC progress.
JPMorgan Chase is committed to doing its part to help close the racial wealth gap and drive inclusive economic growth. This work will continue well beyond the initial five-year commitment. JPMorgan Chase is tracking investments and initiatives with the goal of having long-term impact and will continue to share updates along the way.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.8 trillion in assets and $288 billion in stockholders’ equity as of September 30, 2022. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.