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JPMorgan Chase investing $40M in Chicago neighbourhoods

In this Wednesday, Sept. 13, 2017, photo, Jamel Gault learns to work on a circuit board that is in the large robotics used in making plastic cutlery at BSD Industries, a beneficiary of JPMorgan Chase & Co.'s investments, in Chicago. BSD Industries is a robotics technology training program designed to prepare Chicagoans for jobs in advanced manufacturing. JPMorgan Chase & Co. says it plans to invest $40 million over three years in neighborhoods on Chicago's South and West Sides to create economic opportunity. Investments will be used to help offer job training, finance neighborhood revitalization and expand access to credit for small businesses. (Nancy Stone/Chicago Tribune via AP)
September 14, 2017 - 2:35 PM

CHICAGO - JPMorgan Chase & Co. says it plans to invest $40 million over three years in neighbourhoods on Chicago's South and West Sides to create economic opportunity.

Bank officials said Thursday that poverty, racial and economic inequities, and a lack of opportunity are factors behind Chicago's gun violence. CEO Jamie Dimon says it is incumbent on business leaders to collaborate with government and the community to develop solutions.

Investments will be used to help offer job training, finance neighbourhood revitalization and expand access to credit for small businesses.

Chicago Mayor Rahm Emanuel says creating a coalition of civic, corporate and community partners to invest in neighbourhoods will "drive change that will last for generations."

JPMorgan's effort in Chicago mirrors one in Detroit, where it has committed $150 million by 2019.

News from © The Associated Press, 2017
The Associated Press

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