09.12.18 - U.S. Cities Will Be Able to Compete for Funding From JPMorgan
'JPMorgan Chase & Co. plans to unveil a $500 million project Wednesday geared toward boosting economic growth in as many as 30 cities across the U.S.'
'The five-year initiative, “AdvancingCities,” includes a competition for funding. JPMorgan plans to invest, through public-private partnerships, in places where it can address employment barriers, financial insecurity and neighborhood disinvestment, said Peter Scher, head of corporate responsibility for the New York-based bank. Its request for proposals, going live Wednesday, will close at the end of November. It plans to announce winners in the spring.'
'In January, JPMorgan announced a $20 billion, five-year investment across its businesses based largely on benefits from the U.S. tax overhaul. At the time, the bank said it planned to boost philanthropic giving by 40% to $1.75 billion over five years.'
'JPMorgan Chase CEO Jamie Dimon said that although investing in cities often has no immediate impact on the bank’s bottom line, over time it could boost consumer and small-business banking.'