JPMorgan Chase & Co. is putting its money where its mouth is. The bank is hiring a full-time director and funneling resources into Women On the Move, a group within the company established in 2013 to promote women within the firm. The group will now also help female clients to succeed.
JPMorgan said on Wednesday that it is pledging to give out $10 billion in loans to women-owned businesses. Wednesday also marked Women On the Move’s third annual “Leadership Day.”
Samantha Saperstein, managing director of the group, said in an interview that Women on the Move will continue to focus on getting more women into senior positions at JPMorgan, Reuters reported. The expansion into helping clients gain access to capital will be an added bonus.
Recently, other big banks have ramped up their efforts for gender diversity, too. Just this year, Goldman Sachs Group Inc. and Citigroup Inc. have announced goals to increase the percentage of women working for them.
Studies have shown that with more women in top positions, firms perform better financially.