America’s biggest bank designs a blueprint for urban economic revival.
Bank profits don’t grow when the economy stalls. And JPMorgan Chase CEO Jamie Dimon and his colleagues believe U.S. GDP growth won’t be robust again unless the country does more to revitalize cities hobbled by lost manufacturing jobs. That’s one reason America’s largest bank is now steering some $250 million annually into community-building investments like small-business development, job-skills training, and neighborhood revitalization, and deploying a “service corps” of advisers to help those investments bear fruit. In Detroit, its efforts have created some 1,700 jobs and seeded more than 100 new businesses since 2014; this fall, the bank will expand the model to multiple cities. The endgame: A virtuous cycle where healthier cities breed healthier businesses—in other words, an ideal climate for the banking industry.
Click here to read more about JPMorgan Chase’s efforts in Detroit.
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