Sunday, July 13, 2014
In A Shift In Giving, JPMorgan Chase Focusing On Economic Growth
A major shift is taking place at the JPMorgan Chase Foundation as it moves away from "broad-based giving" to a focus on "economic growth," according to Bruce McNamer, chief executive.
The Chronicle of Philanthropy also reports this shift is taking place rapidly, calling the bank's grantmaking over the past six months "dizzying." Beginning in December, JPMorgan announced a $250-million work-force-readiness commitment to help provide workers with skills that employers need. That was followed in May by $100 million to help revitalize Detroit and $30 million for a new "lab" that will test innovations designed to help low-income people save and build credit. Later this month, the bank is expected to announce a fourth major commitment, related to small businesses.
McNamer says while the bank's giving might benefit its business interests, the focus on economic growth is intended to help people and communities. "If we’re helping people start businesses in low-income communities and they get to where they become bankable, that’s serious development," says McNamer, who formerly ran TechnoServe, a nonprofit that promotes business solutions to poverty. "The highest praise you could give is that ultimately what we’re doing is good for the bank as well as society."...