The head of the nation's largest bank joined Mayor Mike Duggan and others Tuesday night to celebrate the 10-year anniversary of JPMorgan Chase's commitment to what ultimately became $200 million in new philanthropic and business investments in Detroit.
Speaking inside Ford Motor Co.'s newly renovated Book Depository building in the city's Corktown neighborhood, Jamie Dimon, the CEO of JPMorgan Chase, lauded how much Detroit's employment numbers, housing stock and basic city services have improved since his bank signed on for the commitment back in September 2013, when Detroit was still in bankruptcy.
“We wanted to do something," Dimon told the after-work crowd of about 150 local leaders and JPMorgan Chase employees.
The commitment for philanthropic capital, low-cost loans, equity investment and skilled volunteerism started at $100 million, and expanded four years later to $150 million, and ultimately totaled $200 million by the end of 2022, according to the bank.
Working in collaboration with local Detroit partners, the bank says that it helped to:
Place over 72,000 Detroiters into apprenticeships, full- or part-time jobs.
Place nearly 17,000 Detroiters in job-training programs.
Create or preserve over 5,000 affordable housing units.
Provide capital or technical assistance to more than 13,000 small businesses.
The bank also worked with the Detroit at Work agency to directly hire more than 90 employees for JPMorgan Chase's new Virtual Call Center in Detroit.
Duggan also thanked Dimon for personally intervening to help Detroit gain access to COVID-19 tests during the very early days of the pandemic in March 2020, when a New Jersey company that was a JPMorgan client was one of the few companies in the country doing high-volume testing.
For his part, Dimon praised Duggan for guiding Detroit's post-bankruptcy recovery.
“Mayor, be president of the United States," Dimon said lightheartedly. "I will quit my job. I’ll do any job you want - I’ll carry your bag."
Contact JC Reindl: 313-222-6631 or email@example.com. Follow him on Twitter @jcreindl
This article originally appeared on Detroit Free Press: JPMorgan CEO visits Detroit for anniversary of $200M commitment