JPMorgan Spreads Its Urban Development Money To Paris

JPMorgan has helped play a role in rescuing Italy's most troubled bank. Photo: Reuters

By David Henry, International Business Times
NEW YORK/PARIS

JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, said on Sunday that it has selected impoverished areas around Paris as the first foreign focus of an urban economic development strategy it started four years ago in Detroit.

The bank will contribute $30 million over five years to programs to teach job skills and expand small businesses in Seine-Saint-Denis and other places with high unemployment and poverty, JPMorgan said in a statement provided to Reuters.

Located north of Paris, Seine-Saint-Denis has the highest poverty and crime rates in France. Dotted with large social housing projects, the area is separated from wealthy Paris only by an extremely congested highway circling the city. The area was in the center of the riots that devastated suburbs all over France a decade ago.

CEO Jamie Dimon planned to follow the announcement with a visit to the city on Tuesday. Dimon has been leaving more day-to-day operations of the New York-based bank to lieutenants while he promotes policies and public-private partnerships which he believes will promote economic growth.

His advocacy work has been primarily in the United States where JPMorgan earns about 80 percent of its revenue.

The Paris effort is part of JPMorgan’s “Advancing Cities” program, which builds on investments of $150 million in Detroit and $40 million in Chicago, cities where JPMorgan has the biggest market share of bank deposits.

JPMorgan executives have said they want more business abroad, particularly commercial lending to mid-sized companies.

JPMorgan employs about 200 people in France among some 255,000 worldwide.

JPMorgan employees in Paris work in investment banking, money management and capital markets. They do not serve low-income individuals or small businesses who could be the first to benefit from the new effort.

Peter Scher, JPMorgan Head of Corporate Responsibility, said the program will provide workers the skills needed by the bank’s business clients, some of which are in office towers near areas where unemployment rates reach 35 percent.

“That is a good bet for the economy and it is a good bet for our firm,” said Scher.

The job training will focus on the construction, information technology and environmental sustainability industries which are important in France, he said.

The $30 million for Paris is part of $500 million JPMorgan said in September that it would spend in as many as 30 cities, including some outside of the United States.

JPMorgan reported net income in 2017 of $24.4 billion.

COMMENTS





Name

Business,743,Careers & Education,3,Investing,14,Markets,10,Money,4,Personal Finance,4,Real Estate,4,Small Business,15,
ltr
item
Business - U.S. Daily News: JPMorgan Spreads Its Urban Development Money To Paris
JPMorgan Spreads Its Urban Development Money To Paris
https://2.bp.blogspot.com/--FV9NXikKH0/W9_j6YimvfI/AAAAAAABIIA/YodHwCu4cagW3oKjBBUM3XRPJL1aA1QwwCLcBGAs/s1600/4.jpg
https://2.bp.blogspot.com/--FV9NXikKH0/W9_j6YimvfI/AAAAAAABIIA/YodHwCu4cagW3oKjBBUM3XRPJL1aA1QwwCLcBGAs/s72-c/4.jpg
Business - U.S. Daily News
https://business.dailynews.us.com/2018/11/jpmorgan-spreads-its-urban-development.html
https://business.dailynews.us.com/
https://business.dailynews.us.com/
https://business.dailynews.us.com/2018/11/jpmorgan-spreads-its-urban-development.html
true
8288295252483019008
UTF-8
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy