JP Morgan Chase 2014 Annual Report Download - page 61

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Invested in Detroit
JPMorgan Chase has roots in Detroit going back
to the 1930s, supporting our clients and the com-
munity through the investments, loans and other
services that are core to our business. And while
we recognize that the city’s challenges remain
significant, JPMorgan Chase believes that Detroit
has the ingredients and intrinsic strengths to
rebuild a vibrant, modern economy.
In 2014, JPMorgan Chase launched a $100 million,
five-year commitment to support and accelerate
the dynamic recovery that is underway in Detroit:
• Community Development: We provided $40
million in responsive, long-term investment
capital to two leading community develop-
ment financial institutions to finance vital
projects that often lack access to traditional
sources of capital.
• Stronger Neighborhoods: Our support of the
Detroit Land Bank Authority and our innova-
tive partnership with a local community bank
to provide rehabilitation loan financing are
accelerating the city’s ambitious eorts to
reduce blight and stabilize neighborhoods.
• Workforce Readiness: We are helping the city
strengthen its workforce system, build part-
nerships between employers and training
programs, and give residents access to train-
ing in the skills employers are seeking.
• Small Business Growth: We are partnering
with local nonprofits to help Detroit’s vibrant
small businesses access the resources and
expertise needed to get their businesses o
the ground.
Detroit’s recovery will take time, but we are
excited by the progress we have seen so far.
We’re in the city for the long term, and we will
continue to learn and adapt as we work with our
partners to help tackle Detroit’s challenges.
New Skills at Work
In December 2013, we launched New Skills at
Work, a $250 million, five-year workforce readi-
ness initiative to close skills gaps in sectors
where employers struggle to fill vacancies and
to help job seekers access the education and
training required for these positions. A key
component of the program is focused on
research that provides actionable data to better
understand the dynamics of labor markets.
Based on those findings, we directed grants to
support innovative nonprofit programs around
the world that demonstrate success working
with employers to articulate demand in growing
sectors and training workers in those high-
demand areas. Here are some examples:
• In Houston, we co-chaired a task force com-
posed of businesses, training programs and
educational institutions that developed
UpSkill Houston, a five-year plan to raise
awareness of middle-skill job opportunities,
increase access to technical education and
training, and improve the alignment between
employers and education/training providers.
• In Europe, we provided data-driven, country-
specific analyses that map the latest employ-
ment trends and identify barriers to full and
inclusive employment in the United Kingdom,
Germany, Spain and France. In conjunction
with U.K.-based Institute for Public Policy
Research, we released a comprehensive
review of European jobs and skills.
• In New York City, we published a report that
identified high-growth employment sectors
for middle-skill jobs and outlined recommen-
dations to address the skills gaps impeding
employment in these industries. We sup-
ported an innovative partnership among a
large employer, a social service organization
and a community college that helps young
adults in a low-income community acquire the
credentials needed to secure a job in the
expanding healthcare sector.
Global Cities Initiative
The Global Cities Initiative (GCI), a joint project
launched by the Brookings Institution and
JPMorgan Chase in 2012, equips metropolitan
leaders with the data, policy ideas and networks
needed to support the economic growth of met-
ropolitan regions through trade and investment.
In 2014, GCI introduced innovative research,
including an analysis of the role foreign direct
investment (FDI) plays in rebuilding metro econ-
omies, a report on the economic contributions
of foreign students to U.S. cities, an analysis of
the changing patterns of London’s exports, and
research on the global competitiveness of
Munich, Hong Kong and Mumbai.
Supporting this new research, GCI held high-
profile convenings around the world that
brought together leaders from business, govern-
ment and nonprofits to explore best practices
and catalyze local action. GCI held meetings in
Hong Kong, London, Louisville-Lexington,
Munich, Phoenix and Seattle — each of which
attracted hundreds of participants interested in
understanding how their metropolitan area was
developing trade and investment strategies.
To transform knowledge about global trade and
investment into local action, GCI launched the
Global Cities Exchange (GCX) — an academy for
cities seeking to develop and implement action-
able global strategies. By the end of 2014, GCX
had enrolled 28 cities, of which 12 had com-
pleted export strategies, and six were working
on FDI strategies.
Small Business Forward
Small businesses act as vital engines driving job
creation and economic development, but many
entrepreneurs lack access to the resources
needed for growth. In 2014, JPMorgan Chase
launched Small Business Forward, a $30 million,
five-year initiative to catalyze small business
development in cities around the world.
We know that having a good business idea is
only part of what it takes for entrepreneurs to
succeed. They also need access to investors,
training, facilities, customers and export oppor-
tunities. Research has shown that these sup-
ports become even more eective when they
target clusters of small businesses working in
the same sector and geography. According to a
study conducted by the Initiative for a Competi-
tive Inner City and supported by JPMorgan
Chase, businesses in well-established clusters
outpaced overall regional growth by more than
300% between 2003 and 2011.
Small Business Forward supports nonprofits
around the world that provide small business clus-
ters with the critical resources they need to suc-
ceed. By helping regional economies build on their
core assets to develop thriving enterprises, we are
strengthening communities across the globe.