JP Morgan says he has expanded his previous commitment to historically black colleges and universities and their students.
The company has committed $30 million for a five-year program, expanding a 2019 initiative called Advancing Black Pathways, rolled out “to chart clearer pathways to economic success and empowerment within the Black community,” according to the society.
Part of the expanded commitment includes plans to maintain its Student Financial Hardship Fund, launched in 2020 with the United Negro College fonds and the Thurgood Marshall College fondssays JPMorgan.
Additionally, the company has committed $5 million to programs aimed at improving students’ “career mobility opportunities,” according to the company.
JPMorgan adds that it has increased the number of partnerships with HBCUs from three to 19 over the past two years.
JPMorgan was among several Wall Street companies to commit funds to improve racial equity in 2020 after the murder of George Floyda disarmed black, in Minneapolis while in police custody and the national race relations reckoning sparked by the murder.
JPMorgan’s pledge was among the largest: the company said it would invest $30 billion over five years in various initiatives aimed at closing the racial wealth gap.
This commitment provides scholarships for HBCU students who want to enter the wealth management industry, with plans to award 375 scholarships through 2025, the company says.
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