JPMorgan Chase and the City of Detroit

About This Project

Summary

When Detroit filed the largest municipal bankruptcy in U.S. history in 2013, most saw ruin. JPMorgan Chase, however, saw a remarkable opportunity to partner with local leaders to rebuild Detroit’s economy. Investing in pillars that strengthen communities, JPMC has committed $200M to Detroit’s economic recovery. As a key player in the global economy, JPMC champions the role banking plays in building vibrant local communities.

Goals & Objectives

JPMorgan Chase’s goals were to generate job opportunities, nurture small businesses, revitalize neighborhoods and promote financial health to build a more resilient economy. If successful, the Detroit initiative would open doors for more local partnerships and investments in cities across the globe.

Results & Impact

72K job opportunities. 5K affordable housing units preserved. Support for 13K small businesses and financial education for 15K Detroiters. And during the timeframe of JPMC’s investment: per capita income increased 23%. Underbanked residents decreased 50%. Unemployment fell to its lowest since 2000.