DETROIT (AP) – JPMorgan Chase is upping its commitment to Detroit’s economic recovery by another $50 million.
The bank says Wednesday that it has exceeded its initial 5-year, $150 million investment and expects to reach $200 million by 2022.
It adds that the new $50 million in philanthropic and business investments are expected to break down barriers to opportunity so more long-term city residents – especially black Detroiters – can access job training, become homeowners and grow small businesses.
JPMorgan Chase Chief Executive Jamie Dimon says the new investment “will help the system work for more people – giving more Detroiters access to the tools they need to succeed, stay and benefit from Detroit’s continued recovery.”
The bank says that through its programs about 13,500 residents have received job training for high-demand industries.