Number of the Day Shows Wide Net Cast by JPMorgan
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That’s how many Black and Latinx households stand to benefit from JPMorgan Chase & Co.’s new $30 billion commitment to correct financial inequities across racial demographics.
In a sweeping set of initiatives announced as part of a five-year program Thursday, JPMorgan said it would make 40,000 new mortgages to Black and Latinx households, help another 20,000 households refinance their mortgages, and invest in 100,000 affordable rental units. The bank will also expand small business lending and other investments in communities of color.
“Systemic racism is a tragic part of America’s history,” JPMorgan CEO Jamie Dimon said in a statement. “It’s long past time that society addresses racial inequities in a more tangible, meaningful way.”