New York, January 28, 2014 - JPMorgan Chase & Co. (NYSE:JPM) announced today it will invest $1 million to fund higher education programs for U.S. military veterans including grants to Florida State College at Jacksonville, University of South Florida, The University of Texas at Arlington and San Diego State University.
"Education is a path to sustainable employment as well as family and financial stability," said Maureen Casey, the firm's Director of Military and Veterans Affairs. "By supporting educational opportunities for veterans and their families we will cultivate and empower the next greatest generation."
Casey will discuss the college grants during her testimony today before the House Committee on Veterans Affairs. The hearing will showcase the private sector's successful initiatives in hiring veterans - and highlight what the federal government can learn from them. Education is a key component of JPMorgan Chase's veterans employment strategy.
Many veterans face unique challenges in educational settings related to their military service, family status and attendance as non-traditional students. JPMorgan Chase's education grants will help U.S. colleges build programs for veterans on campus, including orientation and bridge programs, student services and enhancing the classroom experience with the ultimate goal of increasing retention and graduation rates.
Experts from JPMorgan Chase and Syracuse University's Institute for Veterans and Military Families (IVMF) will provide technical assistance to the grantees and will help develop best practices to share with other higher education institutions.
JPMorgan Chase's $1 million investment builds upon the company's existing commitment to veteran education. In 2011, the company and the university co-founded the Institute for Veterans and Military Families (IVMF), the first national center in higher education focused on social, economic, education and policy issues affecting veterans and their families post-service.
The Institute and JPMorgan Chase also launched the Veterans Career Transition program, a tuition-free program for post-9/11 veterans and military spouses to help with their transition back to civilian life. The program offers three tracks with certification opportunities: technology and operations, human resources and professional skills studies.
JPMorgan Chase recognizes the tremendous sacrifices that military members and their families have made on behalf of all Americans. As a result, the company has developed a firm-wide strategy focused on employment, housing and education for returning veterans.
In early 2011, JPMorgan Chase and 10 other companies launched the 100,000 Jobs Mission, pledging to hire a total of 100,000 veterans by 2020. Since then, 120 more companies from nearly every sector of the U.S. economy have joined in, hiring 117,439 U.S. military veterans in less than three years. The companies have now doubled their commitment - to hiring 200,000 by 2020.
JPMorgan Chase itself has hired more than 6,300 veterans since 2011. It has also provided more than 630 mortgage-free homes, amounting to more than $102 million, to military families through its non-profit partners. The bank refurbishes each home to meet the unique needs of the veteran.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.