NEW YORK, June 24, 2014 - Continuing its commitment to workforce readiness and helping underserved youth obtain the skills necessary to build lasting careers, JPMorgan Chase & Co. (NYSE: JPM) today announced a commitment of $5 million over the next two years to summer youth employment initiatives across the U.S. This commitment expects to fund summer jobs for more than 4,000 teenagers and young adults as well as learning opportunities in the fields of science, technology, engineering, arts and math for 20,000 13- to 24-year-olds. The firm's employees will also volunteer their time with nonprofit partners to provide financial capability coaching sessions and introductory coding skills training to participating youth.
Secretary Hillary Rodham Clinton, who is prioritizing youth employment as one of the key issues for her work at the Clinton Foundation, announced JPMorgan Chase's Commitment to Action at the 2014 Clinton Global Initiative America meeting.
"Great American companies are committing to expanding training, hiring, and mentoring youth, and to encourage other businesses to step up as well," said Former Secretary Hillary Rodham Clinton. "JPMorgan Chase will invest $5 million over the next two years to fund 4,000 summer jobs in 14 cities and to offer work readiness opportunities to another 20,000 young people."
Peter L. Scher, Executive Vice President and Head of Corporate Responsibility for JPMorgan Chase, joined Secretary Clinton in Denver for the announcement. Scher said, "Ensuring that young people have the skills they need to succeed is a national priority. JPMorgan Chase is proud to work with the Clinton Foundation, city leaders and nonprofit partners to train and employ our youth. Investing in skills is the right thing for their future and for the future of our country."
In 2014, the firm is working with mayors, nonprofit organizations and other private sector employers in 14 cities - Chicago, Dallas, Detroit, Jacksonville, Jersey City, Los Angeles, Louisville, Miami, Milwaukee, New York City, Oakland, San Francisco, Seattle and St. Louis - to engage youth during their summer break to help expand employment among young adults and provide opportunities for at-risk youth to develop skills that will put them on a career pathway.
"I appreciate JPMorgan Chase's support and participation in the Mayor's Intern Fellows Program," Dallas Mayor Mike Rawlings said. "Together we're helping our children learn and build a résumé to take out into the world."
"JPMorgan Chase continues to be a great partner in Detroit's turnaround by investing in our community and in our youth," said Detroit Mayor Mike Duggan. "By providing meaningful summer work for 1,000 Detroit students this year and next, JPMorgan Chase will provide them a great opportunity to get started on a real career path. This will be a significant boost to our commitment to provide summer jobs to 5,000 Detroit students next summer."
"We are investing in the future success of San Francisco's young people by providing more than 7,000 jobs and paid internships for them this summer with a special focus on serving low-income and disadvantaged youth," said San Francisco Mayor Ed Lee. "I thank JPMorgan Chase for joining me on Summer Jobs Plus as we invest in the future success of our City's youth this summer and beyond."
Several programs will focus on providing skills-based jobs, internships and learning opportunities for teenagers and young adults in their respective cities and continue beyond the summer months. These programs will expose youth to careers early on, connect them to growth sectors, help them obtain marketable skills and teach them how to manage their finances. Below are a few examples of programs JPMorgan Chase is supporting in 2014:
To further complement summer youth employment, JPMorgan Chase is supporting the expansion of the Consumer Federation of America's America Saves First-time Workers Program. This program will help young workers establish good financial habits as they start earning their first paychecks. Participants will learn how to set up direct deposit, establish savings goals and receive relevant financial education.
This commitment to youth employment is in addition to the five-year, $250 million global economic opportunity initiative, New Skills at Work, launched in late 2013. New Skills at Work is a global workforce readiness and demand-driven training initiative. It aims to address the skills gap that exists across many industries, such as healthcare and advanced manufacturing, where not enough trained workers have the skills needed to fill available jobs.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. 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 jpmorganchase.com.
About Clinton Global Initiative America
The Clinton Global Initiative America (CGI America), a program of the Clinton Global Initiative addresses economic recovery in the United States. Established in June 2011 by President Bill Clinton, CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting, CGI America participants have made over 300 commitments valued at more than $15 billion when fully funded and implemented. To learn more, visit cgiamerica.org.