New York, February 6, 2013 - J.P. Morgan announced a $1.5 million grant today, made through the JPMorgan Chase Foundation, to renew its commitment to Bankers without Borders, a global volunteer program that supports economic development in the world's most poverty stricken communities. J.P. Morgan's grant allows Bankers without Borders to develop a scalable platform that connects institutions serving the poor with volunteers from companies who provide business skills, passion and private-sector resources to fight global poverty.
"At J.P. Morgan, we believe in investing in our people and communities," said Mike Cavanagh, co-CEO of the Corporate & Investment Bank. "The partnership with Bankers without Borders enables employees to utilize their skills to help emerging market enterprises build the technical capacity they need to thrive."
Since the inaugural sponsorship in 2010, J.P. Morgan's involvement has grown and transformed with Bankers without Borders, a Grameen Foundation initiative. Hundreds of J.P. Morgan employees have committed their time and expertise to Bankers without Borders, collectively contributing 8,800 hours of service globally.
In Bangladesh, one J.P. Morgan volunteer leveraged his knowledge of local affairs and advisory expertise to structure a deal between a non-profit institution and a local small business to distribute goods to rural communities. The resulting partnership employs over 12,000 women entrepreneurs to sell the goods, including food and basic toiletries, improving market access for more than 10 million consumers living near the poverty line. Another volunteer worked with a Ugandan financial institution to conduct research on the mobile banking sector and identify challenges and opportunities that would promote financial inclusion for the world's poorest.
Through on-site technical assistance, training and mentoring, or remote consulting projects, Bankers without Borders' volunteers work to increase the scale, sustainability and impact of the organizations they support. Volunteers have completed more than 100,000 hours of service, worth an estimated $6 million for more than 70 social enterprises in 20 countries. Collectively, Bankers without Borders' social sector clients are reaching more than 18 million individuals living in poverty.
About J.P. Morgan's Corporate & Investment Bank
J.P. Morgan's Corporate & Investment Bank is a global leader across banking, markets and investor services. The world's most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18.8 trillion of assets under custody and $366 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.