JPMorgan Chase has announced plans to hire 75 additional community managers by 2030, aiming to improve financial access in underserved areas. These managers will collaborate with local leaders and businesses, focusing on outreach and education rather than promoting banking products.
Chase initiated the community manager role five years ago with the opening of its first Community Center in Harlem. Presently, there are 150 community managers across 300 branches, primarily in low- to moderate-income communities. The planned expansion will ensure a community manager is present in each of the 48 states where Chase operates.
To aid small business owners, Chase also employs senior business consultants who provide free mentorship and technical assistance. Currently, there are 74 consultants across 35 cities, with an expansion to 38 cities expected by the end of 2024.
Chase is also introducing community private client advisors to assist individuals interested in investing. These advisors work alongside community managers to offer free workshops on investment fundamentals.
Marianne Lake, CEO of Consumer and Community Banking at Chase, stated: “Economic opportunity begins with access to financial advice and affordable banking services.” She emphasized that adding more community managers will help reach customers in historically underserved urban areas.
The announcement coincides with the fifth anniversary of the Harlem Community Center's opening. Jennifer Roberts, CEO of Chase Consumer Banking, noted: “When we opened the Harlem Community Center our goal was to improve access... I’m proud to report that we did all of that and more.”
An analysis by JPMorgan Chase highlighted significant improvements due to the Harlem center's efforts from 2019 to 2023. These include increased secure checking accounts and personal savings balances as well as growth in small business card accounts.
Jamie Dimon, Chairman and CEO of JPMorgan Chase, remarked: “Our success in Harlem isn’t charity; it’s good business.” He stressed that providing access to various financial services helps build stronger communities.
The firm has recently opened a new Community Center in Brooklyn's Bedford-Stuyvesant neighborhood. This location focuses on community engagement and offers modern facilities including art installations by local artists and spaces for workshops.
Brooklyn Borough President Antonio Reynoso expressed his support for the new center: “As we see this neighborhood grow... offering flexible community space... I am eager to see the benefits this center will deliver.”
JPMorgan Chase has been contributing to New York City's economy for over two centuries. The firm is involved in various initiatives including infrastructure improvements and philanthropic efforts totaling over $91 million since 2019.
About Chase: As part of JPMorgan Chase & Co., a leading U.S.-based financial services firm with $4.1 trillion in assets, Chase serves millions of consumers and small businesses nationwide through an extensive network of branches and ATMs along with digital banking options.
For media inquiries:
Jack Sterne - jack.sterne@jpmchase.com
Jerry Dubrowski - jerry.dubrowski@jpmorgan.com