JPMorgan Chase is investing $30 million over the next five years in the Greater Paris region of Seine-Saint-Denis.
The money will be in the form of grants for job training and mentorship.
It is the first investment of the $500 million global AdvancingCities initiative.
This article is part of Business Insider’s ongoing series on Better Capitalism.
JPMorgan Chase announced Monday that starting January it will begin a five-year, $30 million dollar investment in Seine-Saint-Denis, a region of France to the northeast of Paris. It’s an area marked by high unemployment, crime, and homelessness, and has 28% of its population living below the poverty line.
It also, however, is on the cusp of two developments that JPMorgan wants to take advantage of: the 2024 Olympics — Seine-Saint-Denis is home to France’s national soccer and rugby stadium — and the Grand Paris Express rapid transit line that will connect Greater Paris
As Stephanie Mestrallet, JPMorgan’s vice president of global philanthropy in Europe, told Business Insider, “OK, we know that there are these issues, we know that a lot of people are going to invest in these areas — can we add to this effort that is currently happening?”
The money will go toward apprenticeship programs for young people, job retraining programs for older adults, and small business development.
The investment is a continuation of JPMorgan’s philanthropic commitment to the region and will be the first made from the $500 million AdvancingCities initiative when it begins in January. AdvancingCities is itself a five-year program that the bank developed as an extension of investments into Detroit in 2013, after CEO Jamie Dimon decided to assist the city after it declared bankruptcy.
The bank found its Detroit project so successful that it made similar investments in Chicago, Washington, DC, and the New York City borough of the Bronx. Advancing Cities is …read more
Source:: Business Insider