Jamie Dimon says American Dream is 'slipping out of reach'-JPMorgan will spend billions to fix it
fortune.com • • general
Key Points:
- JPMorgan Chase launched the American Dream Initiative (ADI), a multiyear program aimed at expanding economic opportunity across the U.S., focusing on six areas including small-business growth, affordable housing, and financial health.
- The bank plans to increase its small-business lending to nearly $80 billion over the next decade, grow its small-business client base from 7 million to 10 million within five years, and hire 1,000 additional small-business bankers.
- ADI includes mentoring 115,000 small-business owners through the Coaching for Impact program and expanding financial literacy efforts to reach 5 million people, an increase from 1 million over the past five years.
- JPMorgan will advocate for reducing regulatory burdens, targeting $100 billion in red tape cuts under the SBA’s Made in America Manufacturing Initiative, and will deepen investments in markets like Alabama by expanding branch presence and community centers.
- The initiative builds on JPMorgan’s history of large-scale community investments, complementing its $1.5 trillion Security and Resiliency Initiative and continuing programs like AdvancingCities and its $30 billion racial wealth gap pledge.
