(By Dan Ennis for Banking Dive) The trio of offerings from the nation’s largest bank stem from its overarching promise, announced last fall, to contribute $30 billion to close the racial wealth gap. Other banks such as Bank of America, PNC, Huntington and BMO have launched billion-dollar-plus efforts to fight racial and income inequality.
Google has promised to invest $500 million in JPMorgan’s money market share class, the bank said.
“We know that racial equality is directly linked to economic opportunity and are proud to partner on the Empowering Change program, which will help create new business opportunities for minority institutions,” Juan Rajlin, Google’s vice president and treasurer, said in a release Tuesday.
JPMorgan said it will share the assets and fees generated from the product with distributing banks and will donate 12.5% of the annual revenue it makes from management fees toward boosting community development.
“This infusion of capital will allow us to scale up our efforts to support small businesses, increase our mortgage lending and help refinance predatory lending products, which will result in significant cash flow enhancements for our most challenged communities,” said Liberty Bank CEO Alden J. McDonald Jr. See the full story here.