|[June 24, 2014]
JPMorgan Chase & Co. Commits $5 Million to Helping Youth in America Build Strong Foundations for Successful Careers
NEW YORK --(Business Wire)--
Continuing its commitment to workforce readiness and helping underserved
youth obtain the skills necessary to build lasting careers, JPMorgan
Chase & Co. (NYSE:JPM) today announced a commitment of $5 million over
the next two years to summer youth employment initiatives across the
U.S. This commitment expects to fund summer jobs for more than 4,000
teenagers and young adults as well as learning opportunities in the
fields of science, technology, engineering, arts and math for 20,000 13-
to 24-year-olds. The firm's employees will also volunteer their time
with nonprofit partners to provide financial capability coaching
sessions and introductory coding skills training to participating youth.
Secretary Hillary Rodham Clinton, who is prioritizing youth employment
as one of the key issues for her work at the Clinton Foundation,
announced JPMorgan Chase's Commitment to Action at the 2014 Clinton
Global Initiative America meeting.
"Great American companies are committing to expanding training, hiring,
and mentoring youth, and to encourage other businesses to step up as
well," said Former Secretary Hillary Rodham Clinton. "JPMorgan Chase
will invest $5 million over the next two years to fund 4,000 summer jobs
in 14 cities and to offer work readiness opportunities to another 20,000
Peter L. Scher, Executive Vice President and Head of Corporate
Responsibility for JPMorgan Chase, joined Secretary Clinton in Denver
for the announcement. Scher said, "Ensuring that young people have the
skills they need to succeed is a national priority. JPMorgan Chase is
proud to work with the Clinton Foundation, city leaders and nonprofit
partners to train and employ our youth. Investing in skills is the right
thing for their future and for the future of our country."
In 2014, the firm is working with mayors, nonprofit organizations and
other private sector employers in 14 cities - Chicago, Dallas, Detroit,
Jacksonville, Jersey City, Los Angeles, Louisville, Miami, Milwaukee,
New York City, Oakland, San Francisco, Seattle and St. Louis - to engage
youth during their summer break to help expand employment among young
adults and provide opportunities for at-risk youth to develop skills
that will put them on a career pathway.
"I appreciate JPMorgan Chase's support and participation in the Mayor's
Intern Fellows Program," Dallas Mayor Mike Rawlings said. "Together
we're helping our children learn and build a résumé to take out into the
"JPMorgan Chase continues to be a great partner in Detroit's turnaround
by investing in our community and in our youth," said Detroit Mayor Mike
Duggan. "By providing meaningful summer work for 1,000 Detroit students
this year and next, JPMorgan Chase will provide them a great opportunity
to get started on a real career path. This will be a significant boost
to our commitment to provide summer jobs to 5,000 Detroit students next
"We are investing in the future success of San Francisco's young people
by providing more than 7,000 jobs and paid internships for them this
summer with a special focus on serving low-income and disadvantaged
youth," said San Francisco Mayor Ed Lee. "I thank JPMorgan Chase for
joining me on Summer Jobs Plus as we invest in the future success of our
City's youth this summer and beyond."
Several programs will focus on providing skills-based jobs, internships
and learning opportunities for teenagers and young adults in their
respective cities and continue beyond the summer months. These programs
will expose youth to careers early on, connect them to growth sectors,
help them obtain marketable skills and teach them how to manage their
finances. Below are a few examples of programs JPMorgan Chase is
supporting in 2014:
of Learning and Earning will provide more than 215,000
opportunities for Chicago's youth, ages 14-24, including 22,000
skill-building jobs and internships and interactive learning
activities in libraries, schools, museums and culturalinstitutions,
colleges and universities, and community-based programs, as well as
through self-paced, online modules.
Intern Fellows Program in Dallas will place more than 300 public
high school students in summer positions at some of the city's top
health, technology and energy companies and nonprofits - three of the
area's highest-growth sectors. Now in its seventh year, the Mayor's
office and Education is Freedom will have placed 1,050 students in
internships across industry sectors, including technology, healthcare,
law, accounting, business, education, the nonprofit sector,
advertising/marketing/public relations, engineering, banking,
manufacturing and hospitality, by the end of this summer.
Detroit's Young Talent will provide 1,000 Detroit youth, ages
14-24, employment readiness training and six weeks of paid summer work
experiences with area employers. The program was created by the
Detroit Youth Employment Consortium in 2009 to address high rates of
unemployment among Detroit's teen and young adult populations -
unemployment estimated at more than 50 percent. The program has grown
each year, providing more than 5,000 Detroit youth with paid summer
work experiences since 2009.
United Way of Northeast Florida's Summer
Youth Employment Program will provide 140 students in Jacksonville
with a six-week paid internship at top organizations, helping them
acquire high-demand skills, gain access to mentors and coaches, and
build their resumes. Youth will also participate in a financial
management simulation lab, which will help them learn how to manage
their paycheck and personal finances.
Angeles Summer of Learning will bring together a coalition of
public, private and nonprofit partners and offer education programs
and activities through the city's parks, libraries, schools, museums
and cultural institutions. The curriculum will offer learning
opportunities in science, technology, engineering, arts and math, as
well as a work-readiness pathway geared towards the skills needed to
succeed in the modern economy.
Three nonprofits in New York City, PENCIL,
and Options, and Virtual
Enterprises International, will create and sponsor a total of 140
paid internships for underserved high school students. PENCIL will
also provide career readiness training to an additional 130 students.
Program participants will be introduced to career opportunities,
motivated to pursue higher education, and equipped with skills to
succeed in the workforce.
Jobs+ will connect 7,000 disconnected and at-risk youth (ages
14-24) with paid jobs, internships and job training initiatives in the
private sector and San Francisco City departments. Since it started in
2012, Summer Jobs+ has placed more than 12,000 youth in paid summer
jobs and internships. This year, the program expands to include
placing individuals in employment and training opportunities beyond
To further complement summer youth employment, JPMorgan Chase is
supporting the expansion of the Consumer Federation of America's America
Workers Program. This program will help young workers establish good
financial habits as they start earning their first paychecks.
Participants will learn how to set up direct deposit, establish savings
goals and receive relevant financial education.
This commitment to youth employment is in addition to the five-year,
$250 million global economic opportunity initiative, New
Skills at Work, launched in late 2013. New Skills at Work
is a global workforce readiness and demand-driven training initiative.
It aims to address the skills gap that exists across many industries,
such as healthcare and advanced manufacturing, where not enough trained
workers have the skills needed to fill available jobs.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services
firm with assets of $2.5 trillion and operations worldwide. The firm is
a leader in investment banking, financial services for consumers and
small businesses, commercial banking, financial transaction processing,
and asset management. A component of the Dow Jones Industrial Average,
JPMorgan Chase & Co. serves millions of consumers in the United States
and many of the world's most prominent corporate, institutional and
government clients under its J.P. Morgan and Chase brands. Information
about JPMorgan Chase & Co. is available at jpmorganchase.com.
About Clinton Global Initiative America
The Clinton Global Initiative America (CGI (News - Alert) America), a program of the
Clinton Global Initiative addresses economic recovery in the United
States. Established in June 2011 by President Bill Clinton, CGI America
brings together leaders in business, government, and civil society to
generate and implement commitments to create jobs, stimulate economic
growth, foster innovation, and support workforce development in the
United States. Since its first meeting, CGI America participants have
made over 300 commitments valued at more than $15 billion when fully
funded and implemented. To learn more, visit cgiamerica.org.
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