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JPMorgan Chase commits $30 billion to tackle racial wealth gap

October 9, 2020

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“Systemic racism is a tragic part of America’s history,” CEO Jamie Dimon said.

October 9, 2020, 5:20 PM

5 min read

JPMorgan Chase pledged $30 billion to help ameliorate the racial wealth gap in the U.S. and “reduce systemic racism against Black and Latinx people,” the firm announced in a statement Thursday.

The investment bank said the $30 billion commitment over the next five years will come in the form of loans, equity and direct funding to promote affordable housing, grow Black and Latinx-owned businesses, improve access to banking in communities of color, and build a more diverse workforce.

“Systemic racism is a tragic part of America’s history,” Jamie Dimon, chairman and CEO of JPMorgan Chase, said in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people.”

“It’s long past time

JPMorgan Chase commits $30B to close racial wealth gap

October 8, 2020

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The Surrogate’s Court building exterior remains vandalized while Occupy City Hall protests continue outside City Hall in New York City on June 30. Photo by John Angelillo/UPI | License Photo

Business, labor groups urge G20 to close ‘stimulus gap’ in COVID-19 crisis

October 8, 2020

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FILE PHOTO: International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas

WASHINGTON (Reuters) – The Group of 20 nations must offer poorer countries a longer freeze in debt payments and other help to protect the global economy from long-term scarring inflicted by the COVID-19 pandemic, leading business and labor groups said.

Warning of job losses, increasing poverty, rising child mortality and high business failure rates in poorer countries, the groups urged G20 finance ministers, who will meet by teleconference next week, to take immediate action.

“The required contribution from the world’s leading economies is minute compared to the social and economic costs of inaction,” the International Chamber of Commerce, the International Trade Union Confederation, and Global Citizen, a group pushing to end extreme poverty by 2030, said in an open letter.

The G20’s freeze in

How “the most powerful woman on Wall Street” is working to close the gender wealth gap

October 3, 2020

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A women-run company led by investing titan Sallie Krawcheck, known as “the most powerful woman on Wall Street,” is taking on the ambitious role of narrowing the gender wealth gap.

“There have been two big drivers of wealth in our country: one of which has been real estate, which people of color have been redlined out of, the other of which has been investing,” Krawcheck told CBS News’ Michelle Miller. “And women and people of color have been kept out from that.”

The gender wage gap between men and women in the U.S. has been the subject of debate and countless campaigns for equality, and that wage gap is even steeper for women of color. That wage gap, coupled with women taking more time out of their careers to care for children and investing less than men, means that even women who successfully saved for retirement could find themselves

Racial gap in U.S. jobless rate narrows for first time in five months

October 2, 2020

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FILE PHOTO: People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease (COVID-19), at an Arkansas Workforce Center in Fayetteville, Arkansas, U.S. April 6, 2020. REUTERS/Nick Oxford

(Reuters) – The gap in unemployment rates between Blacks and whites in the United States narrowed for the first time in five months in September, after having mushroomed to the widest in nearly six years over the summer.

The jobless rate for Blacks dropped by 0.9 percentage point to 12.1% in September from 13.0% in August, while the rate for whites dropped at a slower rate of 0.3 percentage point to 7.0% from 7.3% a month earlier, data from the U.S. Labor Department showed on Friday. The overall U.S. unemployment rate fell more than expected last month to 7.9% from 8.4% in August.

The 5.1 percentage point gap was the narrowest since May, when

The Finance 202: The wealth gap kept widening even before the pandemic, Fed report finds

September 29, 2020

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The latest Survey of Consumer Finances, a triennial look at American households’ financial condition, provides a detailed snapshot of the country just before it was rocked by a recession that arrived with hurricane force out of the blue sky of the longest economic expansion on record.

It reveals low- and middle-income earners were finally starting to see some wage increases as unemployment dropped to 3.5 percent. And their average wealth climbed as home values and the stock market both gained value.

Yet the gains weren’t enough to make a dent in the wealth gap. The top 1 percent own about a third of the nation’s wealth, near the 30-year high for that population. The poorer half of the country, meanwhile, claim roughly 2 percent of the overall wealth.

The richest tenth of households have seen their share of the wealth increase over the past three decades, while the other

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