Dimon’s comments came as he was speaking during a New York event to discuss the new JP Morgan initiative to commit $500 million to boost global economic growth in various cities. The wide-scale efforts, dubbed “AdvancingCities,” were established after extrapolating data from investment projects it was a part of in Detroit, Chicago and Washington, D.C.
The mission of AdvancingCities is to create opportunities for those left behind as a result of economic growth. Starting today, J.P. Morgan is accepting proposals from cities, regardless of size, for grants and low-cost loans if the proposals address at least two of four areas: jobs and skills, small business growth, neighborhood revitalization and financial health.
“Opportunity is not shared equally across neighborhoods,” said Dimon. “(Corporations) must step up to help change the status quo by creating a better future for all, no matter where they live.”
For more trends in fixed income, visit the Fixed Income Channel.