JPMorgan Chase & Co. Marks 90 Years of Service in Detroit and 10-Year Anniversary of $200 Million Commitment to City’s Economic Recovery

JPMorgan Chase is marking 90 years of providing banking services in Detroit while highlighting the lessons learned from the city’s comeback over the last decade. Since the city filed for Chapter 9 bankruptcy in 2013, the firm has committed more than $200 million in philanthropic capital, skilled volunteerism, low-cost loans and equity investments to help support Detroit’s economic recovery, focusing on skills training and job creation, community development and affordable housing, small business growth and financial security for residents.    

In collaboration with local community partners, JPMorgan Chase’s $200 million commitment in Detroit helped support the following.

• More than 72,000 Detroiters were placed into apprenticeships, full, or part time jobs;
• Nearly 17,000 Detroiters participated in job training programs aligned with high-demand industries;
• More than 13,000 small businesses received capital or technical assistance;
• More than 5,000 affordable housing units were created or preserved;
• More than 15,000 Detroiters received services to improve their financial health.

While there is more work ahead, Detroit’s economy has made meaningful progress over the last ten years. From 2013 to 2021, vacant housing decreased by nearly 20% while loans to Black households have increased significantly up more than 96%. From 2015 to 2021, the per capita income of Detroit’s residents increased by 23%, the percentage of unbanked households has decreased by more than half, and the median credit score rose 9%. According to the National Bureau of Labor Statistics, Detroit’s unemployment rate fell below 7% in 2023, its lowest since 2000.

“Looking back, we see the returns on our investment in the strength of our customers and communities ― their ability to build wealth, create lasting careers, plan for their financial futures and achieve their dreams,” said Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase. “We also see the returns in the form of a stronger local economy and people working together. Today, it’s clear that a stronger Detroit is good for business, too.”

“One of the first phone calls I received as Mayor of Detroit was from Jamie Dimon, who said he wanted to make a significant investment in Detroit and Detroiters. Since that day, JPMorgan Chase has been our partner and a catalyst for much of the progress our city has made over the past 10 years,” said Detroit Mayor Mike Duggan. “Their investment really laid the groundwork for others who have invested in Detroit since. This partnership is a testament to how business, community and government can together drive long-term growth."

Business growth and opportunity

Today, JPMorgan Chase remains one of the largest banks in Detroit and is leveraging its scale and business expertise to help support the city’s growth and recovery. Over the course of the firm’s $200 million commitment, JPMorgan Chase’s market share in Detroit has expanded, its commercial loans have increased, the accounts and balances of its consumers and small business clients have risen, and the firm’s mortgage originations have increased. This includes more than 800,000 consumers checking, saving and credit card accounts, mortgage and auto loans, and business banking loans in Detroit. The firm has also continued to finance thousands of hospitals, schools, nonprofits and government institutions, affordable housing units and mid-sized and large companies in Detroit.

The firm’s commitment in Detroit reinforced the importance of proximity to the local community. As part of the firm’s ongoing efforts to expand economic opportunity, its minority entrepreneurship program continues to offer small business owners free mentorship, advice and education. Detroit is one of 21 Cities to host the program nationally since it was created in 2020. To date, Chase senior business consultants have mentored 133 small business owners in Detroit through this program.

“Detroit’s resurgence is a testament to what can be accomplished when government, business, and community leaders come together to create economic opportunity,” says Peter Scher, Vice Chairman for JPMorgan Chase. “Our investment here continues to serve as a model for how we seek to drive long-term growth in the communities we serve in the United States and around the world.”