JP Morgan Deploys Nearly €4 Million EUR ($4.5 Million USD) to Prepare Greater Paris Residents for the Future of Work
Efforts Focused on Digital Upskilling and Helping Workers Develop In-Demand Skills for Major Projects like Grand Paris Express, the Paris Olympics and the Rebuilding of the Notre Dame Cathedral
JP Morgan announced that it has deployed nearly €4 million EUR ($4.5 million USD) during the first year of its $30 million USD, five-year commitment to equip underserved residents in Île-de-France, particularly in Seine-Saint-Denis, with the skills they need to qualify for in-demand jobs in a rapidly changing economy.
“Over the past year, we have been bringing lessons learned from our work around the world to Greater Paris and are also gaining insights that are helping us advance economic opportunity for more people,” said Peter Scher, Head of Corporate Responsibility, JPMorgan Chase. “We look forward to continue working with local political, business and nonprofit leaders to help more residents benefit from the city’s vibrant economy.”
These initial investments are focused on new data and research to inform J.P. Morgan’s strategy focused on connecting Seine-Saint-Denis residents with quality training and jobs, and helping young and long-term unemployed residents develop the skills required for major infrastructure and economic development projects planned in and around Paris.
“Digital inclusion policies cannot be solely a defensive response toward the digitization of administrative procedures. It must serve a broader goal of empowerment in a digitized society, of reflexivity toward technology and as a force of development for local communities,” said Cédric O, French Minister of State for Digital Affairs. “Our mission is to train digital citizens of today and tomorrow, who can apply online to a job or recognize a hoax. The Government wants to go further on this challenge. No doubt that corporates will support us to scale up our initiatives.”
These philanthropic investments are part of AdvancingCities, which aims to connect people in underserved communities with greater economic opportunity. It builds on the firm’s 150-year commitment to serving clients and the local communities in France and applies lessons from J.P. Morgan’s proven investment model, which has been recognized for its impact by Harvard Business School.
“J.P. Morgan has been a partner of Simplon for several years and their support has allowed us to design and test innovative proposals that aim to maximize the social impact of our training programs,” said Frédéric Bardeau, President and co-Founder of Simplon. “We share the belief that this social impact requires a response aligned with not only the needs of individuals out of work, but also the needs of companies, and digital skills can provide powerful leverage for both job seekers and employers.”
“The support of J.P. Morgan allows us to help more people access in-demand jobs and to therefore prepare the next generation of professionals in high-demand sectors,” said Jean-Claude Bellanger, Secretary General of the Compagnons du Devoir.
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.8 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 customers 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.