JP Morgan Chase is stepping up its commitment to veterans, to the tune of $20 million over the next five years. This represents the financial firm's single biggest commitment to veterans' causes so far, and comes just a few months after annoucing $1 million in grants to higher education programs for veterans this January.
The pledge also comes with the announcement that JP Morgan is taking part in the White House's Joining Forces Initiative, and the Philanthropy-Joining Forces Impact Pledge, which was started by the Blue Shield of California Foundation, the Bristol Meyers Squibb Foundation, the Lincoln Community Foundation, and the McCormick Foundation, and which supports community programs and initiatives that focus on service members, veterans, and their families.
The $20 million will be directed toward employment, education, and housing for veterans and their families, mostly through community partners that provide direct services to the military and veteran populations through both national and regional programming. It will also include continued support of higher education programs for veterans, including Syracuse University's Institute for Veterans and Military Families, which the firm co-founded in 2011.
"We've seen dramatic progress over the last three years since we launched our military and veterans program and believe our renewed promise will encourage more employers and institutions to join us in supporting our nation's best," said Jim Cummings, global head of Infrastructure Protection, Business Continuity and Military Affairs for JPMorgan Chase.
"We are honored to join with other leaders to support our nation's veterans and military families as they transition to civilian life," said Peter Scher, head of Corporate Responsibility for JPMorgan Chase. "We believe this collaboration will make a dramatic difference for the servicemembers and their families who have given so much for our nation."
JP Morgan already has a good track record when it comes to supporting veterans—in addition to the Institute for Veterans and Military Families, they launched a program in 2011, along with 10 other companies, designed to hire 100,000 veterans by 2020. The program was so successful that it hit its goal within three years. So the companies set a new goal of 200,000 jobs, which they are also on track to surpass. In addition, the company has helped provide nearly 700 mortgage-free homes to military families, often with serious injuries, through its non-profit partners.