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JP Morgan Pledges $30 Billion To “Fight The Racial Wealth Gap”

JP Morgan, the bank whose employees were recently caught pocketing COVID-19 relief funds destined for small businesses, has reportedly committed billions of dollars to help “advance racial equality” and “fight the racial wealth gap”.

According to Axios, the bank announced Thursday that it plans to spend $30 billion over the next five years, which the company says will address some of the biggest drivers of massive wealth inequality between Black and white Americans. The commitment – which is just talk so far, as far as we can tell – makes JPM “by far the largest monetary contributor to efforts by businesses to fight systemic inequality and racism in the US.”

JPM CEO Jamie Dimon, who most recently through his weight behind the cause of getting his bank’s employees back in the office, said that if even a fraction of the companies who are members of the Business Roundtable (a nonprofit that Dimon chairs) follow suit, then the effort would be “unprecedented”.

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