Based on the JPMorgan Chase Institute, Black and Latina women were especially vulnerable to COVID’S financial effects and ran into “differential impacts like childcare responsibilities caused by closed or virtual schools and daycares.”
The new announcement is part of JPMorgan Chase’s $30 billion racial equity commitment.
According to the bank, “winning collaborations demonstrated significant experience improving outcomes for Black and Latina women, and offered timely and promising approaches to financial health and coaching, entrepreneurship, housing stability, and career support.”
JPMorgan Chase reported five of the six collaborations are led by Black and Latina women. The two announced winners were Advancing Early Education in Washington, D.C, and Prioritizing Black and Latina Women’s Economic Rise in Baltimore. More details on the winners and the commitment can be found here.
Demetrios Marantis, global head of Corporate Responsibility, JPMorgan Chase, stated, “To help address the challenges faced by many Black and Latina women across the U.S., we are investing in collaborations, drawing on the strengths of public and private sectors, to develop and test innovative and sustainable solutions. We know taking on these monumental issues will require a diversity of perspectives, areas of expertise, and skills.”
She added, “Nearly two years into the pandemic in the U.S., we have continued to lose ground on the longstanding economic disparities that have disproportionately impacted Black, Hispanic and Latino people, especially women.”