Ten years ago, Detroit was still recovering from the 2007/2008 Great Recession in which hundreds of thousands of people lost their jobs and Detroit’s biggest industry, the auto industry, was struggling. JPMorgan Chase & Co (NYSE: JPM) invested more than $200 million in an effort to jump-start business growth and help Detroit citizens access capital.
JPMorgan CEO Jamie Dimon traveled to Detroit to speak to the Detroit Economic Club (DEC) on Wednesday at the MotorCity Casino and Hotel. Dimon spoke about the company’s commitment 10 years ago and how the efforts can be viewed as a blueprint for other communities trying to revitalize their economies.
The commitment from JPMorgan Chase helped support more than 70,000 Detroit citizens who were placed into apprenticeships and full or part-time jobs, as well as issuing 13,000 small business loans, creating or preserving thousands of housing units and ...