The firm expands its skills-based hiring for
entry-level technology and operation jobs in cities across the
U.K., including Glasgow, where it recently opened a new
state-of-the-art technology centre
Plans to kick start a new programme to help
fintechs create financial management tools to support individuals
and entrepreneurs
Builds on lessons learned from the firm’s
investment history in the U.K. and other communities around the
world
Today JPMorgan Chase expanded its commitment to
the United Kingdom by announcing £40 million in new investments
over five years to help connect young people and underserved
communities to economic opportunities – bringing the firm’s total
commitment since 2019 to £90 million. Building on learnings from
the firm’s 200 year history of doing business in the U.K., JPMorgan
Chase is increasing its support in two focus areas: financial
health and careers and skills.
With its expanding business presence and growing employee base,
the firm is a major employer in cities including London,
Bournemouth, Glasgow, Edinburgh and more recently a presence in
Manchester, Leeds and Bristol. As the firm continues to grow across
the country, it aims to further identify new opportunities for
investment in local communities.
Over the last five years, the firm’s philanthropic investments
have made an impact in supporting underserved communities. At the
same time, its business continues to support companies of all
sizes, invests in essential sectors and services and supports
consumers’ banking needs. To support the U.K.’s increased policy
focus on sustainable economic growth, JPMorgan Chase is expanding
its philanthropic and business investments by applying its unique
expertise, insight and resources across the firm to help further
drive inclusive economic development.
Today’s £40 Million Announcement Aims to:
- Improve Access to Job Opportunities (£24 million): As an
employer, the firm is reducing barriers to entry-level positions
and improving access to quality careers with a recent focus on
operations and technology jobs, among others across the firm.
Through its support to non-profit organisations the firm will help
young people access better career guidance, employability support
and training to start their careers.
- Help Families Build Stronger Financial Futures (£16
million): The firm is supporting the development of easy-to-use
financial management tools – offering solutions to help U.K.
residents better manage their day-to-day finances. For low-income
groups that cannot access mainstream banking, JPMorgan Chase will
support non-profit organisations working to improve access to
affordable credit and empower people to build buffers against
financial shocks.
In addition to these new commitments, and building on the firm’s
work to support small business growth, JPMorgan Chase will partner
with the U.K. Government, British Business Bank and other industry
leaders with the goal of strengthening the small business ecosystem
and supporting diverse entrepreneurs and investors, particularly
those in the innovation economy and in industries that could
include technology, disruptive commerce, life sciences, healthcare
IT and climate technology.
“The U.K. has always been a home for innovation and top talent,
which is what makes it a great place to do business, and is why we
have been here for 200 years. Today, we’re reaffirming our
commitment to the country by helping create economic opportunity
for families and businesses from London to Glasgow and Bournemouth
to Manchester,” said Jamie Dimon, Chairman and Chief Executive
Officer, JPMorgan Chase. “Our intent is for these new investments
to continue to help us serve clients, hire great people, and
collaborate with the U.K. government and local partners to create
new investment opportunities and encourage others to get involved
too.”
Improving Access to Job Opportunities
Research shows that young people between the ages of 14 - 18
that participated in at least two career conversations, job
shadowing or workplace visits earned 10.6% more than their
comparable peers, and were 47% more likely to be in education,
employment or training. Data suggests that employers should place
greater emphasis on “skills-first”, an approach to talent
management that emphasizes a person’s skills and competencies,
rather than degrees or job titles. Evidence indicates that a
skills-first approach has the potential to allow more people to
access economic opportunities and pathways to good jobs.
The firm’s commitment
JPMorgan Chase is committed to creating more inclusive pathways
to employment through expanding its skills-based hiring. The
approach assesses candidates based on their skills and abilities
rather than on university degrees, or other more conventional
credentials. Two years after launching skills-based hiring in
technology roles the firm is now expanding this approach to entry
level operations jobs. This recruitment process will enable the
firm to widen its talent pool and attract employees from a greater
variety of backgrounds. It will also benefit candidates across the
country, especially in areas such as Glasgow, Edinburgh and
Bournemouth where the firm is recruiting for technology, operations
and corporate jobs.
The opening of the new technology centre in Glasgow will support
the firm’s commitment to enhancing U.K. job opportunities,
particularly roles in technology, as the building provides vital
software development facilities to the firm and its clients
worldwide. The building created 3,900 local construction jobs over
the past five years, and the Glasgow office is actively recruiting
locally, taking in over 75 graduates every year.
As part of this commitment, the firm is also refreshing its
approach to work experience, offering young people in secondary
school repeated experiences to strengthen their career insights and
exposure to the world of work, supporting them to develop key
employability skills. This complements the firm’s existing
degree-level apprenticeship programme in technology and financial
services and its Aspiring Professionals Programme (APP). The APP,
run in partnership with the Social Mobility Foundation, has
supported over 850 young people since 2012 and expanded to the
Glasgow office in 2023 – offering 45 students work experience in
technology roles by 2025.
In addition to improving access to work experience at JPMorgan
Chase, the firm is also working with the Careers and Enterprise
Company and other non-profit organisations, committing £24 million
in philanthropic support over five-years to help young people
prepare for and access quality careers in growth sectors by:
- Supporting non-profit organisations to connect secondary
students and young adults from low-income and disadvantaged
backgrounds to coaching, work placements and experiences to develop
their work-readiness skills – ensuring that they can access their
best next steps.
- Running in-house programmes that offer young people workplace
visits at the firm, pairing them with mentoring and skills sessions
to equip them with the experience they need to succeed at JPMorgan
Chase or other firms.
Helping Families Build Strong Financial Futures
Across the U.K., one in six people have no savings which leaves
around a quarter of adults living without a financial safety net,
forcing many to use credit or overdraft when facing unexpected
expenses. For those with low or variable earnings, 80% have
volatile pay and a lack of savings, meaning these individuals often
struggle to maintain financial stability and plan ahead.
The firm’s commitment
The firm is committed to helping U.K. households and small
business owners better navigate financial challenges and
uncertainty. To support this commitment, its Payments business
plans to launch an accelerator programme to support fintech
founders focused on developing solutions that help improve
financial health. By using these unique solutions, U.K. residents
and businesses can be better equipped to manage their day-to-day
finances and plan for their future. For low-income groups
especially, the programme will help accelerate the development of
sustainable financial management solutions, including providing
access to growth funding or fintech founders that might otherwise
have difficulty securing additional capital.
Building on its existing support for vulnerable customers, the
firm’s retail bank, Chase, is working with leading debt advice
non-profit, StepChange. The partnership helps Chase customers in
need of expert debt advice. Through this support, Chase specialists
direct vulnerable customers to the non-profit’s free online debt
advice tool, helping them to understand the options available to
them to reduce their debts and ensure they can afford important
essentials such as food and housing.
As part of a new effort announced today, the firm is also
working with Fair4AllFinance, Nest Insights and other non-profit
organisations, committing £16 million in philanthropic support over
five-years to help improve the financial health and resilience of
people across the U.K. by:
- Supporting non-profit organisations to test product innovations
to help low-paid U.K. employees build buffers against financial
shocks, allowing employers to help their employees prepare for
unexpected and emergency expenses.
- Working closely with community organisations to help provide a
vital financial cushion for people unable to access or afford
existing forms of credit, but can afford to repay small sums.
Five Years of Impact Over the last five years,
through its support for non-profit organisations, the firm has
helped to support:
- 33,000+ low income households to reduce their debt and improve
their financial health
- 10,800+ entrepreneurs to grow their businesses
- 9,000+ individuals to access apprenticeships or full and
part-time employment
To learn more about the firm’s support to individuals and
entrepreneurs, and lessons learned from its investment in U.K.
communities read more here.
Comments on Driving Sustainable Economic Growth in the United
Kingdom
“JPMorgan Chase's continued investment in the U.K. shows that
our economic plan is working and that the economy is back on track.
We welcome this significant investment by JPMorgan Chase which will
improve job opportunities for young people and make financial
management tools more accessible to help create a more resilient
high growth economy,” said Jeremy Hunt, Chancellor of the
Exchequer.
“We welcome the partnership with JPMorgan Chase to strengthen
the small business ecosystem and support more diverse entrepreneurs
and investors. As the U.K.’s economic development bank, we are
committed to backing innovation and unlocking growth by ensuring
entrepreneurs can access the finance they need regardless of where
and who they are. We look forward to developing our partnership
with JPMorgan Chase over the coming months and years,” said
Louis Taylor, Chief Executive Officer, British Business
Bank.
“JPMorgan Chase have supported our work with young people for
over a decade, and the partnership has made a huge difference.
During that time they have directly supported over 850 young people
to achieve their potential through the Aspiring Professionals
Programme. Their funding has also helped us increase our reach
across the U.K., develop our support in the changing labour market,
and strengthen our organisation’s systems. We look forward to
continuing our partnership and working together to grow our impact
and enable more young people to succeed,” said Sarah Atkinson,
Chief Executive, Social Mobility Foundation.
“The need to support financial wellbeing of people across the
U.K. has never been more acute. Since 2017, JPMorgan Chase has
given significant support to Nest Insight’s work. Their investment
has enabled trials and exploratory research into new approaches
which could help millions of people build savings pots for
emergencies, increase their pension contributions and benefit from
new ways to bridge financial resilience gaps. We look forward to
continuing our partnership with JPMorgan Chase as part of their
commitment to financial health,” said Will Sandbrook, Managing
Director, Nest Insight.
JPMorgan Chase in the U.K.
With a legacy dating back more than 200 years, JPMorgan Chase
has a track record of demonstrating leadership during times of both
economic growth and financial instability. The firm employs
approximately 22,000 employees throughout the U.K. and is committed
to operating a healthy and vibrant company that plays a leading
role in advancing a sustainable and inclusive economy.
The firm provides £474 billion in credit and capital to nearly
4,500 medium and large companies and supports over two million
retail customers. At the same time, together with its non-profit
partners the firm has supported over 33,000 low income households
reduce their debt and improve their financial health, helped over
10,800 small businesses to grow their activity and placed over
9,000 individuals into apprenticeships or full and part-time
employment.
The firm’s retail bank, Chase, was recently named the Official
Banking Partner of the Home Nations Football Teams. The partnership
supports individuals across the U.K. from low income backgrounds –
providing them access to fully funded coaching qualifications and
free learning tools, helping to develop transferable skills for
life on and off the football pitch. Chase is also working to help
young people in schools with its National Literacy Trust and
Penguin Books partnership. In its third year, the partnership has
so far helped more than 107,000 children from underserved
communities across the U.K. with improved access to books and
libraries.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240513837123/en/
Media Contact: Alice Gasson +44 20 3493 4672
alice.gasson@jpmorgan.com
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