J.P. Morgan Renews Commitment to Bankers without Borders with $1.5 Million
NEW YORK -- February 6, 2013
J.P. Morgan announced a $1.5 million grant today, made through the JPMorgan
Chase Foundation, to renew its commitment to Bankers without Borders, a global
volunteer program that supports economic development in the world’s most
poverty stricken communities. J.P. Morgan’s grant allows Bankers without
Borders to develop a scalable platform that connects institutions serving the
poor with volunteers from companies who provide business skills, passion and
private-sector resources to fight global poverty.
“At J.P. Morgan, we believe in investing in our people and communities,” said
Mike Cavanagh, co-CEO of the Corporate & Investment Bank. “The partnership
with Bankers without Borders enables employees to utilize their skills to help
emerging market enterprises build the technical capacity they need to thrive.”
Since the inaugural sponsorship in 2010, J.P. Morgan’s involvement has grown
and transformed with Bankers without Borders, a Grameen Foundation initiative.
Hundreds of J.P. Morgan employees have committed their time and expertise to
Bankers without Borders, collectively contributing 8,800 hours of service
In Bangladesh, one J.P. Morgan volunteer leveraged his knowledge of local
affairs and advisory expertise to structure a deal between a non-profit
institution and a local small business to distribute goods to rural
communities. The resulting partnership employs over 12,000 women entrepreneurs
to sell the goods, including food and basic toiletries, improving market
access for more than 10 million consumers living near the poverty line.
Another volunteer worked with a Ugandan financial institution to conduct
research on the mobile banking sector and identify challenges and
opportunities that would promote financial inclusion for the world’s poorest.
Through on-site technical assistance, training and mentoring, or remote
consulting projects, Bankers without Borders’ volunteers work to increase the
scale, sustainability and impact of the organizations they support. Volunteers
have completed more than 100,000 hours of service, worth an estimated $6
million for more than 70 social enterprises in 20 countries. Collectively,
Bankers without Borders’ social sector clients are reaching more than 18
million individuals living in poverty.
About J.P. Morgan’s Corporate & Investment Bank
J.P.Morgan’s Corporate & Investment Bank is a global leader across banking,
markets and investor services. The world’s most important corporations,
governments and institutions entrust us with their business in more than 100
countries. With $18.8 trillion of assets under custody and $366 billion in
deposits, the Corporate & Investment Bank provides strategic advice, raises
capital, manages risk and extends liquidity in markets around the world.
Further information about J.P. Morgan is available at www.jpmorgan.com.
Sarah Stipicevic, +1 212-272-3005
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