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JPMorgan Pledges Billions in Spending to Fix Racial Wealth Gap

  • Biggest U.S. bank to boost Black, Latinx mortgage lending
  • Executive pay to be tied to progress on diversity initiatives
Bloomberg business news
What to Do About Economic Inequality?

JPMorgan Chase & Co. committed billions of dollars to help advance racial equity, including a pledge to underwrite home loans for Black and Latinx borrowers and changes to how its own executives’ progress on diversity is evaluated.

Among the plans announced Thursday, the bank said it would spend $8 billion to originate 40,000 mortgages for Black and Latinx households over the next five years. It originated $4.2 billion of such loans last year, according to U.S. government data. The $8 billion is on top of its normal lending, a spokeswoman said.