JPMorgan Invests More Than $60 Million in Minority-Led Banks

JPMorgan Chase & Co. invested in 10 banks with diverse leadership, acquiring stakes with a total value of more than $60 million, and is giving their customers free access to thousands of ATMs as part of its effort to help address the racial wealth gap.

The “investments and commitments” JPMorgan has made in minority deposit institutions, known as MDIs, and community development financial institutions this year now stands at more than $100 million, according to a statement Tuesday from the New York-based firm. The biggest U.S. bank had announced in February that it invested $40 million in four firms.