|[December 06, 2018]
JPMorgan Chase Commits $6 Million to Prepare Greater Washington Area Students for Local, In-Demand Jobs
JPMorgan Chase & Co. today announced $6 million to expand access to
economic opportunity for thousands of young people and help meet the
growing demand for skilled workers in the Greater Washington region. As
the regional economy grows, these investments are designed to increase
the number of graduates from local public high schools, community
colleges and universities with clear opportunities to secure well-paying
local technology jobs.
"We have a responsibility to build a better future for the region's
young people," said Jamie Dimon, Chairman and CEO, JPMorgan
Chase & Co. "This investment is a good example of how the public
and private sectors can work together to create opportunity for more
people and grow the local economy so that everyone benefits."
New Skills for Youth
As part of the firm's $350 million investment in jobs and skills
development around the world, JPMorgan Chase will support the following
five area school districts: Baltimore City Public Schools (BCPS), DC
Public Schools (DCPS), Fairfax County Public Schools (FCPS), Montgomery
County Public Schools (MCPS) and Prince George's County Public Schools
(PGCPS). These school districts will partner with local colleges and
universities to design educational pathways that connect to
postsecondary degrees, certifications, and real world work experiences
to high-demand careers in technology.
Over the next four years, New
Skills for Youth will support three key innovations in the region:
Strengthen employer input into education programs by supporting the
Greater Washington Partnership efforts to create a region-wide system
for collecting information from employers and disseminating it to
Build and strengthen career pathway programs across five jurisdictions
that connect with colleges and universities to give students the
credentials they need to fill high growth, in-demand technology jobs.
Facilitate a regional collaboration network, led by Education Strategy
Group, that enables schools to work together to learn from best
practices, design regional strategies, and leverage their collective
While schools offer IT coursework, these courses are not always aligned
with the skills, credentials, and work experiences employers demand. In
2017, only 3,000 individuals in the region obtained associate degrees
and other sub-BA credentials in digital skills and technology, but more
than 15,000 job needed those credentials. Demand for tech workers with
less than a 4-year degree increased by 42 percent in the region between
2014 and 2017.
"We need to make it clear to young people - from Anacostia, Prince
George's County to Baltimore and Virginia - that they have a future in
this region - and we are working together to do just that," said Peter
Scher, Head of Corporate Responsibility and Chair of the Mid-Atlantic
Region, JPMorgan Chase. "Amazon's HQ2 announcement reinforced that
companies around the globe are competing for talent, and through this
investment, we are working with our partners in the public and private
sectors to expand access to opportunity for young people in Greater
Washington - and boost the workforce by directly alignin education and
training programs with the skills needed for open technology roles here."
This JPMorgan Chase philanthropic investment will help to launch 16 new
and revised high-quality, demand -driven IT career pathways for
thousands of area students in high school through college. This
initiative aims to result in:
More young people in the region, particularly underrepresented
populations, achieving career and economic success, with 3,200 more
students participating in career pathway programs that connect with
careers in fields including computer science and cybersecurity.
Employers providing 2,200 internships for students in IT career
A new system that enables educators to use regional labor market data
on an ongoing basis to ensure that career pathways are aligned with
The initiative builds on existing efforts in the region to create
stronger connections between education and employment. For example,
through its Capital CoLAB, the Greater Washington Partnership is leading
a partnership between 12 area universities and 10 large businesses, to
facilitate meetings with area employers to identify and communicate the
most critical knowledge, skills and abilities needed for certain digital
technology positions. The universities are currently building digital
technology credentials based on the skills identified as critical
through that research.
"The earlier we begin preparing students with skills for the jobs of the
21st century, the better," said Governor Ralph Northam of Virginia.
"It's wonderful to see efforts like this to expand opportunities to
young Virginians interested in tech careers, ensuring that our tech
talent learns and works in the Commonwealth."
Bloomberg (News - Alert) Philanthropies is currently investing in a career and
technical education initiative in Baltimore and is actively exploring
new opportunities in the region. JPMorgan Chase has partnered with
Bloomberg Philanthropies in the development of this initiative, building
on previously established philanthropic partnerships in Colorado
(CareerWise Colorado) and New Orleans (YouthForce NOLA).
"Too many young Americans lack the training and skills they need to get
good jobs and earn opportunities for advancement," said Michael
Bloomberg, Founder of Bloomberg LP and Bloomberg Philanthropies.
"This program, along with others like it we have supported around the
country, will help prepare students in the Baltimore and Washington,
D.C. area for promising careers - and success in life."
Commitment to Greater Washington and Baltimore Region
JPMorgan Chase has been doing business in the Greater Washington region
since 1999 and recently announced it will open up to 70 new branches,
hire up to 700 new employees from Baltimore to Northern Virginia, commit
$4.5 billion over five years for regional home and small business
lending and affordable rental housing and commit $25 million in
philanthropic support to drive inclusive economic growth.
JPMorgan Chase currently serves more than 2 million consumers and over
70,000 business clients in Greater Washington. In addition to offering
local customers access to its award-winning banking services and
supporting job and local economic growth, JPMorgan Chase bring the best
of its business and philanthropic efforts to create opportunity for more
area residents. The firm will do this by helping residents develop the
skills they need to secure in-demand jobs, help minority-owned
businesses expand, revitalize neighborhoods and improve consumer
Statements of Support
"Businesses choose Virginia as a place to grow because of the economic
opportunities, talented workforce, and world class education system,"
said Senator Tim Kaine of Virginia. "This exciting investment
will create educational and job opportunities that not only give
students the skills they need to succeed, but also ensure those skills
are aligned with the jobs of tomorrow. This is a win for the entire
"This partnership with JPMorgan Chase will pave new pathways for our
students to move from rigorous high school courses to postsecondary
opportunities and into well-paid jobs," said Dr. Sonja Brookins
Santelises, CEO, Baltimore City Public Schools. "Students thrive
when they can access programs that relate to the real world and capture
their interests--and opportunities in technology fields clearly do both.
This initiative linking public education, postsecondary education, and
industry is a great step in the right direction for Baltimore's young
"We come to work every day aiming to better prepare our students for
their futures," said Dr. Charlene M. Dukes, President, Prince
George's Community College. " As our workforce changes, we need to
evolve along with it which is why we're glad that organizations like
JPMorgan Chase see the value in helping us build better programs for our
"This initiative is a win-win for students and employers in the Greater
Washington Region," said Matt Gandal, President of Education Strategy
Group. "By more clearly linking educational pathways with economic
opportunities, we will transform the educational experiences of
thousands of young people across the region, while providing employers
with the talent they need to thrive."
"It is our job to offer every opportunity we can to the kids that walk
through our front doors," said Dr. Jack R. Smith, Superintendent,
Montgomery County Public Schools. "Career and technical education
programs have proven to better prepare young people for the road that
lies ahead and we're proud to partner with JPMorgan Chase to do just
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services
firm with assets of $2.6 trillion and operations worldwide. The Firm is
a leader in investment banking, financial services for consumers and
small businesses, commercial banking, financial transaction processing,
and asset management. A component of the Dow Jones Industrial Average,
JPMorgan Chase & Co. serves millions of customers in the United States
and many of the world's most prominent corporate, institutional and
government clients under its J.P. Morgan and Chase brands. Information
about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181206005205/en/
[ Cloud Security's Homepage ]