JPMorgan’s $30 Billion Racial Equity Pledge, One Year Later - The Wall Street Journal

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JPMorgan Chase & Co. said it has already committed $13 billion of the $30 billion in lending and spending it pledged last year for improving racial equity.

In a progress report Tuesday, the nation’s biggest bank said it had issued $6 billion in loans that kept open affordable housing and rental units across the country, and issued $1 billion in loans to build more. It said another $4 billion went into refinancing 16,000 mortgages for Black and Latino borrowers.

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JPMorgan Chase & Co. said it has already committed $13 billion of the $30 billion in lending and spending it pledged last year for improving racial equity.

The original plan called for $2 billion in new small-business lending and 40,000 home loans in minority communities. The bank didn’t specify its progress on those figures, though it reiterated the targets. To make those loans, it said it added branches to minority neighborhoods, created new jobs and is developing new loan products.

The bank also said it made investments in minority-owned lenders, increased spending with minority-owned suppliers and boosted philanthropy.

A host of companies pledged money toward racial equity after George Floyd’s death and the protests that followed. JPMorgan’s five-year pledge had been among the biggest dollarwise.

Brian Lamb, JPMorgan’s head of diversity, equity and inclusion, said the bank is laying the groundwork to change how JPMorgan does business.

“We identified where we needed the infrastructure and the building blocks to build a sustainable business and are doing that,” Mr. Lamb said. “Where we thought we were able to do the most good first, we literally sprinted.”