JPMorgan Chase & Co . is using the power of its supply chain and lowering the barriers to opportunity for Black , Hispanic , and Latino suppliers
JPMORGAN CHASE & CO .
JPMorgan Chase & Co . is using the power of its supply chain and lowering the barriers to opportunity for Black , Hispanic , and Latino suppliers
We have a real opportunity through procurement to impact our global communities by generating revenue , creating jobs and driving inclusive growth , says Eric Smith , Global Head of Supplier Assurance Services at JPMorgan Chase . “ And an important component of procurement is supplier diversity , one of the most direct ways to address economic inequality .” For almost three decades , the firm has been committed to engaging with diverse suppliers . But , with JPMorgan ’ s recent US $ 30bn commitment to help close the racial wealth gap , the firm is focusing on key drivers of wealth that help drive equity , and inclusion — providing additional small business loans , improving access to lowcost savings accounts , financing affordable housing units , and supporting diverse suppliers , including spending US $ 750mn more with Black , Hispanic and Latino-owned businesses by 2025 .
Increasing Diverse Supplier Spend by US $ 6bn Above and beyond its US $ 30bn commitment , JPMorgan Chase is developing creative approaches to scaling its support for supplier diversity . First , the firm is working with its top suppliers to drive a combined increase in spend with diverse businesses by more than US $ 6bn , with US $ 1.2bn going to Black ,
28 February 2022