Through mandates , mentorship and mobilisation , JPMorgan Chase & Co . is promoting diverse spend throughout its supply chain to enact real change
JPMORGAN CHASE & CO .
Through mandates , mentorship and mobilisation , JPMorgan Chase & Co . is promoting diverse spend throughout its supply chain to enact real change
In an era where Environmental , Social , and Corporate Governance ( ESG ) is rising rapidly to the top of corporate agendas , prioritising diversity is not , on the surface , a novel idea . In fact , JPMorgan Chase has been committed to supporting diverse suppliers for almost 30 years , with the philosophy that an inclusive supplier base that mirrors the communities in which the bank does business generates wealth , creates jobs and fosters economic growth . Currently , JPMorgan Chase dedicates about $ 2bn annually - to diverseowned and managed companies . And in October of 2020 , JPMorgan Chase made a commitment to increase its spend with Black , Hispanic and Latino businesses by US $ 750 million as a part of the firm ’ s $ 30bn commitment to help close the US racial wealth gap .
JPMorgan Chase ’ s global procurement function oversees $ 19bn in annual spend , across 6,500 suppliers encompassing technology , professional services , real estate , legal , and every category in-between . Given the impact of this significant spend and its ripple effect on the global economy , the team is cognizant of the importance of purchasing responsibly .
Jim Connell , Chief Procurement Officer and Head of Global Supplier Services aims to drive diversity further through the bank ’ s procurement function .
192 January 2022