JPMORGAN CHASE & CO . TED ARCHER
TITLE : HEAD OF DIVERSE SUPPLIER BUSINESS DEVELOPMENT
WILLIAM KAPFER
TITLE : GLOBAL HEAD OF SUPPLIER DIVERSITY COMMUNITY ENGAGEMENT
Discovering Diverse Suppliers “ Not being able to find or discover qualified diverse-owned businesses is a pervasive misconception . There are diverse businesses in just about every industry . In my role , I work closely with colleagues across the firm to match excellent diverse businesses with the opportunities that will lead to their success . JPMorgan Chase is committed to growing minority and other underserved businesses more broadly . My team connects these businesses to resources directly provided by the firm or provided indirectly through partnerships with other organisations .
“ Black , Hispanic and Latino-owned businesses often face greater challenges than their counterparts when navigating relationships with large enterprises . This can sometimes lead to challenges with being ‘ corporate ready ’ when an opportunity arises and once an opportunity is awarded it can be difficult to scale up to meet all the demands from a large corporation .“ According to the JPMorgan Chase Institute , Black , Hispanic and Latino households have median family wealth of just 13 percent and 19 percent of white households ’ median family wealth , respectively . If black businesses achieved parity with non-black businesses , we would have US $ 676 billion in more business revenue , 1.6m more jobs , and 25m more wages .”
Supporting Black , Hispanic and Latino “ Just as we know that a diverse organisation leads to better problem-solving and innovation , so does a diverse supply chain . Focusing supplier diversity programming on Black , Hispanic and Latino companies helps us to play a role in addressing the racial wealth gap , while promoting and increasing economic mobility for the country ’ s most historically underrepresented segments . Advancing racial equity requires a more intentional focus on the challenges faced by these communities of colour and a commitment to becoming an inclusive institution .
“ We have set a clear , quantifiable goal to spend an additional US $ 750 million with Black and Latino-owned businesses by 2025 , as part of the firm ’ s overall US $ 30 billion commitment to racial equity . Our program is distinguished by the fact that we don ’ t limit our internal relationships to simply sourcing and procurement . Our team cohesively aligns its efforts with JPMorgan Chase ’ s firm-wide DE & I initiatives allowing us to raise awareness about supplier diversity throughout all levels of the business . “ We are off to a strong start – and remain encouraged by the firm-wide support that this strategy has catalysed — as we continue to further accelerate work already underway to address racial equality and opportunities in the communities in which we live and work .”
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