Boston is one of five U.S. cities that will each receive a $7 million investment from JPMorgan Chase to support career readiness for the city’s public school students. The investments in Boston, Columbus, Dallas, Indianapolis and Nashville are part of the firm’s $75 million global commitment “to better prepare young people for the jobs of today and tomorrow,” the bank said in a statement.
The five-year philanthropic investments and policy solutions are part of a “New Skills at Work” initiative to prepare people for the future of work, as well as the new $30 billion commitment to advance racial equity and drive an inclusive economic recovery.
With a $7 million commitment in each city, JPMorgan Chase’s global career readiness initiative will develop equitable pathways and policy recommendations that give underserved students access to higher education and real-world work experiences that could lead to high-wage, in-demand jobs.
“Too many young people – especially in Black and Latinx communities – are left behind without the education, skills and experience needed to get good jobs,” Jamie Dimon, Chairman and CEO of JPMorgan Chase, said in a statement. “At this critical time – as we all work to address systemic racism and inequities – it’s necessary for business, government and communities to come together and help young people have equitable access to economic opportunity.”
JPMorgan Chase said in the statement that a recent global survey showed that one in six youth had stopped working since the outbreak of COVID, with young workers age 18 to 24 more likely to lose their jobs. The same survey found that one in eight young students were left without any access to education or training.
“Even before the pandemic, rapid changes in technology, automation, and artificial intelligence continued to shape the economy and exacerbate the disconnect between skills and jobs, setting young people further behind,” the bank said. “Cities are adjusting to better prepare their students for an ever-evolving labor market, including elevating the importance of connecting credentials and work experiences to the jobs that will fuel economic recovery post-COVID.”
JPMorgan has partnered with local organizations to help support the transition from secondary school to higher education and well-paying careers in growing industries like health care, technology and business.
“Through cross-sector collaboration, the partners will work to increase student completion of high-quality career pathways that are aligned with industry demand, and to offer early postsecondary and work-based learning experiences leading to credentials with high labor market value,” the bank said.
In Boston, EdVestors will lead the collaborative effort to leverage state-level policies in order to expand high-quality career pathways for Boston Public Schools (BPS) students. EdVestors will work with BPS, Bunker Hill Community College, UMass Boston, Boston Private Industry Council, Massachusetts Executive Office of Education, The Boston Foundation and the City of Boston’s Office of Workforce Development.
