JPMorgan says its $30B racial equity pledge is nearly complete and will become a permanent part of the bank’s business

In October 2020, JPMorgan committed $30 billion over five years to address racial equity among Black, Hispanic, and other underserved communities. In his annual shareholder letter earlier this week, CEO Jamie Dimon said the bank reported over $30 billion in progress toward its stated 2020 goal and would embed programs created through this effort into its regular business lines moving forward.

The deployed capital went toward a series of initiatives, the bank chief said, including financing and construction of affordable rental housing; expanding a homebuyer grant program to over 15,000 predominantly Black and Hispanic markets; increasing available credit lines for entrepreneurs of color; investing in MDIs and CDFIs that support communities lacking access to traditional financing; and increasing the bank's supplier diversity spend by 10% from 2022 to 2023.

“Over $450 million was spent in 2023 with more than 190 Black-, Hispanic- and Latino-owned businesses,” Dimon wrote in his shareholder letter.

The CEO also touched on DEI's new political landscape and how the bank decides when to speak on social issues. Regarding the former, Dimon said that while the bank would ensure all programs and communication comply with the law, its DEI efforts would remain “largely unchanged.”

“We are often asked in particular about 'equity' and what that word means,” Dimon opined. “To us, it means equal treatment, equal opportunity, and equal access…not equal outcomes.”

The CEO also stated that the bank is often asked to articulate its stance on so-called cultural issues and related laws. Some sections of a law the bank may agree with, while others it may disagree with, he said.

Though Dimon didn't specify an example, he said that in instances where the bank is asked to support a law in its totality, the firm will issue its own statement that “reflects our educated view and values; however, we do not give our voice to others.”

Tangentially, here's an insightful piece from the New York Times analyzing JPMorgan's $30 billion pledge two years in and what it means for a private sector company to try to fix societal ills.

Ruth Umoh
@ruthumohnews
ruth.umoh@fortune.com

This story was originally featured on Fortune.com