In 2018, on the occasion of the 150e anniversary of its presence in France, JP Morgan had promised to allocate, through its foundation, 30 million dollars (26 million euros at the time) over five years in order to help the inhabitants of Seine-Saint-Denis has “access economic opportunities”. On Wednesday, November 8, Jamie Dimon, the president and CEO of the leading American bank, visiting Paris, announced an increase of 20 million dollars for the next five years.
Added to this is an envelope of $50 million – drawn from the group’s capital – aimed at financing venture capital funds “led by women” Or “having a positive impact on society”. This “super fund”, entrusted to Bpifrance, echoes a system launched in 2021 by the American firm in the United States.
France thus confirms its status as the main beneficiary, outside the United States, of JP Morgan’s philanthropic actions, without any associated tax exemption. “We pay a lot of taxes in France, we employ 900 people and we act as a responsible company. We’re helping to lift the country up, and that doesn’t just benefit those who are already at the top.”rejoices Mr. Dimon, an early fan of Emmanuel Macron’s economic reforms, whom he had also met in the morning.
A locomotive for local businesses
“We wanted to launch a major operation in Paris, like the one we have been carrying out in Detroit since 2014”relates to World Peter Scher, JP Morgan vice chairman of corporate responsibility. To help get the automobile capital of the United States, JP Morgan has committed $200 million in nearly ten years. “Detroit and Seine-Saint-Denis are very different places, but our approach is the same: we want to serve as a catalyst by supporting the right partners, in liaison with public actors”continues Mr. Scher.
Around twenty associations active in the Ile-de-France department, one of the poorest in France but also one of the youngest, have benefited from this support. “JP Morgan had an original approach by concentrating a lot of resources on one area”underlines Quentin Moreno, deputy general director of the Sport dans la ville association, which aims in particular to bring young people who have dropped out of school into employment: “Thanks to the JP Morgan Foundation, we were able to double the number of young people supported in Seine-Saint-Denis. »
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