JPMC Addresses Racial Wealth Gap With Investment Product For Black-Owned Banks

J.P. Morgan Chase is launching an investment product specifically to support Black-owned banks, Bloomberg reported. The financial services firm also made equity investments in four minority banks as part of a mission to reduce the racial wealth gap. “We’re creating another revenue stream for them,” Brian Lamb, global head of Diversity and Inclusion at J.P. Morgan Chase, told Bloomberg, referring to minority-owned financial institutions (FIs). He added that the money will help “drive prosperity
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