J.P. Morgan Invests €4.3 Million in Skills Development for the Young and Long-Term Unemployed in Paris

Rhea-AI Summary

J.P. Morgan has invested over €4.3 million to connect young and long-term unemployed individuals in vulnerable Paris communities to essential career skills. This initiative aims to support an inclusive recovery following the COVID-19 crisis. In anticipation of the expansion of its Paris office, the firm will focus on apprenticeships, digital upskilling, and training for long-term unemployed adults. By the end of 2021, the Paris office is set to welcome 440 employees, contributing to the local economy and enhancing job opportunities in the region.

Positive

• Investment of over €4.3 million to enhance employment opportunities in Paris.
• Focus on apprenticeships and digital skills training to support vulnerable communities.
• Expansion of J.P. Morgan’s Paris office, increasing local employment.

Negative

• None.

Today, J.P. Morgan deployed more than €4.3 million to connect young and long-term unemployed people in vulnerable communities across Paris to the skills needed for stable, well-paid careers. Building on the firm’s existing investment in the future of work and as part of its $30 million commitment to Greater Paris, J.P. Morgan will provide opportunities for people to learn in-demand skills that will better prepare them for jobs in the modern economy, which is going through significant change.

The announcement is made in anticipation of the inauguration of the firm’s expanded office in Paris on Tuesday June 29 by the President of the Republic - Emmanuel Macron, in the presence of the Minister of the Economy, Finance and Recovery - Bruno Le Maire. The office opening follows the Choose France Summit in the presence of the JPMorgan Chase Chairman and CEO - Jamie Dimon.

The COVID-19 crisis has disproportionately impacted underprivileged communities such as those in Seine-Saint-Denis. As part of JPMorgan Chase’s efforts to support collective solutions that help drive an inclusive recovery, this new commitment helps to prepare some of the people who need it most to succeed in jobs in digitally focused sectors and those that support major infrastructure projects.

Viswas Raghavan, CEO of EMEA for J.P. Morgan, said: “COVID-19 is threatening to leave people who already faced barriers to opportunity behind in communities with low-income and high unemployment. Access to rewarding, stable jobs is a critical first step towards addressing these barriers for an inclusive recovery.”

J.P. Morgan’s new €4.3 million investment will focus on:

• Apprenticeships: Connecting young people from low-income backgrounds with work placements that allow them to learn on the job.
  • In collaboration with organizations including Sport dans la Ville, Fondation Mozaïk and JobIRL, J.P. Morgan will help young people in Seine-Saint-Denis take the first step to stable careers through apprenticeships and other trainings and work placement opportunities that help increase their employability.

• Digital upskilling: Supporting young people – faced with unprecedented levels of unemployment – with the digital skills needed for the economy of the future.
  • In line with the government’s digital skills agenda, J.P. Morgan is to partner with organizations such as Konexio and E2C to support the provision of digital training efforts for young people.

• Upskilling the long-term unemployed: Preparing long-term unemployed adults with the skills needed to compete in and return to the workforce.
  • Working with organizations including ARES, Moulinot and WeTechCare, J.P. Morgan will help train and then employ individuals who have been out of work for an extended period. These efforts will combine digital and financial management upskilling with hands-on work experience to build in-demand skills for the labor market’s growing sectors, including the green economy sector.

Expansion in Paris

J.P. Morgan’s continued investment in the local community comes at a time when the firm has moved 140 employees to Paris, as part of its European-wide Brexit strategy. By the end of 2021, a total of 440 people will have joined the Paris office, including some local hiring. Colleagues who have made the transfer so far come from 32 nationalities across all levels of seniority, working mainly in Sales and Trading roles.

Many of those employees new to Paris will work in the firm’s expanded office space – a seven-storey building capable of holding up to 450 people. It is located at 21 Place du Marché Saint-Honoré, in the heart of the 1st arrondissement of Paris, and is adjacent to its French headquarters in the Hotel de la Fare at 14 Place Vendôme. By the end of 2022, J.P. Morgan’s Paris offices will be home to 800 employees in total.

Kyril Courboin, CEO of France, J.P. Morgan, said: “We are thrilled to see more of our colleagues join us in Paris, working in one of the most diverse and dynamic offices that we operate globally. The city of Paris has been very welcoming to them, with many already commenting on the quality of life here.”

The newly inaugurated building features amenities including a cafeteria, 15 meeting rooms, and provision for 100 bicycle spaces. In line with the firm’s commitment to operational carbon neutrality, the building is connected to Paris’ district cooling network, which uses geothermal energy.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

About J.P. Morgan in Paris

J.P. Morgan was the first foreign bank to set up in France in 1868. Today, the bank offers services in corporate and investment banking, private banking and asset management. The firm also recently launched a new international commercial bank line of business dedicated to serving mid-cap corporations supported by several newly hired bankers in Paris.

To expand access to opportunity for residents and entrepreneurs in Seine-Saint-Denis and other communities struggling with poverty and unemployment, J.P. Morgan is investing $30 million over five years in Greater Paris as part of its AdvancingCities program and is using lessons learned from other investments it has made in Detroit, Chicago and Washington, D.C.

To date, J.P. Morgan has deployed $14 million of the total $30 million commitment, leading to more than 11,000 people accessing career awareness and readiness programs, 523 people participating in hands-on training and skills-building programs, 5,636 micro-entrepreneurs being helped during COVID-19, and 260 small businesses receiving capital, mentorship and technical advice.

J.P. Morgan is working closely with local nonprofit, government and business leaders to support small business growth and local workforce development initiatives. The firm signed the Business for Inclusive Growth (B4IG) coalition agreement, launched by President Macron, as part of the G7 2019 in Biarritz.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210627005052/en/

FAQ

What is J.P. Morgan's recent investment in Paris about?

J.P. Morgan invested over €4.3 million to connect unemployed individuals in vulnerable communities to essential career skills.

How much has J.P. Morgan committed to Greater Paris?

J.P. Morgan has committed $30 million to support economic development in Greater Paris.

When will J.P. Morgan's expanded office in Paris open?

J.P. Morgan's expanded office in Paris will be inaugurated on June 29.

What sectors is J.P. Morgan focusing on with its new investment?

J.P. Morgan is focusing on digitally focused sectors and major infrastructure projects.

How many employees does J.P. Morgan expect in Paris by the end of 2021?

By the end of 2021, J.P. Morgan expects to have a total of 440 employees in its Paris office.