JPMorgan Chase announced philanthropic commitments amounting to $3.5 million for the expansion and advancement of apprenticeship programs across the country. This contribution is an integral component of the firm's five-year, $30 billion commitment to enhancing economic opportunities for underserved communities and fostering a more inclusive economy. The funds will be invested in various initiatives aimed at creating job opportunities and promoting career development in fields such as technology and cybersecurity.
The bank has detailed how some of this funding will be distributed. JPMorgan Chase is investing $1 million in New America to scale the Partnership to Advance Youth Apprenticeship (PAYA) initiative, enabling high school students to blend college coursework with on-the-job experience, expanding opportunities nationally, particularly in markets like New York, Chicago, Dallas, and California. Additionally, $1 million is going to WTIA Workforce Institute (Apprenti) to assist Apprenti in scaling their program and facilitating access to high-paying technology roles, with plans for expansion into new markets, according to a press release by JPMorgan Chase.
Reflecting on these philanthropic efforts was Matthew Muench, Head of Jobs and Skills for JPMorgan Chase Global Philanthropy. "Jobs are foundational to unlocking greater economic mobility, and well-paying jobs increasingly require a combination of skills and experience that can be difficult to get in traditional education settings," said Matthew Muench, Head of Jobs and Skills for JPMorgan Chase Global Philanthropy, according to a press release by JPMorgan Chase. "Bringing together stakeholders from the public and private sectors is key to providing the work-based learning that will help more individuals break into great careers. Supporting strategies and organizations that are scaling these programs is a critical piece of this work and helps build a stronger workforce and economy."
The funding is also being allocated to other apprenticeship initiatives across the nation. JPMorgan Chase is also allocating $1 million to Per Scholas to aid in developing a new cybersecurity apprenticeship initiative, addressing a labor shortage and expanding Per Scholas' existing cybersecurity training programs to reach learners in Boston, Charlotte, Chicago, Columbus, Dallas, Detroit, Los Angeles, Newark, St. Louis, and the Greater Washington region. Lastly, a $500,000 commitment to Apprenticeships for America (AFA) aims to promote the creation of apprenticeship programs, helping establish a network of partners and raising awareness about apprenticeships as a solution to the current labor shortage and skills gap, according to a press release by JPMorgan Chase.