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JPMorgan Chase investing $40 million in Chicago neighborhoods

CHICAGO — JPMorgan Chase & Co. says it plans to invest $40 million over three years in neighborhoods on Chicago’s South and West Sides to create economic opportunity.

In a Thursday statement, bank officials say a lack of opportunity, poverty and racial and economic inequities are factors behind the gun violence in Chicago.

CEO Jamie Dimon says it is incumbent on business leaders to collaborate with government and the community to develop solutions to the issues causing the inequities.

Chicago Mayor Rahm Emanuel says creating a coalition of civic, corporate and community partners to invest in neighborhoods will “drive change that will last for generations.”

JPMorgan’s effort in Chicago mirrors one in Detroit, where the bank initially intended to invest $100 million over five years to spur economic recovery. In May, JPMorgan announced it is upping its total investment to $150 million by 2019.