Chase to Hire 75 Community Managers by 2030, Expanding Financial Access in Underserved Local Communities
By Dominic Sow · 3 October 2024
JPMorganChase today announced plans to hire an additional 75 community managers by 2030 to provide greater access to banking, tools and advice, and help customers get on a path to financial health and resilience.
Community managers meet with local leaders and businesses to understand their challenges and then work alongside them to address those challenges. Hired locally, Chase community managers do not promote Chase banking products and services; instead they focus on local outreach, education and financial independence by:
- Hosting financial health workshops on topics such as budgeting, credit and savings
- Fostering trust, enhancing community engagement, and delivering valuable financial education, among other impactful resources
Chase created the community manager role five years ago when it opened its first Community Center in Harlem. Today there are 150 community managers serving 300 community branches, mostly in low- to moderate-income communities. The additional 75 community managers will enable Chase to have at least one community manager in every one of the 48 states where we have branches as we continue to expand our branch network, covering roughly 50 percent of the Black, Hispanic, Latino population.
To support small business owners, Chase also developed the senior business consultant role, which acts in a similar fashion, offering complimentary one-on-one mentorship, coaching, and technical assistance to business owners. Chase for Business has 74 senior business consultants in 35 U.S. cities, with plans to expand to 38 cities by the end of 2024.
Chase has also recently started to hire community private client advisors, a new role created to help people who want to invest, but don’t know where to begin. These professionals work alongside community managers to host complimentary workshops focused on helping current and prospective clients understand the fundamentals of investing. All workshops hosted by Chase community leaders are open to current and prospective clients.
“Economic opportunity begins with access to financial advice and affordable banking services, and I can’t think of a better way to deliver that than through our team of community managers, advisors and senior business consultants,” said Marianne Lake, CEO of Consumer and Community Banking. “By adding more community managers, we will be able to reach more customers in areas that have faced historical barriers to banking, such as urban areas with Black, Hispanic and Latino populations.”
Celebrating the Harlem Community Center’s Five-Year Anniversary
The grand opening of the Brooklyn Community Center comes as the firm celebrates the five-year anniversary of the first Chase community center, which opened in Harlem in the fall of 2019.
“When we opened the Harlem Community Center our goal was to improve access to reliable, affordable, and local banking services, and be a force for good in the community,” said Jennifer Roberts, CEO of Chase Consumer Banking. “I’m proud to report that we did all of that and more, which is why we are continuing to expand our model to more communities across the country.”
According to an analysis by JPMorganChase, the Harlem Community Center has had a significant impact on the community; improving access to financial education, resources, and personal financial products; increasing the adoption of student checking accounts, and spurring small business growth. The report’s findings included the following:
- From 2019 to 2023, Secure checking accounts increased 1,889 percent in Central Harlem. While account openings increased at every branch in Central Harlem, the highest percentage increase (2,256 percent) occurred among customers at the Harlem Community Center
- During the same time period, personal savings balances grew 73 percent at the Harlem Community Center Branch—highlighting the impact of financial health workshops and efforts to build local trust in financial institutions
- The number of customers choosing to enroll in Credit Journey increased significantly at the Harlem Community Center Branch, suggesting our customers and clients are actively working to improve their credit with access to tips, score factors and details, and other helpful tools and resources
- Between 2019 and 2023, JPMorganChase helped small businesses grow and scale in Central Harlem, with new business card accounts increasing 225% in the region
- These developments have contributed to inclusive economic growth and improvements in overall financial health in Central Harlem. Compared to 2012-2016, the median household income in Central Harlem increased nearly $10,000 to $61,616 during 2017-2021—approximately double the rate of growth in Manhattan
The full report and a description of the many ways JPMorganChase is having an impact on communities across New York can be found here.
“Our success in Harlem isn’t charity, it’s good business,” said Chairman and Chief Executive Officer Jamie Dimon. “By providing access to banking, credit and investment services, and offering the tools and education to take full advantage of all we can offer, we are building stronger, more vibrant communities, which leads to better outcomes.”
Brooklyn (Bedford-Stuyvesant) Community Center
The Community Center in the Bedford-Stuyvesant section of Brooklyn features a team of local financial health experts focused on community engagement, mentorship and advice. The location looks and feels different from a “typical” bank – it combines a modern design, spacious layout, and the latest banking technology, reflecting how customers engage with Chase today.
This branch also features three pieces of art by local artists, a large multipurpose room which can be used to host complimentary financial health workshops and pop-up shops for small business clients, and complimentary Wi-Fi for community groups and individuals on site. The new Community Center represents an investment of $6 million. To build this location, Chase contracted Martino Construction Group, a local minority-owned construction firm.
“Bed-Stuy is quintessential Brooklyn. The neighborhood carries a proud history of African American excellence and a promise of opportunity that continues to attract more and more new residents,” said Brooklyn Borough President Antonio Reynoso. “As we see this neighborhood grow, community resources that support the financial well-being of residents are increasingly essential. Offering flexible community space, programming to support financial growth, and small business coaching, I am eager to see the benefits this center will deliver. Thank you to JPMorganChase for bringing these services to Brooklyn. I look forward to working together to ensure the stability and success of our neighbors.”
Community Impact - Powering New York City’s economy for more than 225 years
The Community Center investment is just one of the many ways JPMorgan Chase is helping expand access to opportunity for more New Yorkers.
The firm recently celebrated the topping out of its 1,388-foot, state-of-the-art headquarters at 270 Park Avenue in Manhattan. Opening in 2025, the 60-story building will be home to 14,000 employees. The project has created has created 8,000 construction jobs – triggering additional economic activity of $2.6 billion for New York City. JPMorganChase is also making a significant investment to help improve the city’s infrastructure and transit system and working closely with the Metropolitan Transportation Authority.
JPMorganChase serves more than 4 million New York City consumers and more than 400,000 small business clients through nearly 300 Chase branches across all five boroughs, with nearly 40 offering complimentary workshops, skills training and support for small businesses.
The firm also partners with local leaders and organizations to scale solutions and help drive sustainable economic growth. Since 2019, the firm has helped to address important issues like housing affordability, supporting small businesses and job creation through more than $91 million in philanthropic capital. Companies in this story: Chase
People in this story: Antonio Reynoso, Jack Sterne, Jennifer Roberts, Marianna Lake, Jerry Dubrowski, Jamie Dimon