DETROIT, Nov 5 (Reuters) - JPMorgan Chase ( JPM ) has
invested $2 billion during the past 11 years in Detroit to help
reduce unemployment and boost growth, CEO Jamie Dimon said in an
interview in the city on Wednesday, and the bank plans to roll
out the model in other U.S. cities.
The largest U.S. lender's investments have included $1.8
billion in commercial loans and credit and $200 million in
philanthropy.
"We've seen an increase in consumer accounts, small business
accounts," he said, as well as financing large companies based
in the city.
JPMorgan ( JPM ) plans to add up to 70 employees in Detroit from a
current 80 people working in a virtual call center for its
consumer and auto businesses, the bank said.
Detroit, once the heart of the U.S. auto industry, filed for
bankruptcy in 2013 after decades of population loss, industrial
decline and fiscal mismanagement.
Since then, it has shown signs of recovery, with new
housing, small business growth and increased investment from the
public and private sectors. Several companies, including General
Motors, DTE Energy and Rocket have invested locally.
Detroit has served as a testing ground for JPMorgan's ( JPM )
community investment strategy, and it plans to replicate the
model in Baltimore, Atlanta and Birmingham to expand its
commercial and philanthropic footprint.
"It's the origin story for how we think about our
involvement, engagement and investment in communities," said Tim
Berry, head of corporate responsibility at JPMorgan ( JPM ).
The lender is building a new office in Detroit, scheduled to be
completed next year. In October, it opened a $3 billion
headquarters in New York, which will serve as a model for the
company's future offices worldwide.