MICROCAPITAL BRIEF: JPMorgan Chase Commits $30m to “Financial Solutions Lab”

JP Morgan Chase, a US-based investment and banking firm, reportedly has committed USD 30 million for the establishment of a “Financial Solutions Lab.” The lab will be created as a five-year project with the Center for Financial Services Innovation, a US-based nonprofit consultancy specializing in serving unbanked and underbanked consumers. The project will bring together players in fields such as technology, design and behavioral economics “to improve financial capability”[1], meaning the tools and education to build assets, increase savings and manage credit. Furthermore, the lab will host competitions for social entrepreneurs, some of whom “will be supported with capital, technical assistance and third-party evaluation from a team of technology experts, nonprofits and consumer advocacy groups, behavioral economists and academics”[1].

As of April 2014, JPMorgan Chase reported total assets of USD 2.4 trillion, return on equity of 10 percent and return on assets of 0.89 percent.

By Juan Blanco, Research Associate

About J.P. Morgan Chase

J.P. Morgan Chase is a US-based global financial services firm involved in investment banking, consumer financial services, small-business and commercial banking, financial transaction processing, asset management and private equity. In 2000, Chase Manhattan Bank acquired J.P. Morgan, creating J.P. Morgan Chase. As of April 2014, the company reported total assets of USD 2.4 trillion, return on equity (ROE) of 10 percent and return on assets (ROA) of 0.89 percent.

Sources and Additional Resources

[1] Finextra, “JPMorgan Chase establishes ‘Financial Solutions Lab’ to promote inclusion,” 2014, http://www.finextra.com/News/FullStory.aspx?newsitemid=26116

MicroCapital Story, November 19, 2013, JP Morgan Chase “Catalyst for Growth” Reports Improved Performance of Small and Medium-Sized Enterprises (SMEs) in South Africa

MicroCapital Story, April 1, 2010, The Center for Financial Services Innovation (CFSI) and American Banker Co-Host the Fifth Annual Underbanked Financial Services Forum in Miami, USA, June 9 – 11, 2010

MicroCapital Story, November 12, 2007, JPMorgan Launches Social Sector Finance Unit to Bring Financial Services to Microfinance and Social Enterprises

MicroCapital Universe Profile: JP Morgan Chase

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/

 

Similar Posts: