JPMorgan Chase Dedicates Resources to Closing Equity Gaps

JPMorgan Chase is taking steps to honor the company’s commitment to inclusive economic growth in underserved communities.

Bank officials said they are creating a team of community-focused employees who will work in Bridgeport to close racial wealth gaps.

The company hired Eduardo Cabrera, a Stratford resident who sits on the board of directors for the Regional Youth Adult Social Action Partnership and City Wide Church, to serve as a local ambassador.

Cabrera and his team will engage with residents, community leaders, real estate agents, and non-profit organizations to help improve the financial health of the area.

“Financial health isn’t always associated with more income necessarily,” Cabrera said.

“Getting the right education is important to understanding how to utilize money and watch your finances grow.”

Racial Equity Initiative

He added that he hopes to break down barriers through communication and collaboration.

Officials with JPMorgan Chase said Cabrera will host free workshops regularly that focus on topics ranging from building a budget, to saving for a down payment, and credit health.

The dedication of resources is part of JPMorgan Chase’s $30 billion Racial Equity Commitment initiative.

Over the past two years, the firm also invested $950,000 in the Fairfield County Community Foundation, which provides equitable access to safe, affordable, and healthy housing for residents.

“We’re bringing in local leaders who know these communities inside and out and are committed to empowering everyone throughout Bridgeport to take charge of their financial futures and succeed,” JPMorgan Chase Northeast Division head of consumer banking Sekou Kaalund said.