JPMorgan Chase announced an expanded five-year, $30 million commitment to the financial and career success of students at Historically Black Colleges and Universities (HBCUs). This commitment expands on the firm’s Advancing Black Pathways (ABP) initiative which launched in 2019 to chart clearer pathways toward economic success and empowerment within the Black community.
As part of the larger initiative, the firm committed $5 million to help HBCUs expand their career pathways programming and connect more students with career mobility opportunities following graduation. The commitment includes $3 million in philanthropic capital provided to five HBCUs and $2 million in philanthropic capital provided to UNCF (United Negro College Fund) and its Institute for Capacity Building to help these institutions increase student completion of high-quality career pathways and scale their operational models to improve overall student success.
As part of the $30 billion commitment, J.P. Morgan Wealth Management created The J.P. Morgan Wealth Management Scholarship Program in partnership with UNCF to strengthen career pathways for HBCU students into the wealth management industry. Established in 2021, the program provides scholarships and mentorships to students studying any major at select HBCUs and will help them develop the skills needed to grow a career as a financial advisor. J.P. Morgan Wealth Management will award a total of 375 scholarships through 2025.
The firm also supports innovation in student support and education delivery through direct equity investments in companies transforming higher education and career readiness. In March 2021, the firm co-led a $5 million funding round for Upswing, an online student engagement organization that supports 11 HBCUs and two predominantly Black institutions, and provides tutoring, student support and other services to 49,000 HBCU students.
