JPMorgan Chase announced Wednesday that it has pledged $20 million over the next five years to go to programs that support veterans and their families. Those funds are earmarked for employment, education and housing initiatives.
JPMorgan’s commitment is part of the Philanthropy-Joining Forces Impact Pledge, a coalition of more than 30 philanthropic organizations and companies that are collaborating with the White House’s Joining Forces Initiative to raise money for programs that support military families. The pledge was initiated by the Blue Shield of California Foundation, the Bristol Meyers Squibb Foundation, the Lincoln Community Foundation and the McCormick Foundation.
Those organizations pledged more than $170 million over the next five years, according to the Council on Foundations, a nonprofit association of grantmaking foundations that hosted the event announcing the pledges.
“We are honored to join with other leaders to support our nation’s veterans and military families as they transition to civilian life,” Peter Scher, head of corporate responsibility for JPMorgan, said in a statement. “We believe this collaboration will make a dramatic difference for the servicemembers and their families who have given so much for our nation.”
JPMorgan’s pledge of $20 million will go to both national and regional programs that directly serve military families. It will also fund higher education at Syracuse University’s Institute for Veterans and Military Families, of which JPMorgan is a founding partner.
“We’ve seen dramatic progress over the last three years since we launched our military and veterans program and believe our renewed promise will encourage more employers and institutions to join us in supporting our nation’s best,” Jim Cummings, global head of infrastructure protection, business continuity and military affairs at JPMorgan, said in a statement.
Also on Wednesday, Bank of America announced its intention to conduct a survey this summer to examine how social investing could help veterans.
The study will attempt to establish a market for a “pay for success” program for veterans, which would provide funding based on certain outcomes being achieved.
Bank of America has previously partnered with the state of New York and Social Finance (which will conduct the upcoming survey) on one of these pay-for-success programs, or social impact partnerships, to raise $13.5 million to find jobs for former prisoners.