JPMorgan Chase has committed $30 billion over the next five years to provide economic opportunity to underserved communities, especially the Black and Latinx communities.

"Systemic racism is a tragic part of America's history," said Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co. in announcing the offering. "We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people. It's long past time that society addresses racial inequities in a more tangible, meaningful way."

The firm's new commitments—which include loans, equity and direct funding—will largely go toward promoting and expanding affordable housing and homeownership for underserved communities in several ways.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.