JPMorgan Sinking $100M in Detroit Renewal

Effort aims to improve housing, offer job training

By Matt Cantor,  Newser Staff

Posted May 21, 2014 8:41 AM CDT

(Newser) – JPMorgan is moving to help a bankrupt city get back on its feet. The bank is putting $100 million, divided between loans and grants, toward Detroit's revitalization, the New York Times reports. The money is intended to help the city with an array of projects, including housing improvements, the demolition of some 70,000 empty buildings, and job training. "I think we can make this our finest moment," CEO Jamie Dimon told the Today show.

Dimon rejects the idea that the bank's move has anything to do with a $13 billion settlement last year tied to the financial crisis. "We invest and develop communities around the world … That's what banks do." The effort began several months ago when Dimon contacted Quicken Loans boss Dan Gilbert, who has a large stake in downtown buildings, the Detroit Free Press reports. "No one’s forcing them to do this by any means," Gilbert says. Detroit Mayor Mike Duggan, for his part, calls the money a "significant start." Dimon's goal with the funding: "If it works, you'll have a healthy and vibrant economy, jobs and population, businesses will beget home ownership, better schools, and a completely revived city."

In this July 12, 2013 file photo, JPMorgan & Chase Co. Chairman and CEO Jamie Dimon is interviewed on the floor of the New York Stock Exchange.
In this July 12, 2013 file photo, JPMorgan & Chase Co. Chairman and CEO Jamie Dimon is interviewed on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)
JPMorgan is putting $100 million behind Detroit renewal projects.
JPMorgan is putting $100 million behind Detroit renewal projects.   (Shutterstock)
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