TIDMJPM
JPMorgan Chase & Co. today announced a $6 million commitment
to expand young people's access to economic opportunity in the
South Bronx. As growing industries in the city require a more
skilled workforce, this initiative will establish an innovative
system that connects career and technical education schools in the
South Bronx to key employers in New York City. The investment will
help drive change and is designed to increase dramatically the
number of young people graduating from South Bronx high schools
with opportunities to secure well-paying, high-demand jobs.
While the unemployment rate in the Bronx is below six percent
for the first time, more than four in 10 South Bronx residents do
not have a high school diploma and 23 percent of young people are
out of school and out of work. This has pushed half of employed
young people into low-paying jobs that limit their financial
futures.
With JPMorgan Chase's investment from its New Skills for Youth
initiative, more young people in the South Bronx will be able to
secure the necessary education and training to secure middle skill
jobs in three growing industries: transportation, distribution and
logistics; healthcare; and information technology. Middle skills
jobs require more education and training than a high school diploma
but less than a four-year college degree. Whether they go right
into a job or onto post-secondary education or training, young
people who enter these pathways will be prepared for success in
today's economy.
"The lack of economic opportunity for young people in the South
Bronx is a moral and economic crisis," said Jamie Dimon, Chairman
and CEO, JPMorgan Chase. "Our investment supports the missing link
between a successful education and career: businesses and educators
working together to help students succeed. This investment will
give young people access to jobs that offer good wages and the
chance to move up the economic ladder."
"We have to make sure our young people are leaving school with
the skills they need to enter the workforce, so that they can get a
good job that offers a solid foundation for building a career and
future in The Bronx," said Bronx Borough President Ruben Diaz Jr.
"The number of skilled workers we'll need is only going to grow,
and this investment from JPMorgan Chase is going to significantly
help bridge the gap between schools and the in-demand
workforce."
Well-Paying, High Demand Jobs are Available
In New York City, there are an estimated 26,000 well-paying jobs
in the transportation, distribution and logistics sector that are
attainable by people without a bachelor's degree but who have
received some education or training beyond a high school diploma.
Jobs in this sector, such as engine repairers, sales and services
positions and drivers at the Hunts Point Food Distribution Center,
MTA Operations and Maintenance Facilities and private sector bus
and truck depots, are projected to grow by 10 percent by 2022,
including about 3,500 positions in the Bronx. Entry level workers
can start at $45,000 and move up to over $100,000 after a few years
of experience.
Investment Overview
To build a new system that connects employers and South Bronx
career and technical education programs, JPMorgan Chase's $6
million investment will focus on three key innovations
including:
-- Support intermediaries in growing industries vital to the NYC economy
to increase employer engagement and commitments to career
education,
support school and system level capacity and pathway development
in
three sectors: healthcare; information technology; and
transportation,
distribution and logistics.
-- Build a new apprenticeship model that will lead to more registered
apprenticeship opportunities in the South Bronx with a "leave
behind"
sustainable apprenticeship pathway in transportation
distribution and
logistics.
-- Support the development of a high quality data system to measure and
track the expansion of services and opportunities for work
based
learning, internships and community based efforts that match
young
people to career pathways.
These innovations will be led by several local organizations
including:
-- New Visions for Public Schools, an organization dedicated to ensuring
that all New York City public school students, regardless of
race or
economic class, have access to a high-quality education that
prepares
them for the rigors of college and the workforce.
-- New York Alliance for Careers in Healthcare (NYACH), one of the NYC
Department of Small Business Services' five Industry
Partnerships.
NYACH works to build an effective healthcare workforce
development
system in New York City by collaborating with healthcare
employers;
helping education and training organizations adapt their
approach to
better meet the industry's needs; and ensuring low income
and
unemployed New Yorkers have access to viable career
opportunities in
healthcare.
-- The Consortium for Worker Education, which works to advance knowledge
and critical thinking, and foster research, creativity, and
innovation
across academic, artistic, and professional disciplines.
-- Per Scholas, aiming to open doors to transformative technology careers
for individuals from often overlooked communities by
creating
opportunity, closing the skills divide, and achieving
diversity.
Through several targeted philanthropic initiatives, the firm is
investing over $325 million in skills development around the world.
New Skills for Youth is a $75 million, five-year effort to address
the youth unemployment crisis by increasing dramatically the number
of young people who complete career pathways that begin in high
school and end with postsecondary degrees or credentials aligned
with good-paying, high-demand jobs. New Skills at Work is a
five-year, $250 million global initiative to help inform and
accelerate efforts to address the mismatch between the needs of
employers and the skills of job seekers. The firm also invests an
additional $5.8 million effort to support summer youth employment
programs around the country.
Notable Statements of Support
"In order to successfully prepare students for 21st century
jobs, public schools need to cultivate strong industry and civic
partnerships. JPMorgan Chase's New Skills for Youth initiative does
just that, providing skill-building opportunities for students who
will most benefit from them," said New Visions President Mark
Dunetz. "At New Visions, we're committed to designing strategies
and tools that strengthen schools' partnerships with industry and
ensure students get the preparation they need for bright futures in
the communities where they live."
"The Department of Small Business Services is thrilled to expand
its partnership with JPMorgan Chase," said Small Business Services
Commissioner Gregg Bishop. "It has been a strong supporter of our
work in healthcare through our New York Alliance for Careers in
Healthcare. Today's students are tomorrow's workforce and the key
to a strong economy in New York City. Our businesses have an
important role to play in making sure our workers have the skills
and practical experience they need. This pioneering initiative will
create an impactful opportunity for our students, our healthcare
employers, and our communities."
"Through our job training programs and apprenticeships we're not
only providing the type of in-demand job skills people need, we're
building the talent base employers need to grow and thrive," said
John K. McDermott, Director of Special Projects, The Consortium for
Worker Education. "We're proud to partner with JPMorgan Chase to
boost workforce training and development in the South Bronx."
"We do this work to make sure the host of talented youth in the
South Bronx aren't overlooked as a competitive workforce resource,"
said Plinio Ayala, President and CEO, Per Scholas. "With support
and investment from partners like JPMorgan Chase we are working to
build equitable, accessible career pathways in New York's thriving
tech scene."
The initiative is supported by funding from JPMorgan Chase and
the JPMorgan Chase Fund in The New York Community Trust. As the
community foundation for New York City, Westchester, and Long
Island, The New York Community Trust works with individuals,
families, and corporations to improve our region through strategic
grant-making, civic engagement, and smart giving.
About JPMorgan Chase
JPMorgan Chase & Co. is a leading global financial services
firm with assets of $2.5 trillion and operations worldwide. The
Firm is a leader in investment banking, financial services for
consumers and small businesses, commercial banking, financial
transaction processing, and asset management. A component of the
Dow Jones Industrial Average, JPMorgan Chase & Co. serves
millions of consumers in the United States and many of the world's
most prominent corporate, institutional and government clients
under its J.P. Morgan and Chase brands. Information about JPMorgan
Chase & Co. is available at www.jpmorganchase.com.
JPMorgan Chase & Co.Media:Stephanie Bosh, 202-585-1382
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(END) Dow Jones Newswires
May 05, 2017 06:00 ET (10:00 GMT)
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