The US economy is going through challenging times, hit both by the pandemic and the political turmoil pervading in the country. In cities like Washington, D.C. some businesses are booming but the brick and mortar banks are on the decline. Almost 7000 bank branches have vanished in the USA between 2007 and 2017.
While most US banks are reeling under the pressure, a few contenders have managed to withstand the dire situation, and their growth rate is making the analysts hopeful. One prime contender is JP Morgan Chase. JP Morgan market trends and forecasts indicate that the iconic investment bank is an exception in the grim market scenario.
JP Morgan Bucking Market Trend
While mainstream US banks are going through losses and facing various hassles to stay competitive, JP Morgan Chase is flourishing. In Anacostia, a Chase branch has opened and that is one of the 70 branches planned in the Greater D.C. region. This iconic financial institution is opening more branches instead of shutting doors. It was in last January that the investment bank declared plans to get into 20 new markets, spread across several new states. The firm is opening new branches in areas inhabited by low- to-moderate income groups.
A Bank With Philanthropic Footprint And Ideologies
JP Morgan is not focused on just extending its business footprint. The MNC investment bank is also keen on enhancing its philanthropic footprint and joining hands with community partners. It aims for sustainable, inclusive growth. It aims to facilitate community growth. These measures help in adjusting the adverse effects of business expansion. The racial and income divisions in places like Washington, D.C. should not be deepened any further. The bank is aware of that aspect. JPMorgan Chase is investing approx. $25 million into this region.
The investment and initiatives taken by JP Morgan will help in creating jobs for people hailing from the minority-groups. This will help in leveraging long-term economic growth that will benefit the entire community. Ralph Northam, the Virginia Governor has lauded the efforts. This development reinforces a trend where businesses and MNCs are engaging in community development endeavours.
JP Morgan Focusing On Overall Community Development And Economic Growth
JP Morgan Chase is tying up with local non-profit partners and engaging with community leaders for developing the economy of the Anacostia River region. The firm’s proof of philanthropic footprint is the much-touted 11th Street Bridge Park. The elevated public park is estimated to be thrown open by 2023. The efforts will boost the employment drive in Anacostia which has a poverty rate of 46 percent.
With a focus on its community-oriented economic development model, JP Morgan Chase has collaborated with Anacostia based non-profit group- UrbanEd Inc. The latter has received funding worth $150,000 from the bank. JP Morgan Chase is also keen on aiding the underrepresented entrepreneurs in the Washington, D.C. market with its Small Business Forward initiative. The bank will unveil full-service locations in the D.C. market. The places chosen for branch expansion are McPherson Square, Logan Circle, Georgetown, and Columbia Heights.