How JPMorgan Chase Is Fueling Detroit’s Revival

Source: Fortune

It takes a village to rebuild a city, and the list of people and businesses collaborating on Detroit’s recovery is long. But the planning underway in Livernois/McNichols, and in a growing roster of other neighborhoods, reflects the expertise and financial clout of one corporation in particular: JPMorgan Chase. CEO Jamie Dimon’s financial powerhouse is the largest bank in Detroit, with a titanic 65% market share in consumer banking. Since 2014, the company has been doubling down on that relationship, in a daring experiment to help revitalize Detroit’s middle-class core. The bank’s effort, called Invested in Detroit, is a ­neighborhood-by-neighborhood campaign to revive local real estate, launch small businesses, and train residents for in-demand jobs—all at the same time, as quickly as possible.

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