Towards Inclusive Growth
J.P. MORGAN, INDIA
J.P. Morgan is a leading global financial services player, with a presence in India since 1922. Today, India is a key market for J.P. Morgan and the firm has consistently invested in the India business, which has been growing steadily. The lines of business include the Investment Bank, the Global Corporate Bank, Private Equity, Asset Management, Treasury Services, among others. J.P. Morgan is among the country’s leading players in almost all of its businesses and primarily caters to the firm’s global clients with business interests in India and local multinationals growing their footprint internationally. India is also home to the Global Service Centre, which services J.P. Morgan’s businesses around the world in the areas of operations, technology and research.
At J.P. Morgan we believe that one of the most urgent challenges facing the world is the need for increased economic growth and more widely shared prosperity. As one of the world’s largest financial services companies, we have the resources and the responsibility to make a difference – using our strengths, global reach, expertise and access to capital to support local communities and build new pathways to economic opportunity.
Corporate Social Responsibility has always been central to how we operate within a country. Given the rapidly growing economy of India and its enormous potential, our philanthropic mission in the country is to help to ensure that this growth is inclusive. Through our Global Philanthropy initiatives we aim to expand economic opportunities for the excluded by equipping youth with marketable skills and building the financial capabilities of vulnerable and low income populations across the country.
Key Corporate Responsibility Initiatives
Investing in Skills
Countries around the world are working to strengthen their economies, yet millions of people are still unable to find jobs that offer the prospect of economic mobility. At the same time, many employers struggle to fill vacancies, especially for technical and skilled positions. To help address this gap, J.P. Morgan launched New Skills at Work in 2013, a global $250 million commitment over five years, which aims to identify strategies and support data-driven solutions that help improve labour market infrastructure and develop skilled workforces.
In the case of India, the country’s ability to leverage its demographic dividend by increasing productivity will determine, in large part, whether the country can live up to its growth potential and succeed in lifting tens of millions out of poverty. J.P. Morgan India supports demand-driven vocational skills training and placements for youth in high growth sectors, improving their employability and helping them to build well-structured career paths. To achieve scale and sustainability we align with government initiatives through catalytic Public Private Partnerships that introduce vocational skills into the country’s education systems to both complement and enhance existing curricula. We support demand-led training programs that help individuals, particularly those from disadvantaged backgrounds and low-income communities, to acquire the knowledge, skills and expertise necessary to obtain good-paying jobs, compete in the global economy and find new pathways to economic opportunity. Our desire to improve and ensure the impact of philanthropic efforts in workforce readiness is reflected in our commitment and support for high quality research and thought leadership forums.
Building Financial Capabilities
Financially healthy individuals increase the financial stability and resiliency of their communities. J.P. Morgan India strives to build the financial capability of low-income individuals by enhancing their ability to access and use appropriate formal financial services. Our programs leverage technology and develop innovative solutions to help the participants improve access to their bank accounts, identify the products that are appropriate for their various life cycle needs and manage those products in the manner that is most convenient to them.
Volunteers Making A Difference
Our employees are firmly committed to giving back to the places where they live and work. As part of our global Good Works program, J.P. Morgan employees in India regularly donate their time and expertise to support a variety of organizations, such as United Way of Mumbai, Bankers without Borders and our own, internal, Technology for Social Good program.