DETROIT - JPMorgan Chase has confirmed plans to invest $100 million over five years into Detroit to support and accelerate the bankrupt city's economic recovery.
The money announced Wednesday will be divvied up in loans and grants and includes funding for home mortgage loans, job training for Detroit residents and blight removal.
In a statement, JPMorgan Chase Chief Executive Jamie Dimon said the bank believes in Detroit's future and wants to see the city recover its economic strength.
Chase has more than 2,500 southeast Michigan employees.
Chase plans to put $50 million into Invest Detroit and Capital Impact Partners, which loans to Detroit development projects. Some $25 million will help with blight removal and other efforts. Chase also will use $12.5 million for job training programs.
Hack-proof your credit cards and bank account
Target, Home Depot, Michaels Stores, Chase Bank. Every week, it seems, another well known retailer or bank is hit by a hacker attack.
QUIZ: Are you cut out to work from home?
It may sound perfect: Earning money from the comfort of your own abode. Before you quit your job, take our quiz to find out if you can hack…
Black Friday ads already beginning to roll out
With about a month until the Black Friday shopping sales, sale information is starting to appear online.
Winterizing: Don't get ripped off at repair shop
Winter weather will soon set in across much of the country, meaning now is the time to check your vehicle and prepare it for the cold. But…
Are you living in a a former meth lab?
Do you know the history of your new home and whether or not it used to be a meth lab?
Facebook's quarter marred by spending plans
Facebook beat the Street and grew its ad revenue and userbase, but investors aren't that happy with its plans to ramp up spending in 2015.