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.
Wal-Mart alters price-match policy
Using fake Amazon postings, scammers took advantage of Walmart's ad-match guarantee to nag some PS4's for less than a quarter of…
Thanksgiving meal costs go up this year
Thanksgiving is a little more expensive this year.
Buyers, sellers playing 'recall roulette'
The Call 6 Investigators have uncovered potentially dangerous recalled products readily for sale on central Indiana websites and in thrift stores.
4.7M strollers recalled after fingers amputated
Graco and the U.S. Consumer Product Safety Commission have announced a major stroller recall impacting 4.7 million units in the United States.
Stores fined for not opening on Thanksgiving?
John Matarese looks into the hottest rumor on social media right now.
Shortcuts to get a human operator
Want to speak to a human for customer service? Here are the best ways to reach a live human operator.