NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, May 21, 2014

DETROIT (AP) — Financial giant 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.