JPMorgan Chase has announced that it will spend $75 million on a global initiative for career readiness. The money will be used to develop pathways to higher education and work experience relevant to high-wage jobs for underserved youth. Additionally, the company said funds will go toward developing policy recommendations.
The investment will be spent over five years in 10 cities. The initiative will start with a $7 million commitment to Denver. The other nine sites have not yet been released.
Denver was the site of a previous $4 million investment from the corporation, an initiative that involved offering “CareerConnect” courses in public schools and summer work. Students who took two to five career courses were 40 percent more likely to graduate on time than those who did not, the company said. Students who took more than five career courses were 90 percent more likely to graduate on time.
“Rapid changes in technology, automation and artificial intelligence continue to shape the economy and exacerbate the disconnect between skills and jobs, setting young people further behind,” the company said in a statement. “The lack of skilled workers threatens business sustainability as employers struggle to find talent to fill open jobs.”