JPMorgan Chase donates $6M to DC-area schools to prepare students for tech jobs

JPMorgan Chase is donating $6 million to five D.C.–area public school districts to expose students studying tech-related fields to higher paying jobs, the Washington Business Journal first reported. It’s part of a $350 million company-wide investment in jobs and skills development around the world.

The funds come from the financial services firm’s program called “New Skills for Youth” and will support the development of new educational initiatives in D.C. Public Schools, Fairfax County Public Schools, Montgomery County Public Schools, Prince George’s County Public Schools and Baltimore City Public Schools.

.@JPMorgan @Chase is investing $6 million in Greater Washington to help prepare students for local, in-demand tech jobs! #DCPSCareerReady https://t.co/FrBMjPtZjU

— DC Public Schools (@dcpublicschools) December 6, 2018

The investment will also create some new partnerships as the funds start to flow into the school districts in the second half of 2019. It will fund a regional collaboration network led by education consultant Education Strategy Group that will help schools design a regional strategy for workforce development and provide schools with technical support. The Greater Washington Partnership is collecting employment data to share with schools as they expand their tech curricula. Local employers are committing to provide 2,200 internships to students studying tech-related fields and JPMorgan will set objectives in each district for use of the funds to work toward creating programs for tech skills and trainings.

“We have a responsibility to build a better future for the region’s young people,” JPMorgan Chairman and CEO Jamie Dimon said in a statement. “This investment is a good example of how the public and private sectors can work together to create opportunity for more people and grow the local economy so that everyone benefits.”

JPMorgan surveyed the tech workforce and found that the demand for tech workers with less than a four-year degree increased by 42 percent from 2014 to 2017. This is a relevant statistic to pay close attention to as Amazon moves half of its second headquarters into Northern Virginia, with an expected need for 25,000 tech workers.

“Amazon’s HQ2 announcement reinforced that companies around the globe are competing for talent, and through this investment, we are working with our partners in the public and private sectors to expand access to opportunity for young people in Greater Washington — and boost the workforce by directly aligning education and training programs with the skills needed for open technology roles here,” Peter Scher, head of corporate responsibility and chair of the Mid-Atlantic Region for JPMorgan Chase, said in a statement.

This announcement also comes after JPMorgan Chase announced in April that it is opening 70 branches in the District as part of a broader expansion plans into 15 to 20 of its markets.