2021 Environmental Social & Governance Report

partnerships with CDFIs. JPMorgan Chase invested in over $550 million of New 
Market Tax Credit project financing in 2021, the majority of which was in 
partnership with CDFIs.
Lending our Expertise to Help Liberty 
Bank Expand its Reach
In 2021, a team of JPMorgan Chase employees spent 
four months putting their skills and expertise to work 
to help Liberty Bank strengthen its capacity to serve 
more customers. Founded in 1972 and based in New 
Orleans, Louisiana, Liberty Bank has grown to be one 
of the largest Black-owned banks in the U.S., with a 
presence in nine states. 
Through the JPMorgan Chase Service Corps – our 
skills-based volunteer program – the team helped 
develop a comprehensive customer acquisition 
strategy, along with enhancements to digital tools. 
This is just the latest in our Firm’s relationship with 
Liberty, which began in 2019 through the U.S. 
Department of the Treasury’s Bank Mentor Protégé 
Program. As a protégé bank, Liberty was provided 
with support to address gaps that impeded its ability 
to further financial inclusion within underserved 
communities. In early 2021, we made a multi-million 
dollar investment in Liberty as part of our over 
$100 million investment to diverse financial 
institutions through the Racial Equity Commitment. 
Empowering Change
In 2021, J.P. Morgan Asset Management launched Empowering Change, which supports minority- 
and diverse-led financial institutions with the ability to develop new and reoccurring revenue 
opportunities by offering an exclusive money market share class to their institutional clients. At 
the same time, corporate investors gain access to these institutions to support their ESG-related 
investment goals. In addition, J.P. Morgan Asset Management has committed to an annual 12.5% 
donation of gross revenue received from the management fees on the Empower share class to 
support community development.
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In 2021, J.P. Morgan Asset Management’s garnered over $5 billion within the Empower Share 
Class’s assets under management. In its inaugural year, the Empowering Change initiative 
expanded its reach and impact across more communities by doubling the number of MDI banks it