Above & Beyond: JPMorgan Chase Demonstrates Commitment to College Interns Despite COVID-19 Crisis
Posted By: Will Moss on May 07, 2020 |
While other companies, from the financial sector to airlines are laying off staff, canceling internships, and retreating behind closed doors, banking giant JPMorgan Chase announced on April 3rd that even though their college internship program will start in early July instead of June, due to the Coronavirus COVID-19 Pandemic, it is going above and beyond its commitments to students, and will pay interns for the original duration of their summer engagement (9 or 10 weeks, depending on the internship) even though the internships will likely be shortened. Additionally, JPMorgan Chase has since announced that it will host a five week virtual internship.
“JPMorgan Chase is determined to make sure our incoming interns have meaningful experiences while doing all we can to protect their health and well-being. We’re honoring our commitment and creating an internship experience that’s engaging, impactful and, most importantly, safe.” said Matt Mitro, JPMorgan Chase’s global head of campus recruiting.
JPMorgan Chase has worked with HBCU CONNECT for years to bring in students from all of the HBCUs to participate in internships and special career and leadership development programs. “We believe that talent is equally distributed but opportunity is not. That’s why we are committed to HBCUs — not just because of their historical importance — but because of their ability to deliver strong talent.” said Jonathan Simon, Head of Student Strategy and HBCU Recruiting for JPMorgan Chase. “For summer 2020, 35% of our black interns are from HBCUs and this percentage is expected to grow.
Keeping the safety and security of interns in mind, JPMorgan Chase said that it was already in the process of communicating with students regarding modified plans for in-person internships, contingent upon safety and security. The bank also issued a “special payment award” to compensate any relocation or travel costs.
“We believe it’s important that students get to know and learn from us as we get to know and learn about them. We want to give each and every student the opportunity to make an informed decision about JPMorgan Chase as a future employer. And while we really hope to do this in person, in case that’s not possible, we’re preparing great alternatives to do so virtually,” said Mitro.
“We look forward to delivering an experience that allows individuals to showcase their talents, get to know our business, and begin to establish a career with JPMorgan Chase.”
Through JPMC’s Advancing Black Pathways (ABP) initiative, the firm recently launched a student financial hardship fund to help HBCU students cover the cost of personal finance emergencies in partnership with the Thurgood Marshall College Fund and United Negro College Fund. Students can access these funds to cover a wide range of expenses — including outstanding tuition balances, apartment deposits, unanticipated car repairs, medical expenses, unpwaid utility bills and short-term food insecurity. They can also use these funds to buy textbooks, or travel home for family-related emergencies.
“We launched this fund because research shows that when black college students have to leave school due to a financial emergency, there is a huge risk that they won’t return and graduate,” said Sekou Kaalund, the Head of Advancing Black Pathways at JPMorgan Chase. “We believe it’s our responsibility to help as many students as possible access the necessary resources to complete their college educations.” We applaud JPMorgan Chase for their obvious commitment to providing the best opportunities and experiences for our HBCU Students.
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