JPMorgan Chase & Co. on Thursday announced that it will be donating $6 million to five of the D.C. region’s larger school districts in an effort to encourage students to study technology-related fields and help them find higher-paying jobs.
The funding is part of the new program launched by the firm entitled “New Skills for Youth”, which will be assisting the development of new educational initiatives in public school systems in D.C., Baltimore and
Fairfax, Montgomery and Prince George’s counties.
The financial donation is part of a $350 million investment which the company will make across the U.S., investing in jobs and skills development around the world. It is not part of JPMorgan’s $25 million in charitable efforts towards its planned multi-billion-dollar retail banking extension in Greater Washington.
“We have a responsibility to build a better future for the region’s young people. 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,” announced Jamie Dimon, JP Morgan Chairman and CEO.
There has been a demand for tech workers with less than a four-year degree in the industry which has increased by 42 percent between 2014 and 2017, according to JPMorgan. There is also an increased and widening gap
between the number of people getting degrees and the number of job openings.
It is thought that the shortage may worsen as Amazon.com Inc. starts building its second headquarters in Northern Virginia, bringing in over 25,000 jobs to the region.
— Technical.ly DC (@TechnicallyDC) December 7, 2018
The money will be provided from the second half of next year as school districts begin a fresh school year in 2019. According to the company, high-level objectives will be set for what could be achieved with the money, and the focus will be on making programs for improving technical skills and technology-oriented training.