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Mellody Hobson and Jamie Dimon: Black Americans are still worse off financially. Businesses can help

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Mellody Hobson is a board member of JPMorgan Chase, the president of Ariel Investments and a member of the Advancing Black Pathways Advisory Council. Jamie Dimon is the chairman and CEO of JPMorgan Chase. The opinions expressed in this commentary are their own.

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For all the positive economic trends in America, the racial wealth gap continues to prevent growth from benefiting everyone. While this is not a new crisis, it is one we must urgently address so that economic opportunity is equally extended to black Americans.
Racism, intolerance and poverty strangle economic opportunity. The racial wealth gap is stark: For single black Americans, the median wealth is $200 to $300, compared to $15,000 to $28,000 for single white Americans. This divide undermines financial stability for many black Americans.
Closing the racial wealth gap is good for Americans, and it makes good business sense. We know employees from diverse backgrounds offering different perspectives drive better corporate outcomes. A recent study showed that businesses with diverse leadership generate 19% more revenue than non-diverse companies.
Diversity can also reduce turnover. Nearly seven in 10 millennials reported they would continue to work at a company for five or more years if it is diverse.
As leaders in business as well as the broader community, we know we have a responsibility to society. Not to mention, as financial services executives, we can help to foster widespread prosperity.
To this end, we have both worked to empower black Americans to achieve personal and professional success. For example, After School Matters, a nonprofit founded in 2000, provides enrichment programs to thousands of inner-city high school students in Chicago. Meanwhile, JPMorgan Chase’s Fellowship Initiative, founded in 2010, offers hands-on college access and academic support to young men of color in Los Angeles, New York, Chicago and Dallas. The scale and success of these efforts are impressive — but not enough. There is much more work to be done.

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Marketing

How to Use IGTV for Marketers

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Wondering how to use IGTV (Instagram TV) for marketing? Looking for a successful use case?

To explore IGTV and how it can help your business, I interview Jasmine Star. Jasmine is an Instagram expert, professional photographer, and business strategist. She’s the founder of Insta 180, an online course on using Instagram for business, and she runs a membership site for content curation called the Social Curator.

You’ll learn how to develop a video strategy for IGTV, how to use Instagram Stories to promote IGTV videos, and more.

Read full article by Michael HERE

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A District Minute

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This week’s District Minute features stories about the new Great Streets grantees, the 2019 Funk Parade, and last Friday’s housing rally.

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Marketing

Facebook Marketing Declining: New Research (Watch Video)

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Facebook Launches Automated Ads Builder and Other Business Tools: Facebook recognized National Small Business Week in the U.S. by launching a handful of new ad tools aimed at helping businesses with their Facebook marketing. These include Automated Ads, video editing, and appointment-booking tools. (35:02)

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