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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.

Perspectives allison triolo b
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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DMV & Radio Legend Tony Redz passed away | RIP Mr 24/7 Tony Redz💔

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The legendary DMV radio DJ and host Tony Redz Aka Mr. 24/7 passed away today (May 29) of a heart attack. The news regarding his death was confirmed by Redz’s former colleague and fellow radio host Sunni on Twitter. The tweet read, “Got a call from DJ Flexx that shattered my heart. Can’t believe our former colleague Tony Redz has passed away. Way too young. Prayers to his family. Unbelievable.”

Read full story HERE

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Magic Johnson’s Life Insurance Company Reportedly Funding $100 Million In Small Business Loans

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Former NBA all-star Magic Johnson told the Wall Street Journal that his life insurance company will provide $100 million in funding for small women and minority owned businesses as part of the Small Business Administration’s embattled Paycheck Protection Program.

Read full story at Forbes

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Fix Your Finances Series

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Fix Your Finances: a 12-part financial education series that runs on Mondays at 8pm ET (5pm PT)
We will be discussing: How to set up a budget that actually works and is easy to stay on / 7 ways to free up money that you might not have thought of.

The good, the bad and the ugly truth about debt.

  • How to teach your kids about money.
  • How to reduce costs and understand insurance.
  • How to choose the proper investments.
  • The best investment strategies to start now to create retirement income.

This is a FREE online series and you can join us from the comfort of your own home.
For more details or to REGISTER, visit bit.ly/fixyourfinances2020

NOTE: If you are unable to attend the event and would like to personally discuss how you can get prepared or be prepared for the future, please schedule an appointment at ProsperityMIX.com

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