Fueling Our Growth By Telling the Full Story
Hispanics and Latinos are the nation’s economic engine
By Silvana Montenegro, Global Head of Advancing Hispanics & Latinos (DEI), JPMorgan Chase
According to the latest Latino Donor Collaborative GDP report, our communities account for $3.4 trillion in purchasing power, $3.2 trillion in GDP and — if we were to be a standalone country — we would represent the world’s fifth largest economy.
Our community also continues to grow in influence and in numbers – U.S. Hispanic-owned businesses account for nearly one in four new businesses, contributing $800 billion annually to the U.S. economy. According to the Pew Research Center, as of 2022, 81% of Latinos are U.S. citizens which translates into four-in-five Latinos living in the U.S. — based on 2020 U.S. Census statistics – the Hispanic population reached 62 million, making it the largest and fastest growing minority population in the country.
The business case is clear: Hispanics and Latinos greatly influence the economic health of the United States.
While the data tells a compelling story of our collective impact, many of our community members struggle to excel in the pursuit of their personal or business goals. Historic headwinds continue to impact our ability to create a stronger financial foundation and goals for a better future. Despite the stats above, 30% of Hispanic adults are unbanked or underbanked, compared to 12% of non-Hispanic white adults, according to a report by UnidosUS. The dichotomy embedded in our individual and collective identities is as real as the urgency to be part of the solution to help support our growth.
At JPMorgan Chase, we believe that collaboration, both within our organization and externally with community partners who share our goals, is key in helping to support the needs of the Hispanic and Latino community. Building upon the firm’s existing efforts to support underrepresented communities, in 2021, we launched Advancing Hispanics & Latinos – one of 7 Centers of Excellence focused on supporting the growth and success of Hispanic and Latino communities, both within our company and communities globally, of which I have the honor of overseeing.
My team partners with colleagues across the company and with external organizations with one goal in mind – impact. For example, this year, we partnered with the Latin Grammy Cultural Foundation to provide over 1400 high school and college students and parents with free financial education workshops to equip them with the tools and information they need to succeed. We also recently announced our support for the launch of the first Startup Accelerator program in collaboration with Latino Action Business Network — focused on expanding equitable access to funding for Latino founders. Internally, we continue to provide career development opportunities and programs for our employees in collaboration with our employee groups to drive a unified strategy and support. Today 21% of our U.S.-based employees are Hispanic and we continue to create pathways for employees to grow their careers.
Additionally, through internal programs and collaboration with external organizations like ALPFA and the Hispanic Scholarship Fund, we are creating career pathways for students, providing them with greater access to internships and opportunities for advancement and mobility across JPMorgan Chase.
All of our efforts are rooted in our vision for a more inclusive economy. While our activities to support underrepresented communities date back decades, we doubled down on our vision, committing $30 billion in 2020 to help drive inclusive economic growth through our Racial Equity Commitment.
As we continue working toward the growth and success of our global communities, it is important to recognize the milestones we achieved and the work ahead. By telling the full story of who we are as a community, we are empowering generations with the motivation and inspiration they need to strive for bigger dreams. All of us have a responsibility to work to strengthen the ties that bind us together by telling the full story of who we are as a community and supporting the success of future generations.