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JPMorgan Chase to invest $40 million in Chicago's South and West sides

JPMorgan Chase to invest $40 million in Chicago's South and West sides

JPMorgan Chase plans to invest $40 million in Chicago's historically underserved South and West sides in an effort to tackle the city's poverty and violence through economic growth.

The three-year initiative by the nation's largest bank is its second-biggest commitment to a single city, following an infusion of $150 million into Detroit. It amounts to a 50 percent increase in JPMorgan Chase's philanthropic contributions in Chicago. The bank typically has invested $8 million to $9 million annually.

The challenge: turning that $40 million into meaningful changes in neighborhoods that have seen decades of decline and uncertain outcomes from previous philanthropic...

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