Story at a glance
- LGBTQ+ Americans have been disproportionately impacted by the coronavirus pandemic, especially financially.
- JPMorgan Chase is donating $5 million to five nonprofit organizations that serve the LGBTQ+ community.
- The effort is one of several recent diversity and inclusion efforts by the company.
The largest bank in the United States is granting $5 million to nonprofits serving LGBTQ+ Americans, many of whom have been disproportionately affected by the economic consequences of the coronavirus pandemic.
“Together, we can do more to build a culture of respect and inclusion around the world,” said Brian Lamb, global head of Diversity and Inclusion for JPMorgan Chase, in a release. “These partnerships are a top priority because now, more than ever, we need to lock arms with our LGBT+ employees, customers and partners to promote equality and better serve our communities when they need it most.”
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Five nonprofit organizations will receive a total of $1 million each, split by $250,000 a year for four years, to support initiatives for economic inclusion among the nation's LGBTQ+ youth, workforce and elder communities. Here's where the money is going:
1. GLSEN combats discrimination, harassment, and bullying based on sexual orientation, gender identity and gender expression in schools. The money will go toward development programs for student leaders and educators as well as "racial equity capacity-building" across the GLSEN network.
2. Out & Equal Workplace Advocates is a California-based nonprofit that advocates for workplace equality. The money will fund a new program seeking to increase the number of transgender executives and senior leaders in workplaces.
3. Services & Advocacy for LGBT Elders (SAGE) is one of the oldest nonprofits dedicated to older LGBTQ+ Americans. The money will fund the SAGE Center Intergenerational Hub at its Crotona Pride House in the Bronx.
4. The San Francisco AIDS Foundation was founded at the start of the HIV/AIDS pandemic in the United States and continues to organize for health justice. The money will fund free, accessible health care for transgender people as well as transgender health workforce development.
5. The Center is another New York-based nonprofit that seeks to provide the LGBTQ+ community with opportunities for economic advancement and other support. The money will go to a new program focused on career planning and economic advancement, including case management and individualized work readiness plans.
Just 3 percent of the multinational investment banking company's total workforce were openly LGBTQ+ in 2019, according to data provided to the Equal Employment Opportunity Commission. LGBTQ+ employees made up the same percentage of mid-level managers and professionals and 2 percent of senior level and executive members.
Despite the low representation, the company has adopted progressive policies, including expanded benefits for fertility treatments and surrogacy services, and has spoken out against the Trump administration’s past efforts to roll back protections for transgender Americans. Last year, the company committed to diversifying both its work force and customer base after reports of racial discrimination.
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