JPMorgan Chase opens new LA branch despite city's crime surge
The California Retail Association seeks additional funding to work alongside law enforcement to protect business from increase crime
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At a time when retailers are leaving California and closing up shop due to the crime surge, JP Morgan Chase is doing the opposite. The proof lies within their newest flagship location in downtown Los Angeles.
FOX Business reported on Wednesday that the California Retailers Association (CRA) is seeking additional funding for the state's task force to work alongside local law enforcement to assure protection for businesses.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 249.76 | -0.14 | -0.06% |
Of the three CRA tasks forces in the state, the Southern Division leads the greater Los Angeles area, where the nation's biggest bank called on Klutch Sports Group CEO Rich Paul to speak at its latest ribbon cutting, along with other JP Morgan Chase personnel.
"We support investing in downtown Los Angeles through branches like this one and in other city centers," says a Chase spokesperson.
Rich Paul (left) sits down with Mikal Quarles (right) at JP Morgan Chase' newest branch opening in downtown Los Angeles (JP Morgan Chase)
Paul, whose partnership with Chase began in 2020 and has extended in 2021, founded Klutch Sports Group back in 2012.
Chase served as the Financial Services Sponsor for Klutch Conversations in 2020 and currently plays the same role for Klutch Academy.
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The latter is a curated off-season program that prepares rookies and their families for life as professional athletes. The in-depth journey was captured this past Summer in a 5-part docu-series currently airing on BET.
Through Klutch Academy, Paul intends to educate the parents of future clients about the pre-draft process, which includes hiring a representative. While parents and players are pitched through a presentation of the process, they are unaware of the detail.
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Paul says Klutch Academy helps to eradicate the "negative recruiting" that takes place in the business.
The partnership with Paul and Klutch Sports Group not only underscores the bank's investment to promote financial health and literacy in urban centers, but aligns with the bank's $30 billion Racial Equity Commitment to "advance economic growth and opportunity for Black, Hispanic and Latino communities" by the end of 2025.
Through its latest investment, JP Morgan Chase has responded to Los Angeles' crime surge in hopes that more will follow suit.