Boston, MA 09/23/2014 (wallstreetpr) – Last few months have not been good for a lot of financial institutions including JPMorgan Chase & Co.(NYSE:JPM) due to various security breaching activities. Millions of accounts have been hacked reportedly, which has prompted such institutions to come up with a very strong, reliable and effective solution. In a series of finding such any such solution, JPM has announced to invest $35 million for strengthening consumer financial security, helping individuals and families save money, enhance economic opportunities and establish credit facility.
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JPM will be investing the above-mentioned amount over a period of two years. The $35 million investment over next two years is based on LabSM Financial Solutions initiative. It was announced in the first half of 2014, according to which, JPM would invest $30 million over five years time for various development-related activities. It was developed by Center for Financial Services Innovation and JPMorgan Chase & Co.(NYSE:JPM) with a sole objective to scale and identify the novel financial services and products in order to increase financial security.
JPMorgan Chase & Co.(NYSE:JPM) announced that it would support various national and regional non-profit organizations with all the possible resources to help individuals obtain knowledge, tools and skills that are required to encourage financial security. At the same time, it would also advise people to avoid expensive services like payday loans assistance and check cashing outlets.
Recently Maria Shriver, Former First Lady of California and Founder of The Shriver Report said that one of the most common and biggest social problems that American citizens had been experiencing for a long period was nothing but financial insecurity. Over 100 million people in U.S. were living under financial insecure conditions; therefore, steps taken by JPMorgan Chase & Co.(NYSE:JPM) could help a lot to all such people. No one from the management of JPM was available to answer reporters.
