JP Morgan joins US peers with USD 2-mn COVID-19 aid to India

·2-min read

Mumbai, Apr 30 (PTI) The Wall Street-based investment banking major JPMorgan Chase on Friday joined its peers to help India fight its worst heath crisis, committing an upfront USD 2-million financial aid along with an appeal to its over 2.5 lakh employees to chip in.

The New York-headquartered investment bank and financial services major employs over 2.5 lakh globally. Of them, over 35,000 are based in the country.

In an e-mail to all the employees earlier in the day, JPMorgan Chase Global Chief Executive Jamie Dimon committed USD 2 million to Indian non-profit entities, which are in the forefront of the pandemic fight. It also appealed to its employees to donate with an additional commitment to match their contributions with an equal amount by the company.

Dimon follows his peers like Blackstone Chairman Stephen Schwarzman and Goldman Sachs chief David Solomon (who offered an additional USD 10 million) and scores of other US corporations like Indians-headed Google/Alphabet (Rs 135 crore) and Microsoft and Vinod Khosla's Sun Microsystems, to support fight against the pandemic.

'We are committing USD 2 million to India's pandemic relief efforts.

'We are also opening a matching campaign for our employees across the world to contribute to select organisations supporting COVID-19 relief in India, including the US-India Friendship Alliance,' Dimon wrote in an e-mail to employees on Friday.

PTI has seen the e-mail.

The fund will flow into non-profits helping those impacted the most by coronavirus, he said.

He added that the contributions will look to support the public health system by helping improve capacity and supply chains. 'Other contributions will go towards providing food and other essential items to the poor.' In addition, he also opened a matching campaign for all employees globally to donate to select organisations with a commitment to match 1:1 for every dollar donated.

On Thursday, Goldman Sachs Chairman David Solomon committed an additional USD 10 million, saying India houses three of its offices and its their responsibility to help her. Last year also, he had contributed USD 1 million.

On Wednesday, alternative investment management giant Blackstone's chairman told PTI that his firm would provide USD 5 million aid to help India to fight the pandemic.

A day before almost 40 large American companies committed millions of dollars to help India fight the pandemic. Earlier in the week, American vaccines maker Gilead also donated 4.5 lakh Remdesivir vials worth Rs 20-crore through its India clinical trials partner Klinera. PIT BEN HRS hrs