Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Billionaire business leaders turned against President Donald Trump as he implemented sweeping tariffs with other countries, which have amounted to billions of dollars lost. Many of the billionaires who have pushed back against the Trump tariffs have also endorsed him for the 2024 presidential election. One of those billionaires, Bill Ackman, warned against tariffs, likening them to an “economic nuclear war” in a post on X (formerly known as Twitter). He also claimed that the tariffs weren’t what he voted for, despite Trump speaking on tariffs early on in the election. How Will Tariffs Affect The American Consumer? Unwarranted tariffs will not only decimate our economy but also hurt our already fragile standing on the world stage. In retaliation, China has raised tariffs on American goods to 125%. Most business leaders, economic experts, and other world leaders are confused over Trump’s misguided...

COVID-19 spurred a seismic shift in buying behavior and fast-tracked years of change in the way companies across all sectors and regions do business. U.S. Commerce Department data reveals that consumer spending through non-store channels grew more than 30% in November 2020 when compared to November 2019 — the second-highest rate of any month since the agency began publishing data in 1992. In parallel, U.S. retailers experienced a boost of $152 billion in e-commerce sales in 2020. As consumers overwhelmingly shifted their spending toward online channels during the pandemic, business owners had to pivot more quickly than they ever imagined. At the same time, Black business owners found themselves disproportionately affected by pandemic-linked business impacts. A recent study conducted by the JPMorgan Chase Institute found that Black-owned businesses often experience lower revenues, smaller profit margins and more limited access to cash. Between February and April 2020, more than...

You could soon learn how to fly high thanks to United! The airline is the only major U.S. airline to own its own flight school and now the United Aviate Academy plans to train 5,000 new pilots by 2030 with at least 50% being women or people of color. According to PR Newswire, scholarship commitments from both United and JPMorgan Chase are on a mission to ensure that eligible applicants will not be turned away for financial reasons. “Over the next decade, United will train 5,000 pilots who will be guaranteed a job with United, after they complete the requirements of the Aviate program — and our plan is for half of them to be women and people of color,” said United CEO Scott Kirby in an official news release . “We’re excited that JPMorgan Chase has agreed to support our work to diversify our pilot ranks and create new opportunities for thousands of women and people of color who want to pursue a career in aviation.”   View this post on Instagram   A post shared by United (@united)...

JPMorgan Chase & Co. is expanding its senior leadership team and adding more diversity in the process. According to a news release, the financial services giant named veteran executive Reggie Chambers as its new head of Investor Relations this week. He will replace JPMorgan Chase executive, Jason Scott, effective Jan. 1, 2021. Scott, who has led the company’s Investor Relations team since 2016, will be taking on a new role at JPMorgan Chase as head of Global Technology Finance. According to Black Enterprise, Chambers currently serves as the firm’s Chief Administrative Officer for Chase Consumer Banking where he oversees all branch innovation and operations for the Consumer Bank. This includes managing branch real estate, ATMs, branch innovation labs, and many other things. In his new role, he will report to JPMorgan Chase CFO Jennifer Piepszak while leading a team of employees responsible for maintaining relationships with investors and analysts, an announcement shares ....

JPMorgan Chase & Co. announced this week a $30 billion plan to advance racial equity and help remedy the country’s racial wealth gap over the next five years, as it relates mainly to underserved Black and Latinx communities, CNBC reports . According to CNBC , the bank’s pledge includes a combination of loans, investments, and philanthropy efforts that is expected to stretch beyond its normal course of business. The banking institution shared that barriers within the U.S.’ financial structures has generated profound racial inequalities that have been especially apparent amid the COVID-19 pandemic. JPMorgan Chase’s new commitment arrives to help drive more inclusive measures for the economy’s recovery efforts and eliminate systemic racism. “Systemic racism is a tragic part of America’s history,” said Jamie Dimon — Chairman and CEO, MDIs JPMorgan Chase & Co. — in a press statement . “We can do more and do better to break down systems that have propagated racism and widespread economic...

This week, the Atlanta Hawks Basketball team and Chase Bank, of JPMorgan Chase, announced a partnership that will enrich the Atlanta area. The joint venture will provide financial initiatives for Atlanta’s many residents and offer resources for underserved communities. While the financial terms of the sponsorship have not been made available, the benefits to the Atlanta community are invaluable. Chase will partner with local nonprofits to provide community members with financial workshops and panels featuring Hawk legends, as well as offer small businesses opportunities for economic growth. In addition, Chase will stimulate Atlanta’s growing economy over the next three years by adding approximately 30 retail branches in the Atlanta area and generating 150 jobs for residents. Chase card members will receive early-purchase options for Atlanta Hawk games, and the team will prominently present Chase signage in its State Farm Arena. Nearly 500,000 people now reside in the Atlanta area ,...

JPMorgan Chase will no longer fund private prisons. A spokesperson for the bank informed Reuters of the decision earlier this week. Immigration activists are applauding JP Morgan’s decision. Private prisons have served as detention centers for immigrants since the government’s increased effort to detain undocumented immigrants. According to the New York Times , two of the country’s largest private prison companies — CoreCivic and GEO Group — borrowed almost $2 billion from banks, JP Morgan Chase being one them. The Times also reports that 9 percent of the country’s prison population are in private prisons, and three-quarters of immigrant detainees are housed in private prisons. Last year, activists protested outside of JP Morgan CEO Jamie Dimon’s apartment, highlighting issues with private prisons. Similar protests have taken place for years and many financial analysts and activists have long questioned the ethics and profitability of private prisons. Changing government policies...

Uber drivers are earning less than half of what they made five years ago, while other sectors are doubling their earnings, according to a recent report from Recode. A study by JPMorgan Chase Institute showed that there was a 53 percent decline in earnings for transportation workers — which include ride-sharing drivers and delivery drivers for other gig economy jobs — between 2013 and 2017. The study distinguished gig economy jobs by transportation, non-transport work, and selling and leasing. JPMorgan Chase Institute looked at more than 39 million Chase checking accounts and tracked payments through 128 online platforms. The leasing sector, which includes Airbnb, saw the largest increase in earnings over the three-year span with 69 percent growth. The non-transport work and selling sectors experienced 1.9 and 9.4 percent increases, respectively. Photo: JPMorgan Chase Institute The average earnings for transportation workers dropped from $1,469 to $783. Leasing sector workers saw...