This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

JPMorgan Chase Offers Relief Following Hurricane Sandy

JPMorgan Chase & Co. (NYSE: JPM) announced today that following the devastation caused by Hurricane Sandy, the company will offer extensive relief across the firm to its customers and the local communities impacted.

“While all natural disasters are heartbreaking, as a New York-based bank, this one literally hits home,” said Jamie Dimon, CEO of JPMorgan Chase. “We have more than 30,000 employees and 10 million customers who have been affected by this storm. We are prepared to offer unprecedented help from all areas of our firm through charitable relief, loans, fee waivers, and other commitments. We plan to be one of the key engines toward this recovery.”

The firm’s pledged relief will include:
  • Up to $5 million in charitable donations for relief and recovery efforts in affected areas, including:
    • $2 million to the American Red Cross for emergency response;
    • $1 million in matched funds for employee donations to the American Red Cross, WorldVision and the United Way, also for immediate relief efforts;
    • Up to $2 million in donations to local agencies for recovery efforts including counseling, temporary housing, cash assistance and access to social services.
  • Up to $5 billion in incremental capital for lending to small and mid-size businesses directly affected by the storm to help them rebuild. We will offer favorable terms on these loans, including discounted fees and rates. These loans will be on top of the funding we already do for small businesses.
  • Offering funding to states, municipalities and transportation authorities for their rebuilding needs.
  • Allowing customers an opportunity to donate to the American Red Cross with Ultimate Reward points.
  • Waiving all mortgage-related fees and offering 90 days forbearance of mortgage payments for customers seeking assistance in the impacted areas, and temporarily suspending all foreclosure sales in the FEMA designated zones.
  • With the inability of some customers to reach a bank, we are increasing the QuickPay deposit limits by five times in the affected states – up to $10,000 a day (up from $2,000 a day), and up to $25,000 a month (up from $5,000 a month).

“We are calling our clients across the firm,” said Matt Zames, co-Chief Operating Officer of JPMorgan Chase. “These are unprecedented times for New York, New Jersey and the other affected states and everyone’s challenges are unique. We are saying the same thing to everyone, ‘How can we help?’ These programs are the beginning for us. We will be a long-term partner with all of our communities as they rebuild on the road ahead.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,596.35 -350.33 -1.95%
S&P 500 2,057.64 -43.85 -2.09%
NASDAQ 4,958.4680 -122.0370 -2.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs