DETROIT (AP) — Financial giant JPMorgan Chase says it will
spend $100 million over five years in Detroit to support and accelerate
the bankrupt city’s economic recovery.
The banking company announced the effort Wednesday at an event in Detroit with Michigan Gov. Rick Snyder.

JPMorgan
Chase CEO Jamie Dimon told reporters that his company is "a for-profit
institution" and is investing in the city to make money.
Snyder says the company’s effort is "truly special" and appreciated.
Chase
says it’s putting $50 million into Invest Detroit and Capital Impact
Partners, which lends to Detroit development projects. It says it’s
putting $25 million into blight removal, $12.5 million into job
training, $7 million into small businesses and $5.5 million into
Detroit’s M-1 light rail project.