JP Morgan and its Treatment of Military Veterans
Appreciation for the service and protection that military personnel provide is an emotional subject in America. Although gratitude to military servicemen and women is a phenomenon experienced in just about every country in the world, the American people seem particularly aware of the debt they owe the men and women who join the armed services. As such, the matter of how these service personnel are cared for when they re-enter the community, particularly if they were injured during their service, is one that is passionately and acutely felt across America. One of the largest banking brands in the US, JP Morgan, has also been keen to show its appreciation of ex-servicemen, and has launched a major campaign that is planned to run for at least ten years highlighting its dedication to helping these people take their rightful place in society.
Housing
JP Morgan announced a raft of measures in February 2011 aimed at helping former soldiers financially. One of the largest areas of its program was dedicated to housing for servicemen, with the brand aiming to provide 1,000 veterans with homes before 2016. The brand works with a number of charities dedicated to helping soldiers, so is in close contact with those who actually know and understand the needs of former military personnel. The brand also pledged to open Chase Homeownership Centers directly near core military bases in order to help servicemen secure their own homes. Servicemen stationed at bases including Fort Hood in Texas and Camp Lejeune in North Carolina will all receive help securing a home with the brand.
Employment
Elsewhere, the brand has also outlined a commitment to securing employment for former members of the military. One core thrust of this campaign is a partnership with some of the major corporate employers in America. JP Morgan hopes that this partnership will allow it to find employment for 100,000 veterans before 2021. Of course, this is very much a work in progress so more and more employers should be added to the campaign as time goes on. Interestingly, the brand has also made a commitment to finding out the employment processes of any company it does deals with. As an official release from the bank states, it “will make contract decisions in part based on how strong those [military hiring] programs are. This is in addition to our current practice of requiring vendors to disclose their diversity practices”. In short, the brand will refuse to do business with any firm that doesn’t meet certain standards of equal employment for military veterans, even if that would cost the bank money.
Banking
JP Morgan has launched a dedicated website for veterans outlining its intentions to help members of the military and detailing how it will go about completing its ambitious goals, at www.chasemilitary.com. As well as offering veterans jobs itself, the brand also wants to be the major bank for all servicemen, whether it is taking care of their mortgage needs or handling a credit card transfer for them.
Controversy
Unfortunately for the bank, many have criticized these recent endeavours as a smokescreen attempt to cover up its previous track record of treating military veterans unfavourably. At the start of 2011 (interestingly right before the initiative was launched), JP Morgan was blasted in the press for making mistakes with the homes of servicemen. The bank miscalculated the mortgages of around 4,500 military members, while further mistakes led to the premature and incorrect foreclosure of 18 households belonging to members of the military. The bank profoundly apologized for these errors and has since updated its foreclosure policy altogether, changing its regulations to state that a foreclosure is prohibited on the house of any customer currently serving in the armed forces. However, many commentators have stated that the brand’s campaign has come too late and the damage has already been done.
Although this is true, the fact is JP Morgan has now undergone genuine attempts and measures to make the re-entry into public life easier for members of the military. Although the bank may not have always done right by ex-servicemen in the past, measures like these are always welcome in order to give the troops the support and assistance that they deserve for protecting our freedoms, both at home and abroad.
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