JPMorgan Chase Commits Over $1.3 Million to Increase Skills Training and Job ... September 27, 2016 (Detroit, MI) – JPMorgan Chase & Co. is investing over $1.3 million to increase the number of Detroiters receiving skills training for in-demand jobs and to strengthen partnerships between job seekers, local employers and training providers, the firm announced today.
As part of JPMorgan Chase’s $100 million commitment to the city’s economic recovery, the new grants will support the Detroit Employment Solutions Corporation, United Way for Southeastern Michigan and Corporation for a Skilled Workforce (CSW). Specifically, the investments will create an innovative and new leadership development academy for local workforce professionals, improve connections between Detroiters and existing job openings in growing local industries and address the skills mismatch between local employers and job seekers. Earlier this year, JPMorgan Chase and CSW released a series of reports that examined ways to strengthen Detroit’s workforce systems. What Bankrupted Detroit: China? Or Robots? - The Atlantic. We know that, unlike most defeats, Detroit's bankruptcy has a thousand fathers -- everything from mismanaged pension funds to interest rate swaps gone the wrong way to years of racial animus that hollowed out the core of an already too-sprawling metropolis.
But the fundamental problem of late has been the city's depleted population: More than a quarter of its residents leaving town between 2000 and 2010. That's a function of bad city services and urban blight, but it's also because it's hard to make a living there. You can see that reflected in the chart above. Jobs in the Detroit metropolitan area, which held fairly steady through the nineties, plunged after 2000, as the unemployment rate rose.
Anatomy of Detroit’s Decline - Interactive Feature. Mayor Coleman A. Young of Detroit at an event in 1980. Richard Sheinwald/Associated Press. The rise and fall of Detroit: A timeline. Sign Up for Our free email newsletters On Thursday, Detroit made history — and not in a good way.
Tech and innovation power Detroit's manufacturing revival. Similar efforts are under way in Detroit to foster innovation and entrepreneurism.
These include the Obama administration's manufacturing innovation institute, called Lightweight Innovations for Tomorrow (LIFT), launched in January, and the philanthropic New Economy Initiative (NEI), an economic development initiative working to build a network of support for entrepreneurs and small businesses. "We don't support entrepreneurs directly, but the ecosystem that does," explained David Egner, executive director of NEI, which has raised $135 million to fund entrepreneurs and programs like LIFT.
Egner said that about 20 percent of its recipients are budding manufacturers, making things like heated motorcycle jackets, wooden pallets and carbon dioxide-based coolants for machinery. How Detroit Went Bottom-Up. In the spring of 2005, David Stockman at last reaped the reward of the monopolist.
Stockman, who once served as Ronald Reagan's budget director, spent two decades on Wall Street preparing for this moment. After stints at Salomon Brothers and the Blackstone Group, Stockman in 1999 set up his own private investment fund, Heartland Industrial Partners. He then used Heartland to shape a set of companies -- mainly in the automotive sector -- each dedicated to dominating a particular group of production activities. Of all Stockman's efforts, his most audacious centered on a firm named Collins & Aikman. Stockman used C&A as a vehicle to buy up small producers of interior components like dashboards and seats, and he swiftly captured a position supplying parts to more than 90 percent of all cars built in America.