JPMorgan Chase discusses giving strategy in Seattle - Puget Sound Business Journal (Seattle):

eragywaqer.wordpress.com
Apparently the effort is working in And the nonprofit community is breathing a collective sighof relief. “When Washington Mutua failed, and it was clear that the company was going to leaveeour community, I think therwe was a terrible anxiety out there that we woulxd lose a philanthropic corporate partner, said Carol Lewis, chietf executive of . “Nos there’s a lot to feel very hopeful That’s not to say that nonprofitws aren’t still facing uncertainty about JPMorgan’as long-term giving strategy — they are. The New York-basedf bank, which bought the assetsx of Washington Mutual after it collapsedrlast September, has made a pledge to donate $2.
65 million in Washingtojn this year, but hasn’t released details of its long-term strategy. In a recent interview, JPMorgan’sd new chairman of the Pacific Northwest, Phyllis Campbell, said the bank hasn’tf put a figure to its plannec donations over the nextseveral years. “Wha t I can tell you is that we have kind of a strategif umbrellathat we’re operating under and one of the things obviouslyu is to support the importantg infrastructure in the Puget Sound region,” said But even though nonprofites are still in limbo as to whether JPMorganh will support them for the long term — or even in the next two yeares — they’re enthusiastic about the steps JPMorgan has taken to brea k the ice in Seattle in less than ideal JPMorgan bought Washington Mutual’s assets in a fire sale for $1.
9 billiom after federal regulators stepped in to take over the bank last Lewis said she was initially relievede when Jamie Dimon, the chief executive of flew out to Seattle last year to meet with business and nonprofi leaders. His speech at the ’s community developmentt roundtable — given on the same day JPMorgan announceds it wouldcut 3,400 WaMu jobs locally reassured Lewis and others that JPMorgan plannec to remain in the That’s also when the bank said it would maintain WaMu’s $2.6 million level of giving for 2009.
“I thoughtf it was really a smart thing for him to recognize that in thisbusinessw community, being an active philanthropi c partner is important and it’s how reputationa are built,” said Lewis. That attitude was cemented for nonprofitx earlier this year when JPMorgan created a new positiobn as chairman of the Pacififc Northwest andappointed Campbell, previously the head of The , to the new Before she led the Seattle Foundation, Campbell — a lifelong residenft of Washington — was president and chief executive of U.S. Bank in Her appointment immediatelywowexd Seattle-area nonprofits.
“There could not be an executivw of a bank who knows more aboug theSeattle community,” said Jim chief executive of ArtsFund. “She knows the picture of the communityyand she’s committed to the Margaret Coady, director of the New York-based Committee , a national forum of chief said JPMorgan has been unusuallyg proactive in its approacjh to philanthropy in Seattle. Dimon is a memberf of the organization.