JPMorgan Chase becomes primary bank for Howard University

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The group photo is from left to right: Kyle Williams, JPMorgan Chase Commercial Banking Managing Director; Jamie Dimon, JPMorgan Chase Chairman and CEO; Dameel Edwards, Howard graduate; Yaadira Brown, Howard graduate; Peter Scher, JPMorgan Chase Vice Chairman; Wayne Frederick, Howard University president. (Courtesy Photo)

By Megan Sayles, AFRO Business Writer
Report for America Corps Member
msayles@afro.com

After more than a decade-long relationship, Howard University and JPMorgan Chase announced on Tuesday that they will expand their partnership to make the financial institution its primary operating bank. The new banking relationship will advance the university’s five-pillar Howard Forward strategic plan by contributing to its goals of serving the community and improving efficiency and effectiveness. 

“JPMorgan Chase has been a steadfast and committed partner to Howard University. In naming JPMorgan Chase as our primary operating bank, we are deepening an already impactful partnership in ways that will drive clear and measurable success across the Howard University community and move us closer to achieving our Howard Forward strategic plan,” said Howard University President Wayne A.I. Frederick, M.D., MBA. “We are excited to be aligned with a financial institution that will work with us to find ideas and solutions beyond traditional banking.”

With the help of JPMorgan Chase, Howard University will implement digital payment technologies that will ameliorate cash flow processes. The university will be able to provide refunds to students faster, as well as facilitate smoother donor transactions. JPMorgan Chase will also reinforce business continuity and prevention plans regarding fraud and cybersecurity threats. The firm expects that the new collaboration will reduce costs for Howard University that are equivalent to the total of more than 20 full-time scholarships. 

“The impact we can provide Howard through our banking solutions, tools and fraud prevention, will advance the university to reach its goals in a more efficient manner,” said Kyle Williams, commercial banking managing director at JPMorgan Chase. “This way the University staff can do what they do best: focus more time and resources on their students.” Williams hopes that this expanded relationship will assist Howard University in delivering high-quality programming that will create opportunity and ecosystems of support for Black students and communities. 

While serving as the primary bank for Howard University, JPMorgan Chase will continue to build on its existing programming that focuses on hiring, recruitment, professional development and financial health and education. 

Through its Advancing Black Pathways (ABP) initiative, which launched in 2019, Howard University sophomores can apply for a pre-internship program at the firm that extends into internship positions in Asset & Wealth Management, Consumer & Community Banking, Commercial Banking, Corporate & Investment Bank and Corporate Strategy & Technology groups. ABP will also host on-campus office hours to help students craft their resumes, write cover letters and prepare for interviews. 

“A number of companies and many in society are looking for a north star to address racial equity, and I believe Howard and JPMorgan Chase provide just that — a vision and a blueprint,” said Kyle Williams, lead banker for JPMorgan Chase.

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