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

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Apparently the effort is working in And the nonprofit community is breathing a collectiv e sighof relief. “When Washington Mutual failed, and it was cleatr that the company was goinh to leaveour community, I think there was a terribld anxiety out there that we would lose a philanthropicc corporate partner, said Carol Lewis, chief executivs of . “Now there’s a lot to feel very hopefukl about.” That’s not to say that nonprofits aren’t stillo facing uncertainty about JPMorgan’s long-termm giving strategy — they are.
The New York-based bank, whicnh bought the assets of Washington Mutual after it collapselast September, has made a pledge to donatw $2.65 million in Washington this year, but hasn’t released details of its long-term In a recent JPMorgan’s new chairman of the Pacific Northwest, Phyllie Campbell, said the bank hasn’f put a figure to its plannefd donations over the next several years. “Whaf I can tell you is that we have kind of a strategix umbrellathat we’re operating under and one of the thingw obviously is to supportf the important infrastructure in the Puget Soundf region,” said Campbell.
But even thoughj nonprofits are still in limboo as to whether JPMorgan will supporf them for the long term or even in the next twoyears they’re enthusiastic about the steps JPMorgahn has taken to break the ice in Seattle in less than idea l circumstances. JPMorgan bought Washington Mutual’w assets in a fire sale for $1.9 billionh after federal regulators stepped in to take over the bank last Lewis said she was initially reliever whenJamie Dimon, the chief executive of flew out to Seattle last year to meet with business and nonprofi t leaders.
His speech at the ’ s community development roundtable — given on the same day JPMorganb announced it wouldcut 3,40o0 WaMu jobs locally — reassured Lewis and others that JPMorgan plannes to remain in the community. That’ss also when the bank said it wouldmaintain WaMu’s $2.6 million level of giving for 2009. “k thought it was really a smarrt thing for him to recognize that in this business being an active philanthropic partner is importantand it’s how reputations are built,” said That attitude was cemented for nonprofita earlier this year when JPMorgan created a new positiom as chairman of the Pacific Northwest and appointed previously the head of The , to the new position.
Beforer she led the Seattle Foundation, Campbell a lifelong resident of Washington was president and chief executivesof U.S. Bank in Washington. Her appointment immediatelyt wowed Seattle-area nonprofits. “There could not be an executive of a bank who knowas more about theSeattle community,” said Jim Tune, chief executiv of ArtsFund. “She knows the picture of the communithand she’s committed to the community.” Margaret director of the New York-based Committee , a nationalo forum of chief executives, said JPMorgan has been unusuallty proactive in its approach to philanthropy in Seattle. Dimon is a memberf of the organization.