By Justin Jones
Since 1994, JPMorgan Chase & Co.’s supplier diversity program has been dedicated to the development and utilization of qualified diverse businesses, including companies owned by LGBT, minorities, women, veterans, service disabled veterans and disabled individuals.
Diversity is a “cornerstone of our global corporate culture,” according to the global financial firm’s website. “Our long-term commitment to global supplier diversity not only supports the firm’s corporate culture, it also reflects the diversity of our customer base and employees,” said Jacqueline Rosa, executive director of corporate supplier diversity. “Engaging diverse-owned businesses promotes economic growth and ensures that our firm has access to a full range of new and innovative products and services at competitive prices.”
The firm’s commitment to diverse suppliers is evident in many aspects of its supply chain. In each of the past six years, JPMorgan Chase spent more than $1 billion with diverse suppliers. In 2013, the total diverse spend climbed to $1.5 billion. “From designing, constructing, furnishing, staffing and maintaining our banking branches and offices to manufacturing credit cards and operating call centers to marketing our products and services, diverse suppliers consistently drive significant value and make noteworthy contributions to JPMorgan Chase,” Rosa said.
A global leader
One of the nation’s largest companies with a global footprint that spans 60 countries, JP Morgan Chase recognizes the importance of implementing a diverse and inclusive business model.
“Supplier diversity is an integral part of our vision and values at all levels of the organization, starting with our Chairman, President and CEO Jamie Dimon,” Rosa said. “Richard Buccarelli, my managing director and the chief procurement officer, views my role as the ambassador for diverse businesses.” Reporting directly to the CPO and being part of
his executive management committee allows Rosa and her team to keep on top of pipeline opportunities and assist with meeting diverse spend targets across all lines of business.
“Diverse-owned businesses are held to the same standards as all of JPMorgan Chase’s suppliers,” Rosa said. “In working with diverse suppliers, I value honesty and integrity. I expect them to distinguish themselves by thinking outside of the box, being proactive and always doing their best. In return, my goal is to build a network of high-performing, diverse suppliers willing to give back to the communities in which they do business.”
20 years of diversity
For 20 years at JPMorgan Chase, supplier diversity has been the case, thanks in part to its longstanding relationships with national organizations, such as National Gay & Lesbian Chamber of Commerce, Women’s Business Enterprise National Council and National Minority Supplier Development Council Inc. Supplier Diversity’s internal partnerships also contribute to success, including partnering with Global Diversity and Inclusion at events, with award submissions and with the firm’s business resource groups. A number of these joint efforts resulted in awards and accolades from national industry organizations.
In 2013, JPMorgan Chase’s Supplier Diversity supported the success of Mission Main Street Grants, a program that awarded 12 small businesses $250,000 in grants and workshops at Google headquarters. The Supplier Diversity team helped promote the program among advocacy organizations and their constituents.
“These partnerships proved so successful that 100 percent of the advocacy groups who participated in 2013 have already signed up for the 2014 program that will launch this fall,” Rosa said.
A consistent philosophy
“Twenty years ago, when Chemical Bank — a JPMorgan Chase predecessor organization — launched the program, they knew that supplier diversity was the right thing to do,” Rosa said. “Over time, the program has grown and evolved into a sound business practice that sets our brand apart and also allows us to stay competitive in an increasingly global economy. Supplier diversity will continue to be integrated across the organization in the coming years, and we will continue to contribute to the growth of LGBT-, minority- and women-owned businesses.”