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JP Morgan Chase to invest in Detroit

A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar
A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar

DETROIT (WKZO) -- One of the nation's largest banks appears to be making an investment in Detroit.

A number of reports indicate JP Morgan Chase will invest 100-million dollars over a five-year period with the money aimed at helping the city's redevelopment plans and blight removal. The program will also focus on job training for Detroit residents and making money available for mortgages.

A formal announcement is expected Wednesday at a luncheon in Detroit with Michigan Governor Rick Snyder, Detroit Mayor Mike Duggan and several business leaders in attendance.

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