Key insights
- JPMorgan Chase becomes the first bank to partner with the International Olympic Committee for the 2028 and 2030 Olympic Games. While the financial impact is undisclosed, the partnership enhances JPM's brand image and provides access to a broader client base, potentially leading to increased revenue in the long term. The impact on US equities is slightly positive due to the association with a major global event.
By Tatiana Bautzer
NEW YORK, April 28 (Reuters) - JPMorgan Chase on Tuesday announced a partnership with the International Olympic Committee for the Los Angeles 2028 Olympic and Paralympic Games, along with the French Alps 2030 Winter Games.
The company is the first bank to be global partner of the Olympics, according to the IOC. It will be the official bank of the U.S. Olympic team at the Los Angeles Olympics and founding partner of the LA28 Games.
The parties did not disclose financial commitments. JPMorgan CEO Jamie Dimon said that Olympic and Paralympic athletes are also customers, clients and employees. The company will offer financial health workshops for athletes through an IOC platform.
"We bank the communities they call home, finance the facilities where they train, help them start businesses and plan for their futures," he said.
In Los Angeles, JPMorgan has 5 million consumer banking clients, 589,000 small business clients and 6,000 employees.
JPMorgan Chase employs more than 1,000 people in France, where it has operated since 1868.