J.P. Morgan mobilizing to assist relief efforts in China and Myanmar

Massive rescue and recovery efforts are under way in the aftermath of the two disasters which have struck the region in rapid succession.  First, Tropical Cyclone Nargis slammed Myanmar with winds of up to 120 miles per hour.  The next week, an earthquake registering 7.9 on the Richter scale, the worst to hit China since 1976, caused massive destruction.

In a recent message, Bill Daley, head of JPMorgan Chase & Co. Corporate Responsibility, cites reports from aid groups who say the toll in Myanmar is probably about 128,000, with many more deaths possible from disease and starvation.  In China, officials report that more than 10 million people have been affected by the earthquake and aftershocks, leaving 71,000 people dead, buried or missing.

J.P. Morgan is providing a $100,000 contribution to CARE International, which has been based in Myanmar for 14 years and is one of the lead agencies providing assistance, for relief and recovery efforts in that country.  In China, the firm will be contributing $200,000 to the Red Cross to support its relief efforts in the Sichuan Province and surrounding region.

In the most significant example of our front line contribution, 18 freight container trucks carrying relief supplies including 555,000 bottles of water and 567,963 bags of instant noodles,  purchased with J.P. Morgan donated funds were  shipped from Chongqing to Chengdu and were unloaded at three official transferring points on Monday for further distribution to some of the areas most affected by last week's earthquake. The supplies, with a value of approximately $420,000, were funded by contributions from staff and the business in China, and benefited from generous pricing savings on the goods.

Fund raising from employee contributions in Hong Kong increased in the past few days by another $120,000 for China and an estimated $20,000 for Myanmar. Contributions from our offices in Japan and Singapore will significantly increase this figure and the fundraising will continue until at least the end of this week.

Beyond the firm’s direct contributions and the contributions from employees in the region, both CARE and the Red Cross are establishing J.P. Morgan branded websites for employee donations.  Contributions made to these sites will be matched up to $100,000.

Chairman and CEO of J.P. Morgan Asia Pacific Gaby Abdelnour has received an overwhelming response to his staff letter describing the devastation and seeking support.  "I would like to thank all colleagues who are contributing so generously to our collective efforts to relieve the suffering of the people affected by the natural disasters that have struck China and Myanmar," he said. "I'm particularly impressed by the huge contribution of our colleagues and business in China, as well as a team of colleagues in the Hong Kong Investment Bank. Our firm will significantly increase our current financial commitment in the short term, and we arecommitted to long-term involvement in rebuilding these shattered towns and lives of millions of people."

To donate, visit:

Red Cross
CARE International

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