JPMorgan Chase Bank’s Approach to Supplier Diversity
JPMorgan Chase Global Head of Supplier Diversity, William Kapfer, talks about their commitment to investing in Latino-owned businesses through supplier opportunities.
PLEASE BEGIN BY SHARING WITH US SOME OF YOUR BACKGROUND, YOUR ROOTS?
I was born in a town in update New York called Warwick – a small village located 60 miles north of New York City, with a population of about 6,000. I spent my formative years, and began my work-life in Warwick. From the earliest age I can remember, diversity and acceptance had been ingrained in my family culture. My earliest memories are of working in my grandfather’s grocery store, alongside many people who were different from me. Stocking shelves, making sandwiches and bagging groceries, I worked side-by-side with people from all walks of life. The important lessons my grandfather instilled in me during those years not only taught me about the integral role that small business owners play in a community, but the importance of embracing and honoring all people, regardless of race, age, gender or sexual orientation—lessons that have indelibly influenced who I am today.
TALK ABOUT SOME OF THE WORK YOU HAVE DONE AS GLOBAL HEAD OF SUPPLIER DIVERSITY IN FAVOR OF LATINO SMALL BUSINESSES?
A big part of what I believe supplier diversity needs to do – and we do it here at JPMorgan Chase – is set the conditions for success for everyone. Our approach to advancing, growing and sustaining more diverse suppliers across the company is to partner with all lines of business at the company, participate in their initiatives, and find ways to connect them with our networks. We also collaborate with our firm’s Office of Nonprofit Engagement to support advocacy organizations such as the US Hispanic Chamber of Commerce. In addition to the US Hispanic Chamber of Commerce, JPMorgan Chase partners with diverse business advocacy organizations, such as the National Hispanic Business Group and the National Minority Supplier Development Council, some of which provide third-party certifications. These organizations offer programming to support the development and success of entrepreneurs. Active, ongoing relationships with groups such as these enable us to identify, connect with and build relationships with Latino-owned companies. During my tenure, the firm has been named to the US Hispanic Chamber of Commerce Million Dollar Club, and the Arizona Million Dollar Circle of Excellence by the Arizona Hispanic Chamber of Commerce. Last year, JPMorgan Chase was one of only two financial services firms inducted into the Billion Dollar Roundtable, a non-profit organization comprised of 28 corporations that each spend $1 billion or more annually directly with diverse suppliers.
WHAT HAS BEEN YOUR EXPERIENCE WORKING WITH LATINO SUPPLIERS?
Over the last year, JPMorgan Chase spent over $84 Million with Latino suppliers. We currently work with Latino-owned companies across a variety of industries including asset management, construction, advertising and marketing, legal services, and ATM management.
For example, as JPMorgan Chase began the process of refurbishing its midtown Manhattan headquarters, the need to move thousands of executives to nearby locations in a very short timeframe required new office build-outs and new furniture. We partnered with a Latino-owned company which met all of our furnishing needs, providing furniture on aggressive project timelines. In addition, they supplied upwards of 6,000 Herman Miller signature Aeron Chairs for five locations in midtown Manhattan. The company exceeded all supplier performance standards in having product available, staged and ready when we needed it. There are many other examples like this.
JPMorgan Chase also believes in providing thought leadership and other support to diverse communities and entrepreneurs. This year, JPMorgan Chase is a Sustaining member and sponsor of the Women’s Business Enterprise National Council (WBENC) Women of Color Development & Outreach Program to provide Latina, African American and other women entrepreneurs of color a comprehensive business eco-system including tools and information that would assist in strengthening, and scaling, their businesses with access to capital, business and personal development and networking.
Given the marketplace changes caused by the COVID-19 crisis, we recently held a Zoom event with LatinX business leaders across the country to talk about the impacts of COVID-19 on the LatinX community. Senator Mel Martinez gave remarks and former HUD Secretary, Henry Cisneros was also in attendance. +