JPMorgan has come onboard as the Olympic Games’ global partner, the first-ever for a bank. This deal includes the Los Angeles 2028 Olympics and the French Alps 2030 Winter Games, but via direct financial support to athletes instead of just branding purposes.
Key Highlights
- JPMorgan is the first global partner to ever of International Olympic Committee.
- It includes the LA 2028 Olympic and Paralympic Games, and the French Alps 2030 Winter Games.
- JPMorgan will also act as the US Olympic team’s official bank and a founding partner of the LA28 Games.
- The IOC platform will supply financial health workshops to athletes offered through the bank.
JPMorgan Becomes the First Bank Partner of the Olympic Games
This summer was busy for JPMorgan Chase; the bank announced on Tuesday a global partnership with the International Olympic Committee, its first time as an official Olympic sponsor. It features two sizable future Games, the Los Angeles 2028 Olympics and Paralympics, and the French Alps 2030 Winter Games. JPMorgan will also be the official bank of the US Olympic team for the LA Games and has been a founding partner of LA28. The financial terms of the deal were not disclosed by either party.
What Is JPMorgan Actually Doing with to Games and Athletes?
This partnership is more than just logos and sponsorship. “When you have elite athletes and the communities they live in and the infrastructure they train in, it makes sense,” said JPMorgan CEO Jamie Dimon about the deal. “We bank the communities they call home, finance the facilities where they train, help them start businesses and plan for their futures.” This also includes the financial health workshops for Olympic and Paralympic athletes through an IOC platform, hosted by JP Morgan. The types of topics covered will be financial planning, starting a business and life after sport
The Numbers Behind the Deal
JPMorgan has a big footprint within the cities that host the Games. The bank services five million consumer banking clients, 589,000 small business clients and has six thousand employees in Los Angeles alone. Founded in 1868, JPMorgan already had a long history of operating in France and currently employs over 1,000 people there, the host nation for the 2030 Winter Games. The partnership, in other words, is a natural commercial fit, with the scale of its current presence in both host cities, which gives the bank an instant platform to engage local communities well beyond the Games themselves.
FAQs
- Is this the first time in history that a bank like JPMorgan has partnered with the Olympics?
The IOC confirms JPMorgan is the first to achieve global partner status in Olympic Games history
- What games are included in the deal?
Los Angeles 2028 Olympic and Paralympic Games French Alps 2030 Winter Games
- On what did JPMorgan spend the partnership?
The financial terms were not disclosed by either bidder or the IOC.
- What do athletes actually get out of this deal?
IOC Platform will provide financial health workshops on financial planning, business and life after sport.
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