JPMorgan Chase C.E.O. Says It Needs to Do More to Tackle Racism


Business News - Opportunities - Reviews



Jamie Dimon, the chairman and chief executive of JPMorgan Chase, on Friday tackled allegations of racism at the banking giant, telling employees that such behavior “does not reflect who we are as a company and how we serve our clients and communities every day.”

In a memo sent to employees that was obtained by CNBC, Mr. Dimon said he was “disgusted by racism and hate in any form.” He said the company had “done some great work on diversity and inclusion, but it’s not enough.”

“We must be absolutely relentless on doing more,” he added.

Mr. Dimon told employees that he had instructed his management team to “continually look into our policies, procedures, management practices and culture.”

“Racism has existed for too long — in our country, in our communities — and unfortunately, at times, even at our company,” he added. “But this is not who we are. We want all of you to be active in making needed progress.”

The memo came days after The New York Times published a report detailing allegations of racism at Phoenix-area branches of JPMorgan.

In one instance, one of at least two black men who recorded their interactions with bank employees after they were discriminated against was told he was essentially too black to obtain “private client” status.

Black employees said the company was prejudiced against them as well, The Times reported.

Last year, JPMorgan agreed to pay $24 million to end a class-action lawsuit brought by other black employees who said the company had discriminated against them.


Business News - Opportunities - Reviews



Leave a Reply