Dimon Says He’s ‘Disgusted by Racism’ in Wake of New York Times Exposé
The news comes about a year after the bank reached a $24 million settlement brought by black employees.
JPMorgan Chase CEO Jamie Dimon is speaking out after a New York Times article exposed racial discrimination at a branch, according to a memo sent to employees and obtained by Bloomberg.
“I am disgusted by racism and hate in any form,” Dimon wrote in the memo. “Any such behavior — explicit or veiled, deliberate or unconscious — is unacceptable and does not reflect who we are as a company and how we serve our clients and communities every day.”
The executive has asked managers to review the bank’s policies, practices and culture, as well as to be “active” in addressing the issue, Bloomberg reported.
The JPMorgan memo was sent several days after the Times highlighted allegations of racism at some Phoenix-area branches in a story titled “This Is What Racism Sounds Like in the Banking Industry.” The report highlighted interactions between two black men and bank employees.
Jimmy Kennedy, a client and former NFL player, was told he was essentially too black to obtain “private client” status, while financial advisor Ricardo Peters was denied a role as a private client advisor.
The news comes about a year after JPMorgan agreed to pay $24 million to settle a class-action discrimination lawsuit brought by six black employees, including some advisors.
The bank, along with dozens of other institutions, is a member of The Diversity Project, which aims to ensure that professionals in financial services reflect the clients and communities they serve.