The New York Times, March 31, 2020: JPMorgan Announces New Diversity Push
JPMorgan Chase is increasing its efforts to diversify its work force and customer base after a Dec. 11 New York Times report showed a black customer and a black employee each struggling to gain access to the same opportunities as their white peers at the country’s largest bank.
In a memo to employees on Tuesday, Gordon Smith and Daniel Pinto, JPMorgan’s acting co-chief executive officers, said the bank was making diversity training mandatory for all employees and would pay more attention to employee complaints. They said the bank would expand the recruiting team dedicated to hiring people of color, make a greater effort to hire vendors run by minorities and work harder to provide customers with access to its full range of products.
Heather McCulloch, the executive director of Closing the Women’s Wealth Gap, which focuses on economic inequality, called the announcement “underwhelming.” She said the group wanted JPMorgan to hire a consultant to do a deep dive into the bank’s diversity practices and come up with ways to improve them.
“Instead, the firm announced more of the same,” she said.
A bank spokesman said in an email that Tuesday’s announcement was an overview of the bank’s plans and had no other details.
