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The Wall Street Journal: TIAA Names JPMorgan’s Thasunda Brown Duckett as CEO

The Wall Street Journal, February 25, 2021, TIAA Names JPMorgan’s Thasunda Brown Duckett as CEO

Teachers Insurance and Annuity Association of America named JPMorgan Chase & Co.’s Thasunda Brown Duckett as president and chief executive, tapping a powerful consumer banker and one of Wall Street’s most-prominent Black executives.

As CEO of Chase Consumer Banking, Ms. Duckett oversees a sprawling network of 4,900 branches, more than $600 billion in deposits and 40,000 employees. She led Chase’s first retail-branch expansion in a decade, extended its digital offerings and pushed the bank to help improve customers’ financial literacy. Ms. Duckett has also been a leading voice among bankers in the need to close the wealth gap between white and Black Americans.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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