Following Push From Rep. Cleaver, JPMorgan Chase Announces Improved Diversity and Inclusion Practices
(Kansas City, MO) – Last week, Gordon Smith and Daniel Pinto, Co-Presidents and COOs for JPMorgan Chase (JPMC), issued a memo to JPMC employees announcing initial steps the bank will take to foster a more diverse and inclusive atmosphere at the largest bank in the United States. These newfound policies come after a months-long internal investigation conducted by the bank following calls for an investigation from United States Representatives Emanuel Cleaver, II (D-MO) and Al Green (D-TX).
"I'm pleased to see the nation's leading banking institution investigate these credible allegations of discrimination, while taking initial steps to correct any fundamentally flawed practices that may have led to this kind of unacceptable behavior," said Congressman Cleaver. "I think this is an opportunity for JPMorgan Chase to be a leader among financial institutions in demonstrating why policies that promote diversity and inclusion aren't just morally correct, but advantageous business decisions as well. This is an important first step along that path, and I look forward to additional reforms and increased transparency within the company in the near future."
Five initial steps JPMC announced it will take include:
- Bolstering hiring systems to build a more robust pipeline of diverse talent
- Instituting required firmwide Diversity & Inclusion training
- Increasing the diversity of the businesses we partner with firmwide
- Enhancing employee feedback process
- Making it easier for customers to access products and services
The bank also announced "over the next 30 days, each business will review their current strategies and contribute a plan to bring this to life and each business will be held accountable."
Last December, reported allegations of race-based discrimination within JPMorgan Chase came to light. Congressmen Cleaver and Green immediately sent a letter calling for the bank and financial regulators to investigate whether or not these reports were isolated incidents or a pattern of discriminatory behavior. The lawmakers also called for the bank to answer a series of questions, and the bank provided illuminating data about their workforce. Cleaver is hopeful that this announcement from JPMC's Co-Presidents is a first step with additional policies and transparency to come.
You can find the initial letter from Reps. Cleaver and Green here.
Emanuel Cleaver, II is the U.S. Representative for Missouri's Fifth Congressional District, which includes Kansas City, Independence, Lee's Summit, Raytown, Grandview, Sugar Creek, Blue Springs, Grain Valley, Oak Grove, North Kansas City, Gladstone, Claycomo, and all of Ray, Lafayette, and Saline Counties. He is a member of the exclusive House Financial Services Committee; Chairman of the House Subcommittee on National Security, International Development, and Monetary Policy; member of the Select Committee on the Modernization of Congress; member of the Committee on Homeland Security; and a Senior Whip of the Democratic Caucus. For more information, please contact Matthew Helfant at 202-225-4535 or Matthew.Helfant@mail.house.gov A high-resolution photo of Congressman Cleaver is available here.
