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JPMorgan Chase CEO Jamie Dimon is not backing down from diversity, equity, and inclusion (DEI) commitments. According to Business Insider, Dimon confirmed that the financial services firm will continue to advance its DEI efforts and environmental, social, and corporate governance (ESG) policies despite pressure from the National Legal and Policy Center (NLPC), a conservative nonprofit organization. The NLPC has proposed that JPMorgan reevaluate how executive compensation is linked to the company’s racial equity goal. “Bring them on,” Dimon told CNBC at the World Economic Forum in Davos, Switzerland. “We are going to continue to reach out to the Black community, the Hispanic community, the LGBT community , the veterans community.” In 2020, JPMorgan launched a $30 billion program to promote racial equity in personal finance, which included mortgage refinancing and partnerships with Historically Black Colleges and Universities . The bank also launched an “accountability framework” to...
JPMorgan Chase CEO Jamie Dimon has revealed his thoughts amid the ever-changing landscape of workplace diversity, equity, and inclusion (DEI) practices. In a shareholder letter shared via Axios, Dimon reiterated the bank’s commitment to DEI, noting its programs that include resource groups for Black, LGBTQ+, and employees living with disabilities, as well as other initiatives, including a fund geared toward helping entrepreneurs of color, investing efforts in rural communities, and recruiting at Historically Black Colleges and Universities (HBCUs). Moreover, Dimon revealed that the $30 billion racial equity commitment made by JPMorgan Chase in the wake of racial unrest and turmoil in 2020 is “nearly completed,” with plans to make the initiative a permanent program. “We’re thoughtfully continuing our diversity, equity, and inclusion efforts,” he wrote. Dimon also confirmed that the initiatives will adjust as laws continue to evolve around these issues. His statement comes at a time...
After establishing himself in America 20 years ago by way of his Haitian family, Lenny Pyrrhus has made a name for himself and continues to thrive one new skill at a time. According to CNBC’s “Make It” series, Pyrrhus’ immediate family made the trek to the states after his uncle, who was also a well-known musician (Ti Pierre), was killed during a political protest in 1991. His family settled in the northern region of the U.S., and the then-26-year-old does not take the things they endured to get here lightly. “My family went through so much suffering before I was even born, and then for me to have gotten that kind of opportunity in America, I tried to figure out how to make the best of it,” he shared with CNBC.
JPMorgan Chase & Co. announced this week a $30 billion plan to advance racial equity and help remedy the country’s racial wealth gap over the next five years, as it relates mainly to underserved Black and Latinx communities, CNBC reports . According to CNBC , the bank’s pledge includes a combination of loans, investments, and philanthropy efforts that is expected to stretch beyond its normal course of business. The banking institution shared that barriers within the U.S.’ financial structures has generated profound racial inequalities that have been especially apparent amid the COVID-19 pandemic. JPMorgan Chase’s new commitment arrives to help drive more inclusive measures for the economy’s recovery efforts and eliminate systemic racism. “Systemic racism is a tragic part of America’s history,” said Jamie Dimon — Chairman and CEO, MDIs JPMorgan Chase & Co. — in a press statement . “We can do more and do better to break down systems that have propagated racism and widespread economic...
JPMorgan Chase will no longer fund private prisons. A spokesperson for the bank informed Reuters of the decision earlier this week. Immigration activists are applauding JP Morgan’s decision. Private prisons have served as detention centers for immigrants since the government’s increased effort to detain undocumented immigrants. According to the New York Times , two of the country’s largest private prison companies — CoreCivic and GEO Group — borrowed almost $2 billion from banks, JP Morgan Chase being one them. The Times also reports that 9 percent of the country’s prison population are in private prisons, and three-quarters of immigrant detainees are housed in private prisons. Last year, activists protested outside of JP Morgan CEO Jamie Dimon’s apartment, highlighting issues with private prisons. Similar protests have taken place for years and many financial analysts and activists have long questioned the ethics and profitability of private prisons. Changing government policies...