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JPMorgan Chase is altering the name of what was formerly its DEI program. As AFROTECH™ previously told you, JPMorgan Chase seemingly positioned itself with the stance that it would uphold diversity, equity, and inclusion (DEI) efforts despite pressures from the National Legal and Policy Center (NLPC), a conservative nonprofit organization. There has been a sweeping shift with many companies aligning themselves with policies from President Donald Trump’s administration, which has dismantled DEI programs and initiatives in the federal government through executive orders. “Bring them on,” JPMorgan Chase CEO Jamie Dimon told CNBC at the World Economic Forum in Davos, Switzerland, in January 2025. “We are going to continue to reach out to the Black community, the Hispanic community, the LGBT community , the veterans community.” The following month, JPMorgan Chase joined companies such as Morgan Stanley, Citigroup, Wells Fargo, and Bank of America in removing or toning down language...
JPMorgan Chase has begun removing any mention of its DEI efforts from its website, according to The Wall Street Journal. As AFROTECH™ previously mentioned, the bank’s CEO, Jamie Dimon, had vowed to maintain its commitment to diversity, equity, and inclusion (DEI) as well as environmental, social, and corporate governance (ESG) policies, despite pushback from the conservative National Legal and Policy Center (NLPC). The center had also suggested that JPMorgan Chase, which employs 300,000 people globally, reexamine executive compensation tied to DEI goals — an initiative it introduced in 2020 through its “accountability framework.” That same year, the company had launched a $30 billion program to promote racial equity in personal finance as well. In response to the recent pushback, Dimon said at the World Economic Forum in Davos, Switzerland, last month, “Bring them on. We are going to continue to reach out to the Black community, the Hispanic community, the LGBT community, the...
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...
A sign-on bonus from a job is always a win. However, for one Black Houston doctor, her moment of victory was swiftly taken away due to discriminatory practices. ABC13 reports that Dr. Malika Mitchell-Stewart had recently completed her residency before securing a position at Valley Oaks Medical Group. The Black Houston doctor was subsequently awarded a $16,000 check from her newly acquired position. Dr. Malika Mitchell-Stewart then went to JPMorgan Chase Bank at First Colony Branch in Sugar Land to deposit her new earnings. Unfortunately, her celebration was cut short. According to a lawsuit, staff members at JPMorgan Chase began to ask Dr. Malika Mitchell-Stewart unwarranted questions pertaining to her check and position as a doctor, ABC13 reports. Dr. Stewart describes feeling like a criminal after showing her check. JPMorgan Chase ultimately led with a decision to refuse Dr. Stewart’s service and declared the check fraudulent. Stewart believes she was targeted due to the color of...
Historically Black Colleges and University (HBCU) students make the world go round! According to a press release, JPMorgan Chase & Co has partnered with the United Negro College Fund (UNCF) to create the J.P. Morgan Chase Wealth Management HBCU Scholarship. The move is intended to provide support for the Black community by providing them with the resources to achieve business, career, educational and personal financial success. “Systemic racism is a tragic part of America’s history,” said Jamie Dimon, the banking giant’s chairman, and CEO in a press release. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people. It’s long past time that society addresses racial inequities in a more tangible, meaningful way.” Available to students who will be full-time college sophomores in the Fall 2021 semester, the scholarship opportunity is for students who are interested in the financial planning...
Sean “Diddy” Combs and his multimedia company, Combs Enterprises, have announced the second phase of the “Our Fair Share” PPP loan initiative. This time, Combs is teaming up with JPMorgan Chase, The Harbor Bank of Maryland, CDC Small Business Finance, Kabbage, PayPal, and Square to provide capital to those who participate in the program. In a press release announcement, it was confirmed that this program helps hundreds of thousands of minority-owned companies learn about the government’s Paycheck Protection Program (PPP) and connects them to approved Small Business Administration (SBA) lenders that can process applications for these potentially business-saving loans. Combs Enterprises’ efforts have, essentially, put Black-owned businesses on an equal playing field to their white counterparts. According to Newsweek, “the PPP loan program in total gave out 5.2 million individual loans amounting to $525 billion, including millions in payouts to churches and other organizations that pay...
JPMorgan Chase & Co. is expanding its senior leadership team and adding more diversity in the process. According to a news release, the financial services giant named veteran executive Reggie Chambers as its new head of Investor Relations this week. He will replace JPMorgan Chase executive, Jason Scott, effective Jan. 1, 2021. Scott, who has led the company’s Investor Relations team since 2016, will be taking on a new role at JPMorgan Chase as head of Global Technology Finance. According to Black Enterprise, Chambers currently serves as the firm’s Chief Administrative Officer for Chase Consumer Banking where he oversees all branch innovation and operations for the Consumer Bank. This includes managing branch real estate, ATMs, branch innovation labs, and many other things. In his new role, he will report to JPMorgan Chase CFO Jennifer Piepszak while leading a team of employees responsible for maintaining relationships with investors and analysts, an announcement shares ....
New Voices Foundation is launching the New Voices Banking Bootcamp, a business banking educational program in partnership with JPMorgan Chase’s Advancing Black Pathways initiative, announced PRNewswire . According to the press release, the bootcamp is designed “to help women of color entrepreneurs establish strong business banking relationships and expand their access to capital.” Considering that entrepreneurs of color still struggle to raise venture funds and resources for business growth, this opportunity will help fill the gap through financial education. View this post on Instagram We are proud to announce the launch of our New Voices Banking Bootcamp sponsored by JPMorgan Chase & Co.’s Advancing Black Pathways! Over the course of three sessions in December 2020, this virtual Banking Bootcamp will provide 15 women of color entrepreneurs access to JPMorgan Chase & Co.’s bankers for programming on key topics, including establishing strong business banking relationships,...
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 & Co. is going through what is considered the biggest expansion of its leadership group in years, and they’re making history while doing so. This week, the leading global financial services firm announced half a dozen new hires of executives added to the firm’s operating committee, including Chase Consumer Banking Chief Executive Officer Thasunda Brown Duckett — making her the first Black woman added to the committee, ESSENCE reports . “This is a reminder that I am my ancestors’ wildest dreams,” Duckett told ESSENCE. “I like to say that I’m on the shoulders of giants. And it was the cooks and the janitors and the secretaries who introduced my melanin to corporate America that now, fast-forward, I actually have the opportunity to be on the operating committee.” ESSENCE shares that JPMorgan Chase CEO Jamie Dimon opted to expand the company’s Operating Committee to include the heads of their largest businesses. Duckett — who oversees a banking network of over $600...
Small business lender, CDC Small Business, and Community Development Financial Institution, Capital Impact Partners, have partnered to create financial and programmatic support for small Black-owned businesses in Detroit, Los Angeles, and the DMV. In the 41 years the two companies have been operating, they have made over $23 billion in their respective areas of focus for the benefit of small business financing and community development, reports Black News . “Capital Impact and CDC Small Business Finance are industry leaders with a track record of driving innovative community development with an equity lens,” said Ted Archer, Head of Small Business Forward at JPMorgan Chase, according to a press release . “Now, at a time when CDFIs and CDCs play a critical role in the COVID-19 economic recovery, their alliance reimagines the scope, scale and impact mission-based lenders can have on underserved communities.” With the help of a $4 million grant from JPMorgan Chase and a grant from...
Last week, JPMorgan Chase announced Brian Lamb as the new Global Head of Diversity & Inclusion in a press release. Beginning at the start of May, Lamb will take over his new role, a unique position created for the investment banking company. Within his position, Lamb will “be responsible for executing a strategy that builds on the firm’s existing work and further incorporates a diversity lens into how the firm develops products and services, serves clients, helps communities and supports employees,” JPMorgan Chase said in the announcement. This new role will help strengthen the banking firm’s current strategy to support underserved communities and their existing diversity and inclusion initiatives. Lamb shared his excitement about joining the company in an official statement: “I’m excited to join JPMorgan Chase and help to further foster a culture where diversity and inclusion are a central and driving force. A company that is diverse and inclusive can better serve our customers,...
JPMorgan Chase is teaming up with two Black-owned banks for the U.S. Department of Treasury’s Financial Agent Mentor-Protégé Program. The Harbor Bank of Maryland and Liberty Bank and Trust Co. will be mentored by JPMorgan to help the banks gain customers, create new business strategies, and accelerate growth within the company. The partnership comes at a time when Black-owned banks are struggling to stay alive facing operational and regulatory costs that are common strains for small banks. There are currently only 19 Black-owned banks in major cities across the country. With JPMorgan’s help, Harbor Bank of Maryland and Liberty Bank will have the chance to strengthen their presence and help their respective Black communities. Eva Robinson, Head of Treasury Services Public Sector Sales for North America, JPMorgan, said in a press release: “We’re excited about the opportunity to help black-owned community banks expand their capabilities through this program. This initiative is...