JP Morgan Chase is set to pay $24 million to Black employees who claimed they were treated unfairly.
America’s largest bank was threatened with a class-action lawsuit after six Black financial advisers who alleged “systemic, intentional race discrimination.” The workers said they were paid less compared to other colleagues and received lower-paying assignments.
The JP Morgan Chase & Co. headquarters, The JP Morgan Chase Tower in Park Avenue, Midtown, Manhattan, New York. JPMorgan Chase & Co. is an American multinational banking and financial services holding company. It is the largest bank in the United States. (Photo by Tim Clayton/Corbis via Getty Images)
JP Morgan has yet to take accountability for the claims and agreed to pay $19.5 million to over 250 current and former employees, according to CNN. The company wanted to “eliminate litigation” and “focus on diversity.”
“We’ll continue to work with our Black advisers through recruiting, development, coaching and management training,” the company’s spokesperson Thomas Kelly stated. “While we think our effort to attract and retain African-American talent is as good as at most other companies, it simply is not good enough.”
JP Morgan plans to set up a $4.5 million fund for diversity training and recruitment of Black employees. The company said it plans to “step up” its effort.
Attorney Suzanne Bish, who represented the Black employees, said it was a win for the plaintiffs.
“Our clients are proud that they were able to negotiate and win a victory for African-American employees … and are pleased that Chase was willing to work with them — not only to provide monetary relief, but to provide policies to level the playing field for employees,” said Bish.
J.P. Morgan Chase reported a profit of $8.3 billion in the second quarter of 2018 alone.
