JPMorgan CEO tells employees he is 'disgusted by racism' after NY Times report
JPMorgan Chase CEO Jamie Dimon said in a memo to employees that he’s “disgusted by racism and hate in any form” after an explosive New York Times report highlighted several instances of discrimination at the bank’s branches.
“We must make sure that the culture we aspire to reaches every corner of our company,” Dimon said in a memo sent to employees late Friday and obtained by CNBC. “We have done some great work on diversity and inclusion, but it’s not enough. We must be absolutely relentless on doing more.”
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The New York Times reported earlier this week that a black JPMorgan employee and customer were racially discriminated against by managers at Arizona branches, presenting audio recordings as evidence. In one case, the customer had trouble gaining private client status despite transferring $100,000 to the bank.
Dimon said in the memo that he has told managers to examine the bank’s policies and culture in order to improve its standards.
“I’ve instructed my management team to continually look into our policies, procedures, management practices and culture to set and achieve the highest possible standards,” he wrote. “There is always more we can do.”