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Article

6 Sep 2018

Author:
Max Abelson, Bloomberg News (USA)

USA: JP Morgan Chase to pay $19.5 mln. to settle employees' lawsuit alleging racial discrimination

"JPMorgan Will Pay $24 Million to End Lawsuit From Black Advisers", 4 Sep 2018

...JPMorgan Chase & Co. has reached a settlement with financial advisers who say they were treated poorly because they're black.  Six current and former employees at the largest U.S. bank filed what they asked to be a class action, alleging discrimination that's "uniform and national in scope."...[T]he bank agreed to pay $19.5 million to the members of the class...It will also put $4.5 million into a fund that will back recruitment, bias training, a review of branch assignments and a coaching program for black advisers...In the settlement, the bank denies any "wrongdoing of any kind whatsoever."...The lawsuit accuses JPMorgan of sending white advisers to wealthier places while assigning black colleagues to less lucrative branches and denying them opportunities...Jamie Dimon, JPMorgan's chief executive officer, has said the firm is making progress.  He told shareholders...that he would "dramatically step up our effort" to hire black people...