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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
JPMorgan Settles Lawsuit with Black Advisers
Six current and former financial advisers at JPMorgan Chase had filed what they asked to be a class action, charging that they had been discriminated against because they’re black.
Before the case went any further, the bank entered into a settlement, agreeing to pay $19.5 million to the claimants and to 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.
The lawsuit claimed that JPMorgan had sent white advisers to wealthier places while it assigned black colleagues to less lucrative branches, thus denying them opportunities. Claimants further charged that they had few licensed bankers to support them, were mostly kept out of a program for richer clients and got paid less.
Perhaps the real-life numbers on Wall Street speak for themselves. According to JPMorgan’s own figures, the bank’s share of black employees has dropped for 6 straight years, falling to 13.4% in 2017 from 16% in 2011. Meanwhile, at Citigroup, black workers account for only 10% of U.S. workforce, down from 17% in 2009.