JPMorgan responds to racism allegations

JPMorgan Chase & Co (JPM.N) will modify its customer complaint system on Tuesday and process how employees choose eligible clients for particular banking services.

There were racial discrimination claims in the bank against black customers last December 2019, New York Times reported. Audio recordings made by a bank employee and a customer served as evidence of the said incident. The reports compelled the bank to “look at how we do business so that we could gain a deeper understanding of what more we can do to root out racism and discrimination,” co-Chief Executives Gordon Smith and Daniel Pinto wrote in a memo sent to the bank’s staff.

The bank will make an easier process wherein employees can file customer complaints and identify alarming concerns to senior management. JPMorgan Chase also stated that they were re-evaluating the rules and qualifications of new bank products and benefits. Strengthened tools will also be given to bank managers in order for them to properly monitor their employees. The bank has also committed in recruiting more diverse staff.