Jamie Dimon: I am disgusted by racism and hate in any form

J.P. Morgan Chase CEO Jamie Dimon told employees that he’s “disgusted by racism and hate in any form” after a New York Times report detailed 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 late Friday to employees 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.”

Earlier this week, the New York Times reported that a black J.P. Morgan employee and customer experienced racial discrimination by managers at branches in the Phoenix, Arizona area, and had made audio recordings as evidence. In one case, the customer had difficulty attaining private client status despite moving a hundred thousand dollars to the bank.

Dimon said that he’s instructed his managers to look deeper into the bank’s policies and culture to reach higher standards of fairness.

“Racism has existed for too long — in our country, in our communities — and unfortunately, at times, even at our company,” Dimon said. “But this is not who we are. We want all of you to be active in making needed progress.“

Read the entire memo:

Message from Jamie Dimon

Dear colleagues,

I am disgusted by racism and hate in any form. Any such behavior — explicit or veiled, deliberate or unconscious — is unacceptable and does not reflect who we are as a company and how we serve our clients and communities every day.

We must make sure that the culture we aspire to reaches every corner of our company. We have done some great work on diversity and inclusion, but it’s not enough. We must be absolutely relentless on doing more. 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. There is always more we can do.

Racism has existed for too long — in our country, in our communities — and unfortunately, at times, even at our company. But this is not who we are. We want all of you to be active in making needed progress.

We will use this moment as an opportunity to do better — as leaders, as employees and as human beings.


Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

Connect with CNBC News Online

#CNBC
#CNBC TV

[TheRealCcE]

These people are only sorry they got caught.

[NBWITNESSIAM]

I am a former employee and JPMORGAN CHASE HAS GOTTEN AWAY WITH ALOT RACIST THINGS.

[experimental]

I worked at Chase for a few years. Please believe me when I tell you working at Chase, we were treated like slaves. Jamie Dimon PRETENDS to be so offended by racism and slavery, but he turned us ALL into slaves there. We had a tracking device on our computer to literally account for every minute of the day. So if we took 3 five-minute restroom breaks in the morning, THAT was our morning break, already gone. And the amount of transactions required daily is enough to blow your mind. I am good, but even I wasn't good enough to keep my job there. I thank GOD for unemployment because I really think their insane quotas and monitoring our every minute (literally) would have eventually killed me.

[OmegaLambdaXL-bp]

Well JP Morgan Chase's wealth does come directly from slavery, they financed slave traders, slave owners, plantations, and owned slaves as well, this story shouldn't suprise anyone aware of their background.

[zelareka]

I am disgusted by billionares who made it on the back of the government as CEOs of vampire corporations

[vietimports]

jamie dimon is like a real life bond villain

[rc]

He was so disgusted but there was no investigation was conducted, no disciplinary action was taken and no one lost their job ...got it.

[LovingAtlanta]

😡He’a “disgusted” because they got caught!😡

[bobsmith]

People like him insult people's intelligence. There is absolutely no way this would be a policy/ practice without his explicit say so and company policy.

If that were not the case the very first time it occured it would have reached his desk and system wide he would have taken corrective action.

[friendofgod]

The letter is probably in their database as an advance response in case some client goes public.

[djhonline]

I worked for JP Morgan the culture was toxic, bullying and threats were normal

[phillipjohnson]

Furthermore, I am DISGUSTED too...I am sick of these virtue signaling devises...if he was truly "virtuous" he would NOT have a net worth of 1.6 billion. This is about money, more importantly it is about power and control.

[phillipjohnson]

So what? Majority of this stuff is handled internally. Something is up coming out with that statement right now...everyone knows this crap happens and goes on within companies, business, and corporations to some degree. But, in today's climate it is held to a dull roar well below noise floor thresholds. I believe this is yet another manufactured event probably for nefarious political reasons.

[josephstalin]

Trust me mate, there are a lot of reasons to be disgusted at you

[davevaness]

Jamie Dimon sure talks pretty. How many people have been fired over this?

[franciscoromerocarrasquill]

In other words, Dimon hates all hate.

[tommanley]

Still pushing the old ass race card, give it up, we know who the real problem is.
And it's the lying ass MSM mockingbird puppets, it be you!

[TaniaS_]

Oh my..Isnt Jamie a criminal? What a joke!

[worldtraveler]

Sorry? I don’t think so. The CEO is well aware of his company’s culture and racism. As a collective, white men enable racism in corporate by their silence and the need to maintain the status quo. In the few weeks, this story will be an afterthought.

[paulsommerhalder]

The Chase PR boilerplate reading was wonderful, amazing how a British accent can gloss things up.