A diverse, equitable, and inclusive (DEI) organization brings unique perspectives and ideas that make the enterprise more innovative, productive, and resilient. In addition, it promotes equality of opportunity and treatment at all levels of the employment relationship, including recruitment, retention, promotion, remuneration, and training.
Increasing global awareness that all workers have a right to a dignified and respectful workplace irrespective of their sexual orientation and ethnicity, helps to promote an open and inclusive workplace. However, labor market disruption due to the COVID-19 has had devastating consequences globally.
There is a growing focus on racial equity within banking companies and increased efforts to lift underrepresented groups such as Asians, Blacks, and Hispanics. JP Morgan Chase established Advancing Hispanics & Latinos ("AHL") and the Office of Asian & Pacific Islander ("API") Affairs in 2021 for the growth of respective communities. In 2021, Citigroup had invested over $1 billion in strategic initiatives to help close the racial wealth gap and increase economic mobility in the US.
However, the number of executives from underrepresented groups remains remarkably low in financial services.
JPMorgan Chase & Co is an American investment bank that provides various banking services such as retail banking, commercial banking, advisory, wealth management, and credit card services. In 2021, the representation of Asian employees in the US workforce was 17% which increased by 1 percentage point from 2020. Black and Hispanic employees represented 14% and 20% of the US workforce.
In leadership roles (Managing Director and above) at JP Morgan Chase’s US office, the representation of Asian employees was 11% in 2021. Hispanic employees made up 6% of the senior-level US workforce and Black employees made up 5% in 2021.
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