JPMorgan, UBS, Wells Fargo to allow US employees take day off for Juneteenth

President Biden signed a bill on Thursday to recognize June 19, or "Juneteenth," a federal holiday

JPMorgan Chase & Co will give its U.S. employees one floating day off for the newly implemented Juneteenth federal holiday, according to an internal memo seen by Reuters.

While the holiday falls on a weekend, employees can coordinate with managers for a paid day off between July 1 and Dec. 31, the memo from Chief Executive Officer Jamie Dimon and global head of diversity and inclusion Brian Lamb said.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Wealth manager UBS also unveiled similar plans for its U.S. employees, an internal memo showed.

Wells Fargo & Co will provide an additional personal holiday in 2021 to all eligible U.S. based employees to commemorate Juneteenth, a company spokesperson said.

President Joe Biden signed a bill on Thursday to recognize June 19, or "Juneteenth," a federal holiday marking the end of legal enslavement of Black Americans.

JUNETEENTH HOLIDAY SENDS FEDERAL RESERVE, NYSE SCRAMBLING

It marks the day in 1865 when a Union general informed a group of enslaved people in Galveston, Texas that they had been made free two years earlier by President Abraham Lincoln's Emancipation Proclamation during the Civil War.

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 151.78 -1.22 -0.80%
WFC WELLS FARGO & CO. 45.94 -0.56 -1.20%
UBS UBS GROUP AG 16.48 -0.04 -0.24%

Juneteenth is the first new federal holiday created in nearly four decades. Texas officially declared Juneteenth a state holiday in 1980 and since then the holiday has been officially recognized in most U.S. states.

CLICK HERE TO READ MORE ON FOX BUSINESS

The U.S. Securities and Exchange Commission also said its offices would be closed on Friday. 

(Reporting by Niket Nishant in Bengaluru and Matt Scuffham in New York; Additional reporting by Noor Zainab Hussain and Nandakumar D in Bengaluru; Editing by Arun Koyyur and Shounak Dasgupta)