JPMorgan CEO Jamie Dimon reportedly cut bonuses for upper-level employees who were not on working to advance the bank’s diversity mission.
Continue Reading Below
During a conference on Friday, Dimon said he cut some workers’ extra pay because they “did nothing to help” diversity efforts, as reported by Financial Times reporter Laura Noonan.
A spokesperson for JPMorgan told FOX Business that it launched a new accountability framework linking diverse hiring and retention to compensation decisions.
“We’ve always taken our commitment to equality, diversity and inclusion seriously,” the spokesperson said. “To help drive change, we launched a new accountability framework this year to link diverse hiring and retention to year-end performance and compensation decisions for members of the Operating Committee and our most senior leaders. You can attribute this to JPMorgan Chase.”
The company announced on Thursday that it planned to make a long-term $30 billion commitment to advance racial equity, especially for the Black and Latinx communities.
“Systemic racism is a tragic part of America’s history,” Dimon said in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people. It’s long past time that society addresses racial inequities in a more tangible, meaningful way.”
The plan includes funding, equity and loans.