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Chase Bank

National bank headquartered in Manhattan, New York City

For the buildings, see Chase Tower (Chicago) and Bank of the Manhattan Company Building.

Chase branches in the U.S. in 2020

JPMorgan Chase Bank, N.A., doing business asChase Bank or often as Chase, is an American national bank headquartered in Manhattan, New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding company, JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000.[2] Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Manhattan Company in 1955.[3] The bank merged with Bank One Corporation in 2004[4] and later acquired the deposits and most assets of Washington Mutual.

Chase offers more than 5,100 branches and 17,000 ATMs nationwide.[5] JPMorgan Chase & Co. has 250,355 employees (as of 2016) and operates in more than 100 countries. JPMorgan Chase & Co. had their assets of $2.49 trillion in 2016.

JPMorgan Chase, through its Chase subsidiary, is one of the Big Four banks of the United States.[6][7]

History[edit]

From September 1, 1799, to 1955, it was called The Bank of The Manhattan Company (New York); after a 1955 merger with the Chase National Bank (which existed separately from 1877 to 1954) it was called The Chase Manhattan Bank.[8][9]

Chase's southwest regional headquarters in Phoenix, Arizona.

The Manhattan Company[edit]

Main article: Bank of the Manhattan Company

Chase traces its history back to the founding of The Manhattan Company by Aaron Burr on September 1, 1799, in a house at 40 Wall Street:[2]

After an epidemic of yellow fever in 1798, during which coffins had been sold by itinerant vendors on street corners, Aaron Burr established the Manhattan Company, with the ostensible aim of bringing clean water to the city from the Bronx River but in fact, designed as a front for the creation of New York's second bank, rivaling Alexander Hamilton's Bank of New York.

— The Economist[10]

In 2006, the modern-day Chase bought the retail banking division of the Bank of New York, which then only months later merged with Pittsburgh-based Mellon Financial to form the present-day BNY Mellon.[11][12]: 23–26 

Chase National Bank[edit]

Chase National Bank was formed in 1877 by John Thompson.[2] It was named after former United States Treasury Secretary and Chief Justice Salmon P. Chase,[3] although Chase did not have a connection with the bank.[2]

The Chase National Bank acquired a number of smaller banks in the 1920s through its Chase Securities Corporation. In 1926, for instance, it acquired Mechanics and Metals National Bank.

Specimen Stock Certificate

However, its most significant acquisition was that of the Equitable Trust Company of New York in 1930, the largest stockholder of which was John D. Rockefeller, Jr.[13] This made Chase the largest bank in the US and indeed, in the world.

Chase was primarily a wholesale bank, dealing with other prominent financial institutions and major corporate clients, such as General Electric,[14]: 450  which had, through its RCA subsidiary, leased prominent space and become a crucial first tenant of Rockefeller Center, rescuing that major project in 1930. The bank is also closely associated with and has financed the oil industry, having longstanding connections with its board of directors to the successor companies of Standard Oil, especially ExxonMobil, which are also Rockefeller holdings.

Merger as Chase Manhattan Bank[edit]

Manhattan Company (1799-1955) letterhead c. 1922
Chase National Bank (1877-1955) letterhead c. 1921

In 1955, Chase National Bank and The Manhattan Company merged to create the Chase Manhattan Bank.[2] As Chase was a much larger bank, it was first intended that Chase acquire the "Bank of Manhattan", as it was nicknamed, but it transpired that Burr's original charter for the Manhattan Company had not only included the clause allowing it to start a bank with surplus funds, but another requiring unanimous consent of shareholders for the bank to be taken over. The deal was therefore structured as an acquisition by the Bank of the Manhattan Company of Chase National, with John J. McCloy becoming chairman of the merged entity. This avoided the need for unanimous consent by shareholders.

For Chase Manhattan Bank's new logo, Chermayeff & Geismar designed a stylized octagon in 1961, which remains part of the bank's logo today.[15] It has been reported that the Chase logo was a stylized representation of the primitive water pipes laid by the Manhattan Company,[16] but this story was refuted in 2007 by Ivan Chermayeff himself. According to Chermayeff, the Chase logo was merely intended to be distinctive and geometric, and was not intended at all to resemble a cross-section of a wooden water pipe.[17] According to Chase, the sides of the octagon represent forward motion, while the blank space in the middle suggests progress originates from the center; and is a single unit made up of separate parts, like the bank.[18] The bank included an asset management business called the Chase Investors Management Corporation. Under McCloy's successor, George Champion, the bank relinquished its antiquated 1799 state charter for a modern one. In 1969, under the leadership of David Rockefeller, the bank became part of a bank holding company, the Chase Manhattan Corporation.[3]

The mergers and acquisitions during this period allowed Chase Manhattan to expand its influence over many non-financial corporations. A 1979 study titled "The Significance of Bank Control over Large Corporations"[19] found that: "The Rockefeller-controlled Chase Manhattan Bank tops the list, controlling 16 companies." In 1985, Chase Manhattan expanded into Arizona by acquiring Continental Bank.[20] In 1991, Chase Manhattan expanded into Connecticut by acquiring two insolvent banks.[21]

Mergers with Chemical, J.P. Morgan[edit]

In August 1995, Chemical Bank of New York and Chase Manhattan Bank announced plans to merge.[22] The merger was completed in August 1996.[23] Chemical's previous acquisitions included Manufacturers Hanover Corporation, in 1991, and Texas Commerce Bank, in 1987. Although Chemical was the nominal survivor, the merged company retained the Chase name since not only was it was better known (particularly outside the United States), but the original charter of Chase required that the name be retained in any future business ventures. Hence, even today, it is known as JPMorgan Chase.

In December 2000, the combined Chase Manhattan completed the acquisition of J.P. Morgan & Co. in one of the largest banking mergers to date. The combined company was renamed JPMorgan Chase. In 2004, the bank acquired Bank One, making Chase the largest credit card issuer in the United States. JPMorgan Chase added Bear Stearns and Washington Mutual to its acquisitions in 2008 and 2009 respectively. After closing nearly 400 overlapping branches of the combined company, less than 10% of its total, Chase will have approximately 5,410 branches in 23 states as of the closing date of the acquisition.[24][25] According to data from SNL Financial (data as of June 30, 2008), this places Chase third behind Wells Fargo and Bank of America in terms of total U.S. retail bank branches.

In October 2010, Chase was named in two lawsuits alleging manipulation of the silver market.[26] The suits allege that by managing giant positions in silver futures and options, the banks influenced the prices of silver on the New York Stock Exchange's Comex Exchange since early 2008.

The following is an illustration of the company's major mergers and acquisitions and historical predecessors to 1995 (this is not a comprehensive list):

Bank One Corporation[edit]

Main article: Bank One Corporation

In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board its current chairman and CEOJamie Dimon as president and COO and designating him as CEO William B. Harrison, Jr.'s successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006 after Harrison's resignation.[27]

Bank One Corporation was formed upon the 1998 merger between Banc One of Columbus, Ohio and First Chicago NBD. These two large banking companies were themselves created through the merger of many banks. JPMorgan Chase completed the acquisition of Bank One in Q3 2004. The merger between Bank One and JPMorgan Chase meant that corporate headquarters were now in New York City while the retail bank operations of Chase were consolidated in New York.[28][29]

The following is an illustration of Bank One's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):

Bank One
(merged 1998)
Banc One Corp
(merged 1968)

City National Bank
& Trust Company (Columbus, Ohio)

Farmers Saving
& Trust Company

First Chicago NBD
(merged 1995)
 

Louisiana's First
Commerce Corp.

Washington Mutual[edit]

Main article: Washington Mutual

On September 25, 2008, JPMorgan Chase bought most banking operations of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation (FDIC).[30]: 115  That night, the Office of Thrift Supervision, in what was by far the largest bank failure in American history, seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase Bank, NA for $1.888 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their equity.[31] Through the acquisition, JPMorgan became owner of the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company completed the rebranding of Washington Mutual branches to Chase in late 2009.

Other recent acquisitions[edit]

In the first quarter of 2006, Chase purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for $663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.[32] In April of that same year, Chase acquired the Bank of New York Co.'s retail and small business banking network. This gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, Connecticut, and Indiana.[33]

In 2019, Chase began opening retail branches in Pittsburgh and other areas within Western Pennsylvania; this coincided with Bank of America starting a similar expansion within the area the previous year.[34] Even though Chase entered the market organically as opposed to a merger & acquisition, they still had to receive approval from the Office of the Comptroller of the Currency to open branches due to Chase's size as a whole.[35] Before Chase and Bank of America expanded its retail presence into the market, Pittsburgh had been one of the largest U.S. cities without a retail presence from any of the "Big Four", with locally-based PNC Financial Services (no. 6 nationally) having a commanding market share in the area. Chase had previously considered buying National City branches from PNC that were required for divesture following that bank's acquisition of National City in 2009, but were instead sold to First Niagara Bank (since absorbed into KeyBank); it had been speculated that PNC intentionally sold the branches to a much smaller competitor due to not wanting to compete with a "Big Four" bank in its home market.[36]

In September 2021, JPMorgan Chase entered the UK retail banking market by launched an app-based current account under the Chase brand. This is the company's first retail banking operation outside the of United States.[37][38][39]

Controversies[edit]

WWII Related Controversies[edit]

Purchase of Nazi Germany's Reichsmarks[edit]

A press release from the National Archives and Records Administration (NARA) in 2004 announced that many of the new Federal Bureau of Investigation (FBI) files had become declassified. This declassification enabled the discovery that before and during the early years of World War II, the German government sold a special kind of Reichsmark, known as Rückwanderer [returnee] Marks, to American citizens of German descent. Chase National Bank, along with other businesses, were involved in these transactions. Through Chase, this allowed Nazi sympathizers to purchase Marks with dollars at a discounted rate. Specifically, "The financial houses understood that the German government paid the commissions (to its agents, including Chase) through the sale of discounted, blocked Marks that came mainly from Jews who had fled Germany." In other words, Nazi Germany was able to offer these Marks below face-value because they had been stolen from emigrés fleeing the Nazi regime. Between 1936 and 1941, the Nazis amassed over $20 million, and the businesses enabling these transactions earned $1.2 million in commissions. Of these commissions, over $500,000 went to Chase National Bank and its subagents.

These facts were discovered when the FBI began its investigation in October 1940. The purpose of the investigation was to follow German-Americans who had bought the Marks. However, Chase National Bank's executives were never federally prosecuted because Chase's lead attorney threatened to reveal FBI, Army, and Navy "sources and methods" in court.[citation needed] Publicly naming the sources and methods could have posed security risks and threatened future intelligence gathering. To avoid such revelations, the executives' violations of the Johnson Act, the Espionage Act, and the Foreign Agents Registration Act were never prosecuted.[40][41][42]

Release of funds for Nazi Germany[edit]

Besides the controversial Rückwanderer Mark Scheme, NARA records also revealed another controversy during the occupation of France by the Nazis. From the late 1930s until June 14, 1941, when President Franklin D. Roosevelt (FDR) issued an Executive Order freezing German assets, Chase National Bank worked with the Nazi government. The order blocking any access to French accounts in the U.S. by anyone, but especially by the Nazis was issued by Secretary of the Treasury, Henry Morgenthau Jr., with the approval of FDR. Within hours of the order, Chase unblocked the accounts and the funds were transferred through South America to Nazi Germany.[42]

Refusal to release funds belonging to Jews in occupied France[edit]

U.S. Treasury officials wanted an investigation of French subsidiaries of American banks, such as Chase Bank, J.P. Morgan & Co, National City Corporation, Guaranty Bank, Bankers Trust, and American Express. Of these banks, only Chase and Morgan remained open in France during the Nazi occupation. The Chase branch chief in Paris, France, Carlos Niedermann, told his supervisor in New York that there had been an "expansion of deposits". Also, Niedermann was, "very vigorous in enforcing restrictions against Jewish property, even going so far as to refuse to release funds belonging to Jews in anticipation that a decree with retroactive provisions prohibiting such release might be published in the near future by the occupying Nazi authorities"[citation needed] .

In 1998, Chase general counsel William McDavid said that Chase did not have control over Niedermann. Whether that claim was true or not, Chase Manhattan Bank acknowledged seizing about 100 accounts during the Vichy regime. Kenneth McCallion, a partner in the New York firm Goodkind Labaton Rudoff & Sucharow,[43] led a lawsuit against Barclays Bank for the illegal seizure of assets during WWII and has since turned his attention toward Chase. The World Jewish Congress (WJC), entered into discussions with Chase and a spokesperson for the WJC said, "Nobody at Chase today is guilty. They were not involved in whatever happened, but they do accept that they have an institutional responsibility." A Chase spokesman said, "This is a moral issue that we take very seriously." Chase general counsel McDavid added, "that Chase intends to compensate Jewish account holders whose assets were illegally plundered". In 1999, the French government formed a commission to report findings to Prime MinisterLionel Jospin. Claire Andrieu, a commission member and history professor at the Sorbonne, said that under the Vichy regime, French banks received visits from Nazi officials but U.S. banks did not. At that time, they did not have to report Jewish accounts, but they did just as the French banks did. She goes on to say that an American ambassador protected the U.S. subsidiaries.[44][45][46]

Recent controversies[edit]

JPMorgan Chase has paid $16 billion in fines, settlements, and other litigation expenses from 2011 to 2013. Of the $16 billion JPMorgan Chase has paid, about $8.5 billion were for fines and settlements resulting from illegal actions taken by bank executives, according to Richard Eskow at the Campaign for America's Future, who cited a new report from Joshua Rosner of Graham Fisher & Co.

The $16 billion total does not include a recent settlement that calls for JPMorgan Chase to pay $100 million to waive $417 million in claims it had made against clients of the firm MF Global.

The U.S. Treasury's Office of Foreign Assets Control found that JPMorgan had illegally aided dictatorships in Cuba, Sudan, Liberia and Iran, including transferring 32,000 ounces of gold bullion (valued at approximately $20,560,000) to the benefit of a bank in Iran. JPMorgan did not voluntarily self-disclose the Iranian matter to OFAC.[47]

Among its other transgressions, JPMorgan has been found to have:[48][49][50][51][52]

Targeted account closures[edit]

During 2013 and 2014, Chase and other banks received media attention for the practice of canceling the personal and business accounts of hundreds of legal sex workers, citing in some instances the "morality clause" of their account agreement.[53] Later it was discovered that this practice included mortgage accounts and business loans.[54] Chase canceled the mortgage refinancing process for one individual, that the bank had initiated, whose production company made soft core films like those broadcast on Cinemax.[55] This resulted in a lawsuit[56] which cited evasive dealings and misleading statements by several Chase executives including Securities Vice President Adam Gelcich, Legal Fair Lending Department Vice President Deb Vincent, and an unnamed executive director and assistant general counsel.[57]

In addition to closing accounts for sex workers, the bank has also been using its "morality clause" to disassociate from other types of businesses.[58] Some of these other businesses include medical marijuana dispensaries and any that are "gun related".[58] Another was a woman-owned condom manufacturing company called Lovability Condoms. Company founder Tiffany Gaines was rejected by Chase Paymentech services "as processing sales for adult-oriented products is a prohibited vertical" and was told that it was a "reputational risk" to process payment for condoms.[58] Gaines then started a petition to ask Chase to review and change its policy of classifying condoms as an "adult oriented product". The bank later reversed its decision and invited Gaines to submit an application citing that was already doing business with a "wide variety of merchants, including grocers and drug stores, that sell similar products".[59]

In 2019 the bank faced growing criticism for its alleged practice of arbitrarily targeting the personal accounts of outspoken online personalities such as Martina Markota and Proud Boys chairman Enrique Tarrio. Although the specific motives behind the closures were not officially disclosed the assumption among many on the right was that they were political in nature.[60]

Dakota Access Pipeline[edit]

Financial documents[61] from Energy Transfer Partners, the pipeline builder for the Dakota Access Pipeline, lists a number of large banking institutions that have provided credit for the project, including JP Morgan Chase. Because of these financial ties, Chase and other banks were a target[62] of the Dakota Access Pipeline protests during 2016 and 2017.

Parental leave policy[edit]

JPMorgan Chase agreed to pay $5 million to compensate their male employees who did not receive the same paid parental leave as women from 2011 to 2017.[63] In December 2017, the bank "clarified its policy to ensure equal access to men and women looking to be their new child's main caregiver".[64] According to the involved attorneys, this is the biggest recorded settlement in a U.S. parental leave discrimination case. JPMorgan agreed to train and monitor to ensure equal parental leave benefits and stated that "its policy was always intended to be gender-neutral".[65]

Fossil fuel investment[edit]

Chase has faced criticism and protests over its high rate of investment in various fossil fuel industries such as coal, oil, and gas.[66] A study released in October 2019 indicated that Chase invests more ($75 billion) in fossil fuels than any other bank.[67]

Unequal Lending Practices[edit]

A analysis of home purchases in Chicago from 2012 to 2018 by City Bureau and WBEZ Chicago showed that JP Morgan Chase, "loaned 41 times more in Chicago’s white neighborhoods than it did in the city’s black neighborhoods."[68] The report prompted protests at Chicago Chase branches in June 2020.[69] At a reopening of a remodeled Chase branch in Chicago's South Shore, Dimon said via video, "we have targets now to do $600 million (over the next five years) in new mortgages for Blacks and new homeowners in Chicago neighborhoods."[70]

References[edit]

  1. ^"Financial Highlights"(PDF).
  2. ^ abcdeThe History of JPMorgan Chase & Co(PDF). JPMorgan Chase & Co. 2008. Archived from the original(PDF) on September 27, 2011. Retrieved October 14, 2011.
  3. ^ abc"J.P. Morgan Chase & Co". International Directory of Company Histories. St. James Press. 2001. Retrieved November 4, 2007.
  4. ^"History of Our Firm". JPMorgan Chase & Co. Retrieved October 14, 2011.
  5. ^"About Chase Bank". www.chase.com. Retrieved December 15, 2020.
  6. ^Tully, Shawn (February 27, 2009). "Will the banks survive?". Fortune Magazine/CNN Money. Retrieved December 17, 2009.
  7. ^"Citigroup posts 4th straight loss; Merrill loss widens". USA Today. Associated Press. October 16, 2008. Retrieved December 17, 2009.
  8. ^"$7.5 Bil. Chase Manhattan Bank Merger Set". American Banker. January 14, 1955. Archived from the original on November 10, 2013. Retrieved November 10, 2013.
  9. ^Anon., "Chase, Manhattan Banks 'Wed' With State's Blessing", The New York Times, April 1, 1955.
  10. ^Koeppel, Gerard T. (March 16, 2000). "Soaking the poor". The Economist. Retrieved October 14, 2011.
  11. ^Dash, E., "Bank of New York and Mellon Will Merge", The New York Times, December 5, 2006.
  12. ^Chaudhuri, R. R., The Changing Face of American Banking: Deregulation, Reregulation, and the Global Financial System (London: Palgrave Macmillan, 2014), pp. 23–26.
  13. ^Rockefeller, David (October 15, 2002). David Rockefeller: Memoirs. New York: Random House. pp. 124–25. ISBN .
  14. ^Chernow, R., The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance (New York: Grove Atlantic, 1990), p. 450.
  15. ^"Chase Manhattan Bank". Chermayeff & Geismar. Retrieved October 14, 2011.
  16. ^Tett, Gillian (May 12, 2009). Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe. New York: Free Press. p. 82. ISBN .
  17. ^"Correction: Badillo's World, One Tenement's Tale and Eau N.Y.C."The New York Times. January 27, 2007. Retrieved September 4, 2020.
  18. ^"What's up with Chase's octagon?

    Chase cuts ribbon on Mattapan branch

    America’s biggest bank planted official roots last week in Mattapan Square with the cutting of a Chase-logo ribbon by America’s most powerful banker.

    For the New York-based financial behemoth, the event marked the formal opening of its 32nd branch in Massachusetts and the launch of its first Bay State “community center bank” as part of a $30 billion, multiyear racial equity initiative.

    Since opening its doors in August, the brick bank building along busy Blue Hill Avenue has hosted not just tellers and a vault, but also mortgage and home-buying seminars, training in financial literacy and small-business development mentorship.

    “We want to be welcoming,” said JPMorgan Chase Chairman Jamie Dimon, who walked into the bank with an entourage more akin to a president’s visit than a pinstriped banker’s. “I want to walk down the street and shake the hand of every businessperson in the neighborhood and make sure they know they’re welcome to come here.”

    The community banking center concept took shape as JPMorgan Chase, the parent company of its Chase consumer banking division, sought to address social and racial injustice in the wake of the killing of George Floyd last year. According to Dimon, the effort is part of the bank’s commitment to broadening the concept of “shareholder value,” which he said should look beyond quarterly reports and embrace positive social and economic change.

    With over $3.4 trillion in assets, the bank opened 10 new community branches before making Mattapan its 11th. They join 4,800 branches nationwide.

    Before the ribbon-cutting, the bank’s longtime chairman and chief executive officer broke away from taking selfies with excited bank staff to explain the bank’s social mission.

    “Think of Black loan officers working in these neighborhoods helping to make mortgages here,” he said, speaking in the rapid-fire cadence of his native Queens, New York. “We’ll learn from that experience and maybe we’ll learn to change the credit box,” he added, referring to calculations of loan eligibility.

    “Business has a responsibility to help solve challenges facing the customers and communities it serves,” he said, “and that includes addressing longstanding racial and economic inequities that affect far too many neighbors.”

    Dimon has opened community center branches in Harlem, the Anacostia neighborhood of Washington, D.C., Crenshaw in Los Angeles, Southside Chicago, Detroit, and in Minneapolis, just a few blocks from where George Floyd was murdered by a police officer.

    “We started with 15,” he said. “If this works out, we may open 1,500 community branches down the road.”

    While investing in brick-and-mortar banking, the company also has poured $13 million since 2018 into social-impact spending with affordable housing development and skills-training organizations in the Bay State, including Dorchester Bay Economic Development Corporation, Just-A-Start and the Massachusetts Affordable Housing Alliance.

    With jazz chords from a Berklee College of Music ensemble floating in the air, Mattapan branch manager Brian Samuel said his aim was to give the community “a solid financial foundation” and that he appreciated the presence of the bank’s chairman to back up that commitment. “It means everything for someone of his stature and importance to come to little Mattapan and christen this branch,” he said.

    Sabrina Correia, the branch’s community manager who oversees its neighborhood relationships and financial health programs, said she hopes “to accomplish the vision of helping the people of this community to make the most of their lives.”

    The new Mattapan branch is part of a banking conglomerate with history stretching back to the earliest days of U.S. commerce. The Chase name comes from Chase Manhattan, which traces its origins to a company formed by Aaron Burr in 1799 to supply water to New York to fight a yellow fever epidemic, according to the nonprofit Corporate Research Project.

    Chase Manhattan flourished under the grandson of Standard Oil tycoon John D. Rockefeller and was eventually merged with the infamous House of Morgan — the investment bank J.P. Morgan & Co. formed by the “robber baron” who was the leading financier of America’s Gilded Age.

    In remarks to reporters, Dimon displayed his own sense of historical perspective, responding to a question about a mural on the bank’s rear wall showing images of Marcus Garvey and Haitian revolutionary leader Toussaint L’Ouverture. He launched into a detailed description of Napoleon’s army chased from Haiti by the former slaves.

    Like many Mattapan residents, Dimon was born into an immigrant family. His Greek parents and grandparents instilled in him a deep work ethic and a respect for all humanity that informs his approach to banking, he said.

    Longtime friendships with such figures as the late Vernon Jordan and Colin Powell later involved Dimon in efforts to improve educational opportunities for inner-city kids, he said.

    As for the bank’s commitment to economic justice in the broad racial reckoning of the last two years, Dimon said JPMorgan Chase has already committed $13 billion of its $30 billion pledge, which includes some $40 million for investments in minority-owned banks and expanding its $2 billion spent on minority vendors in 2020.

    The bank will continue to diversify its workforce, he added, taking a shot at industries and companies with more opaque hiring records that are not, like banks, subject to federal Community Reinvestment Act disclosures.

    “I walk into rooms sometimes and the only Black people in the room are bankers from JPMorgan,” he said.

    To increase diversity, he said, “I would look at private companies, at private equity firms, at some hedge funds, at some law firms. We all know we haven’t gotten close to parity, and it’s been 160 years since the Civil War. The problems are deep. It’s hiring, training, diversity, it’s mortgages and small businesses and it’s inner-city schools and education. There’s a lot of work to be done.”

    banking, business, JPMorgan Chase, Mattapan, Mattapan Square

    Источник: https://www.baystatebanner.com/2021/12/02/chase-cuts-ribbon-on-mattapan-branch/

    Read our 2020 ESG Report

    CHRISTINA DELLO BUONO:

    JPMorgan Chase's culture is shifting when it comes to inclusivity, hiring practices and acceptance of people who think differently. It's Autism Inclusion Month at the firm, and we're taking a look at the critical and important contributions of people who are neurodiverse.

    With us today is the Global Head of Autism at Work, Anthony Pacilio, and JPMorgan Chase's software and performance engineer Jesse Collins. Thank you both for being here today.

    ANTHONY PACILIO:

    Thank you. Appreciate it.

    JESSE COLLINS:

    Thank you for having us.

    CHRISTINA DELLO BUONO:

    Anthony, let's start with you. Why is a program like Autism at Work so critical? And how has the program influenced productivity and inclusivity at the firm?

    ANHTONY PACILIO:

    Yeah, great question. So when we started this program, it was out of business necessity. We were looking for a different type of talent. And at that time, we just didn't have enough of the talent in the IT space. So what happened was we understood that folks on the spectrum were knocking it out of the park in other companies and corporations. And so we decided to bring that here to JPMorgan Chase.

    We've gone from four folks in the program in 2015 to over 225 today, in nine countries, in 40 different job roles. Some of the job roles that we have, folks on the spectrum are outperforming 90% to 140% of their peers and colleagues. So that speaks volume to the breadth of talent that we're bringing in.

    CHRISTINA DELLO BUONO:

    Absolutely. And Jesse, you were diagnosed with autism at age 25. And you made the complete career shift from social work to the work you're doing today at JPMorgan Chase. How did a program like Autism at Work help make that career change?

    JESSE COLLINS:

    Yeah, Christina, I was diagnosed with autism at age 25. Growing up, I struggled with social cues and understanding facial expressions. And it became more apparent as I got older that my brain just simply assessed information and situations differently than others.

    While my wife and I were dating, we had a conversation one night about the possibility of me being on the autism spectrum. And she encouraged me further to talk to my doctor, which ultimately led to my diagnosis. My diagnosis simply gave us more language and tools to help us navigate our lives together.

    And I'm happy to share that we've been married now for almost three years and expecting a daughter, Zofia Rose, in May. Through our conversations after my diagnosis, we found the Autism at Work program. The program gave me access to the training and guidance I needed to shift careers and, most importantly, provided me with the necessary support and encouragement.

    Too often, being different is seen as something bad or that should be hidden. But that couldn't be more wrong. Being different is a good thing. And the Autism at Work program has helped myself at J.P. Morgan recognize that neurodiversity is a true asset and something that should be celebrated.

    CHRISTINA DELLO BUONO:

    That's such an important message. And by the way, congratulations to you and your wife and growing family. That's so exciting.

    JESSE COLLINS:

    Thank you.

    CHRISTINA DELLO BUONO:

    Anthony, you've mentioned that people who are part of the program can bring their full selves to work. How have you seen the corporate culture change because of the program?

    ANTHONY PACILIO:

    Yeah. I mean, listen, 80% of the folks who are on the spectrum are unemployed or underemployed. So this is giving them the opportunity to come in, bring their whole selves to work, as you said, but kind of take the mask off that they might've had to utilize their entire life.

    The empathy has increased. And I think the social awareness, obviously, has increased. And I think when you bring somebody in who's on the spectrum or thinks differently or has a cognitive difference, I think when you bring those folks on your team, it kind of sets you apart because now you're looking at things in a totally different light. And then people get comfortable.

    And one of the misconceptions is folks on the spectrum are not social. I can tell you from firsthand experience — Jesse's a prime example of that — that is not the case. We have people leading team meetings and scrum meetings and doing different things in operations areas.

    Managers are also learning different techniques and ways that they're able to communicate with their teams. It's because they're learning with somebody who's on the spectrum that there's different ways to do that.

    And if we take an example of somebody who’s getting performance feedback and it's not sinking in, we try a different technique to do that. Whether it's bringing in an advocate to help out or just trying a different methodology via Skype or chat or whatever that may be. So it's actually increasing how we talk to colleagues who are neurotypical as well.

    The culture shift that we have now at JPMorgan Chase because of the program is absolutely unbelievable. We have many other companies and corporations asking us how we did the program. And we said we started small, and now we're scaling it to where it is one of the leading ones in the world.

    CHRISTINA DELLO BUONO:

    And, Jesse, back over to you. What advice would you give other companies who are looking to hire people who are neurodiverse? And what can people do to embrace the neurodiverse culture even more?

    JESSE COLLINS:

    Yeah. If you're looking to increase your neurodiversity, I think it's important to set up the programs that go beyond recruitment. It's important to set up training programs similar to how Autism at Work has established them for JPMorgan Chase. That informs colleagues and managers on how they can reframe their practices to be more inclusive. And alleviates the burden off of the individual to have to disclose and educate others on their diagnosis, which can be really difficult and anxiety-provoking.

    Additionally, it's important to address the physical work environment too. When we were in the office and we had office spaces, like alternative office seating and lower lighting and designated quiet zones, those things can be really helpful to somebody who has sensory sensitivities like myself.

    In general, creating a work environment that celebrates differences in thought, hosting conversations about neurodiversity — not only during Autism Inclusion Month but throughout the year — and being more conscious of practices and languages that may be unintentionally exclusive are ways that we can all build a more diverse and inclusive work environment.

    CHRISTINA DELLO BUONO:

    Well, thank you Jesse, thank you Anthony, so much for sharing your story and a little bit more about this critical program. Appreciate your time.

    ANTHONY PACILIO:

    Thank you.

    JESSE COLLINS:

    Thank you.

    Источник: https://www.jpmorganchase.com/
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