JPMorgan CEO Jamie Dimon, known for his straightforward approach, made a striking declaration at a World Economic Forum event hosted by the Female Quotient.
He said, “I’m a full-throated, red-blooded, patriotic, unwoke, capitalist CEO.” This statement elicited laughter from the audience and set the tone for his insights on the bank’s performance and its stance on diversity and inclusion initiatives.
JPMorgan’s Impressive Financial Performance
Fortune reports that under Jamie Dimon’s leadership, JPMorgan has achieved remarkable financial success, recording its most profitable year ever with a net income of $50 billion.
Approaching a market value of $500 billion, the bank stands as a testament to Dimon’s unorthodox yet effective leadership style. Despite external pressures, Dimon maintains a firm stance against what he terms as “ridiculous ESG, DEI groups coming at us.”
Adherence to Law and Diversity Efforts
While addressing the recent Supreme Court decision on affirmative action, Dimon said, “They spoke, we’ll salute, we’re going to follow the law” (via Fortune).
This commitment to legal compliance comes alongside the bank’s continued efforts to reach marginalized communities. JPMorgan plans to modify its processes around racial and gender quotas to remain within legal boundaries.
Evaluating Diversity Programs
According to Fortune, Dimon offered a candid assessment of diversity initiatives in the corporate sector.
He said, “The thing about these programs is that some work and some don’t. Some companies just give it lip service.”
The Importance of Execution in DEI
Dimon emphasized the need for meticulous attention to detail in diversity, equity, and inclusion (DEI) programs.
“Your heart can be in the right place, but if you don’t really think about the execution stuff, you’re gonna fail,” he said.
A Reflection on Diversity Metrics
Recalling a past incident, Dimon shared how he challenged JPMorgan’s HR department’s approach to reporting on diversity, per information from Fortune.
He instructed them, “Don’t lump it together. Come back and show me the numbers by VPs, EDs [executive directors], MDs [managing directors], and hiring and retention.”
JPMorgan’s Mixed Diversity Results
Fortune explained that upon reviewing the detailed diversity data, Dimon found a mixed performance across different groups within the bank.
While some groups showed excellent progress, the representation of Black employees was only average. Dimon expressed dissatisfaction with this, stating, “That’s not JPMorgan. We don’t want to be average.”
Focused Efforts on Black Employees
This revelation led to a more focused effort on improving the representation and treatment of Black employees at JPMorgan.
The departure of two high-potential Black employees highlighted the need for this focus. One employee left after being passed over for promotion three times, and another was overlooked for a key promotion but later rehired, Fortune reports.
Addressing Promotion Disparities
Fortune reveals that in exploring the reasons behind the lack of promotion for Black employees, Dimon uncovered a concerning trend.
He found that the term “platform” was often used as a criterion for promotion, particularly for Black employees. “I’d never heard the word ‘platform’ used except when we were promoting a Black person,” he said, leading to a broader review of promotion practices.
Ensuring Fairness in Career Advancement
Dimon stresses the importance of clarity and fairness in career advancement at JPMorgan. He insists on open discussions about promotions and the criteria for advancement, advocating for a transparent system.
Dimon is quoted as saying, “That’s not what I’m doing. [Rather,] are we honest? Do we talk about it? And if they don’t have a platform, we’ve gotta tell them.”
Expanding Recruitment at HBCUs
Fortune explains Dimon’s journey of discovery about the breadth of historically Black colleges and universities (HBCUs) has led to a significant expansion in JPMorgan’s recruitment strategy.
Previously recruiting from a limited number of HBCUs, he expressed surprise upon learning there are 107 such institutions. He said, “You learn, and you reach out,” reflecting his newfound understanding and JPMorgan’s subsequent action to recruit from around 26 HBCUs.
Opportunity for All at JPMorgan
Dimon expressed his commitment to providing opportunities for all, regardless of background.
“We’re hiring great kids from these places who wanna work, give a damn, want a job, wanna work hard, and wanna get ahead. God bless ’em — and they’re gonna get a chance at JPMorgan regardless of color,” he said, emphasizing the bank’s inclusive approach to talent acquisition and career development.
