(Bloomberg) – JPMorgan Chase & Co. plans to hire 300 additional Black and Latinx wealth advisors by 2025 to serve more clients in these communities and empower employees from different backgrounds to advance their careers.
“We want to gradually change the way financial advisors are represented,” said Kristin Lemkau, managing director of the bank’s asset management unit, at JPMorgan in a statement on Friday. “We have made progress over the past few years and the hiring of 300 Black and Latinx consultants will accelerate that progress significantly.”
Large US banks have been pressured to fill racial economic loopholes that the industry has created. JPMorgan, the country’s largest bank, announced in October that it had allocated $ 30 billion, including some existing spending, to boost racist equity, including a commitment to write home loans for Black and Latinx borrowers, and Changes in the progress of own managers with regard to diversity are evaluated.
Read more: JPMorgan Promises to Spend Billions to Fill the Racial Wealth Gap
Over the next five years, JPMorgan will work with various historically black colleges and universities to provide students with resources and information about careers in wealth management and to provide scholarships, training and licenses, the bank said Friday. The initiative will create 185 full-time positions specifically for the program by 2025.
Only 34% of black families have retirement accounts, compared to 60% of their white counterparts, and their median pension balance is $ 46,100, up from $ 151,000 for white families, JPMorgan said, citing Federal Reserve data. “There is a large segment of the population who does not participate in investing,” partly because the industry “has not earned the trust,” said Jeanne Sun, general manager for inclusive investing, in the statement.
Read more: Citi hires Goldman’s Erika Irish Brown to lead diversity effort