Dimon says he’s ‘disgusted by racism’ and progress needed after report

J.P. Morgan Chase CEO Jamie Dimon told employees that he’s “disgusted by racism and hate in any form” after a New York Times report detailed instances of discrimination at the bank’s branches.

“We must make sure that the culture we aspire to reaches every corner of our company,” Dimon said in a memo sent late Friday to employees and obtained by CNBC. “We have done some great work on diversity and inclusion, but it’s not enough. We must be absolutely relentless on doing more.”

Earlier this week, the New York Times reported that a black J.P. Morgan employee and customer experienced racial discrimination by managers at branches in the Phoenix, Arizona area, and had made audio recordings as evidence. In one case, the customer had difficulty attaining private client status despite moving a hundred thousand dollars to the bank.

Dimon said that he’s instructed his managers to look deeper into the bank’s policies and culture to reach higher standards of fairness.

“Racism has existed for too long — in our country, in our communities — and unfortunately, at times, even at our company,” Dimon said. “But this is not who we are. We want all of you to be active in making needed progress.”

Read the entire memo:

Message from Jamie Dimon

Dear colleagues,

I am disgusted by racism and hate in any form. Any such behavior — explicit or veiled, deliberate or unconscious — is unacceptable and does not reflect who we are as a company and how we serve our clients and communities every day.

We must make sure that the culture we aspire to reaches every corner of our company. We have done some great work on diversity and inclusion, but it’s not enough. We must be absolutely relentless on doing more. I’ve instructed my management team to continually look into our policies, procedures, management practices and culture to set and achieve the highest possible standards. There is always more we can do.

Racism has existed for too long — in our country, in our communities — and unfortunately, at times, even at our company. But this is not who we are. We want all of you to be active in making needed progress.

We will use this moment as an opportunity to do better — as leaders, as employees and as human beings.