Latest news with #Piepszak
Yahoo
25-03-2025
- Business
- Yahoo
JPMorgan rebrands DEI, leaves Net-Zero Asset Managers initiative
This story was originally published on ESG Dive. To receive daily news and insights, subscribe to our free daily ESG Dive newsletter. JPMorgan Chase announced changes to its internal practices on diversity, equity and inclusion and its external memberships in climate-related organizations last week, ESG Dive confirmed Monday. The financial institution said in a Friday internal memo, seen by ESG Dive, that it would rebrand its DEI practices 'DOI,' with 'o' standing for opportunity. Additionally, a spokesperson for the bank said in an emailed statement that JPMorgan Asset Management had left the United Nations-backed Net-Zero Asset Managers initiative last week as well. NZAM previously paused its operations, pending a review of its programs, after BlackRock left the group in January. Both changes were first reported by Reuters Friday and follow broader financial industry trends for the year, as banks have broadly backed away from the term DEI and industry climate groups and alliances. Friday's internal memo from JPMorgan Chief Operating Officer Jennifer Piepszak said the company has made changes to its DEI programs 'and the language [JPMorgan uses] to describe them,' including swapping the 'equity' for 'opportunity' and renaming the division to Diversity, Opportunity & Inclusion. 'The 'e' always meant equal opportunity to [JPMorgan], not equal outcomes, and we believe this more accurately reflects our ongoing approach to reach the most customers and clients to grow our business, create an inclusive workplace for our employees and increase access to opportunities,' Piepszak's memo said. The bank said it had 'streamlined' some of the diversity programs that were previously managed by the DEI office, integrating some into the human resources or corporate responsibility parts of the business. The changes come as the Trump administration has increasingly put a focus on corporate DEI programs, including an executive order for his agencies to target private sector initiatives. This has added to the wave of companies who rolled back programs last year, and the pressure has pushed U.S. banks to alter the way they talk about DEI in securities filings. Among them, JPMorgan said in its most recent annual filing that it 'has been and expects that it will continue to be criticized by activists, politicians and other members of the public' about stances it has taken on public policy matters 'such as diversity, equity and inclusion initiatives.' The firm also re-branded a table with employee breakdowns that was titled 'Diversity, Equity and Inclusion' in last year's filing to 'Workplace Composition." JPMorgan CEO Jamie Dimon had previously said 'bring them on' to anti-DEI activists that may target his company at January's World Economic Forum in Davos, Switzerland. He later said in a company town hall that the firm planned to reduce spending on some DEI efforts and said he 'was never a firm believer in bias training,' according to Bloomberg. Piepszak's Friday memo said the company plans to reduce its number of trainings, though its employee groups will remain focused on employee engagement, education and cultural celebrations and observances. In looking to increase 'connectivity' between different parts of the business and the DOI group, she said 'some activities, councils or chapters may be consolidated to streamline our process and engagement strategy.' '[JPMorgan] remain[s] committed to our core principles, which includes our belief in the power of a diverse workforce that strengthens our business and attracts and retains the best talent,' Piepszak said. 'We've always been committed to hiring, compensation and promotion that are merit-based; we do not have illegal quotas or pay incentives, and we would never turn someone away because of their political or religious beliefs, or because of who they are.' Additionally, a JPMorgan spokesperson said Monday that the firm's asset management arm is 'ending its membership' in NZAM, 'in light of' the operational pause the initiative announced in January. NZAM had announced the temporary suspension of operations following the departure of the nation's largest asset manager, BlackRock, earlier that month. Following BlackRock's exit, NZAM initially said that though it was 'disappointed to see any investor withdraw' it respects any decision signatories make. However, it reversed course and announced a suspension of activities a few days later due to 'recent developments in the U.S. and different regulatory and client expectations.' The organization said that during the pause — which included the suspension of tracking signatory reporting and target implementation — it would review its operations to make sure the group ''remains fit for purpose in the new global context.' For JPMorgan, the NZAM exit comes after the bank had previously followed Bank of America, Citigroup, Morgan Stanley, Goldman Sachs and Wells Fargo out the door of the UN-backed Net-Zero Banking alliance. At the time, a JPMorgan spokesperson told ESG Dive it still plans to engage with the Glasgow Financial Alliance for Net-Zero, which is refocusing on mobilizing capital this year. Northern Trust Asset Management has also announced a departure from NZAM following the pause, as well as an exit from Climate Action 100+ — an investor group that has become a common target for House Republicans. Recommended Reading Why climate alliance memberships are no longer 'en vogue' for Wall Street Sign in to access your portfolio
Yahoo
21-03-2025
- Business
- Yahoo
JPMorgan makes changes to its diversity programs, memo says
By Nupur Anand NEW YORK (Reuters) - JPMorgan Chase (JPM) Chief Operating Officer Jenn Piepszak said the bank was making some changes to its Diversity, Equity and Inclusion programs and the language it uses to describe them in an effort to keep up with the market and changes in regulations, according to a memo seen by Reuters. The bank was changing 'equity' to 'opportunity' and renaming it Diversity, Opportunity and Inclusion, from DEI, the memo sent out earlier on Friday said. "The 'e' always meant equal opportunity to us, not equal outcomes, and we believe this more accurately reflects our ongoing approach to reach the most customers and clients to grow our business, create an inclusive workplace for our employees and increase access to opportunities," Piepszak said in the memo. The DOI organization will continue to report to Thelma Ferguson, she said. Some of the diversity programs that were managed centrally by the DOI organization will now be integrated into different lines of business including human resources or corporate responsibility. "This means some activities, councils or chapters may be consolidated to streamline our process and engagement strategy," Piepszak said. The bank also plans to reduce training on these topics. In a regulatory filing last month, the largest U.S. lender said it expected to face criticism on some of its business practices, including DEI. In its latest annual filing it had only one mention of DEI, in contrast with six mentions in the previous years. Several major U.S. and some European companies have dropped or altered their DEI policies following President Donald Trump's executive order to curtail such programs in the U.S. Even before Trump took office, big corporations were under increasing pressure from conservative groups to cut back or tweak their DEI policies aimed at boosting racial and ethnic representation in the workplace. Last month, Citigroup (C) said it will no longer require a diverse slate of candidates for job interviews and said it was changing the name of the "Diversity, Equity and Inclusion and Talent Management" team to "Talent Management and Engagement." Similarly, Goldman Sachs (GS) canceled a four-year-old policy of exclusively taking public companies with at least two diverse board members. It also dropped an entire section dedicated to "diversity and inclusion" from its annual filing.
Yahoo
21-03-2025
- Business
- Yahoo
JPMorgan makes changes to its diversity programs, memo says
By Nupur Anand NEW YORK (Reuters) - JPMorgan Chase Chief Operating Officer Jenn Piepszak said the bank was making some changes to its Diversity, Equity and Inclusion programs and the language it uses to describe them in an effort to keep up with the market and changes in regulations, according to a memo seen by Reuters. The bank was changing 'equity' to 'opportunity' and renaming it Diversity, Opportunity and Inclusion, from DEI, the memo sent out earlier on Friday said. "The 'e' always meant equal opportunity to us, not equal outcomes, and we believe this more accurately reflects our ongoing approach to reach the most customers and clients to grow our business, create an inclusive workplace for our employees and increase access to opportunities," Piepszak said in the memo. The DOI organization will continue to report to Thelma Ferguson, she said. Some of the diversity programs that were managed centrally by the DOI organization will now be integrated into different lines of business including human resources or corporate responsibility. "This means some activities, councils or chapters may be consolidated to streamline our process and engagement strategy," Piepszak said. The bank also plans to reduce training on these topics. In a regulatory filing last month, the largest U.S. lender said it expected to face criticism on some of its business practices, including DEI. In its latest annual filing it had only one mention of DEI, in contrast with six mentions in the previous years. Several major U.S. and some European companies have dropped or altered their DEI policies following President Donald Trump's executive order to curtail such programs in the U.S. Even before Trump took office, big corporations were under increasing pressure from conservative groups to cut back or tweak their DEI policies aimed at boosting racial and ethnic representation in the workplace. Last month, Citigroup said it will no longer require a diverse slate of candidates for job interviews and said it was changing the name of the "Diversity, Equity and Inclusion and Talent Management" team to "Talent Management and Engagement." Similarly, Goldman Sachs canceled a four-year-old policy of exclusively taking public companies with at least two diverse board members. It also dropped an entire section dedicated to "diversity and inclusion" from its annual filing.
Reuters
21-03-2025
- Business
- Reuters
JPMorgan makes changes to its diversity programs, memo says
A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar/File Photo Purchase Licensing Rights, opens new tab NEW YORK, March 21 (Reuters) - JPMorgan Chase (JPM.N), opens new tab Chief Operating Officer Jenn Piepszak said the bank was making some changes to its Diversity, Equity and Inclusion programs and the language it uses to describe them in an effort to keep up with the market and changes in regulations, according to a memo seen by Reuters. The bank was changing 'equity' to 'opportunity' and renaming it Diversity, Opportunity and Inclusion, from DEI, the memo sent out earlier on Friday said. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. "The 'e' always meant equal opportunity to us, not equal outcomes, and we believe this more accurately reflects our ongoing approach to reach the most customers and clients to grow our business, create an inclusive workplace for our employees and increase access to opportunities," Piepszak said in the memo. The DOI organization will continue to report to Thelma Ferguson, she said. Some of the diversity programs that were managed centrally by the DOI organization will now be integrated into different lines of business including human resources or corporate responsibility. "This means some activities, councils or chapters may be consolidated to streamline our process and engagement strategy," Piepszak said. The bank also plans to reduce training on these topics. In a regulatory filing last month, the largest U.S. lender said it expected to face criticism on some of its business practices, including DEI. In its latest annual filing it had only one mention of DEI, in contrast with six mentions in the previous years. Several major U.S. and some European companies have dropped or altered their DEI policies following President Donald Trump's executive order to curtail such programs in the U.S. Even before Trump took office, big corporations were under increasing pressure from conservative groups to cut back or tweak their DEI policies aimed at boosting racial and ethnic representation in the workplace. Last month, Citigroup (C.N), opens new tab said it will no longer require a diverse slate of candidates for job interviews and said it was changing the name of the "Diversity, Equity and Inclusion and Talent Management" team to "Talent Management and Engagement." Similarly, Goldman Sachs (GS.N), opens new tab canceled a four-year-old policy of exclusively taking public companies with at least two diverse board members. It also dropped an entire section dedicated to "diversity and inclusion" from its annual filing. Our Standards: The Thomson Reuters Trust Principles., opens new tab Nupur Anand Thomson Reuters Nupur Anand is a U.S. banking correspondent at Reuters in New York. She focuses on JPMorgan Chase, Wells Fargo and regional banks. Anand covered banking and finance in India for more than a decade, chronicling the collapse of major lenders and turmoil at digital banks and cryptocurrencies. She has a degree in English literature from Delhi University and a postgraduate diploma in journalism from the Indian Institute of Journalism & New Media in Bangalore. Anand is also an award-winning fiction writer.
Reuters
11-02-2025
- Business
- Reuters
JPMorgan sees investment banking fees growth up mid-teens in Q1
NEW YORK, Feb 11 (Reuters) - JPMorgan Chase (JPM.N), opens new tab Chief Operating Officer Jennifer Piepszak said the lender has seen investment banking fees grow by the mid-teens year over year so far in the first quarter. Meanwhile, trading so far has been up in the low double digits year over year, Piepszak said while speaking at the BofA Securities conference in Miami. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
