JP Morgan Chase & Co/Bloomberg
Wall Street banks have been under fire for a lack of diversity in their upper ranks.
Thursday 25, April 2019
(Bloomberg) --JPMorgan Chase promoted 117 employees to managing director in its corporate and investment bank.
JPMorgan announced a management shuffle last week that placed it ahead of every major US rival in putting a slate of women in position to potentially take over as chief executive officer and around 30 women were handed the title.
About 18 per cent of the promotions in 2018 were women, compared with 26 per cent this year, however while many US lenders pledged to promote more women and minorities, change has been slow.
Earlier this month, US lawmakers questioned Chief Executive Officer Jamie Dimon and other bank CEOs, pressing them on whether a woman or member of a minority group might someday succeed them.
Daniel Pinto, JP Morgan’s Co-President and CEO of the Corporate and Investment bank, said, “We expect these newest senior leaders to continue to help us drive innovation and disrupt the status quo as we build our business of tomorrow.”
Additionally, a third of the employees who earned the promotions work as investment or corporate bankers, while 20 per cent of the new managing directors were traders.
Regionally, 46 per cent of those promoted are in North America, with 31 per cent in Europe, the Middle East and Africa, 18 per cent in Asia and five per cent in Latin America.
Sales employees made up 17 per cent of the new class, while technology and operations workers represented 13 per cent.