Bucking a broader trend across Corporate America, JPMorgan Chase (JPM) CEO Jamie Dimon says the largest U.S. bank will maintain its diversity, equity and inclusion (DEI) policies moving forward.
In a television interview, Dimon said that he intends to maintain diversity initiatives at JPMorgan Chase despite a corporate retreat from such policies following the re-election of U.S. President Donald Trump. Specifically, Dimon said that his bank will continue its outreach to Black, Hispanic, LGBT, veteran, and disabled people.
The announcement puts JPMorgan Chase at odds with the prevailing political and corporate sentiment in the U.S. The Trump administration has sought to dismantle DEI initiatives throughout America’s federal government and companies from Silicon Valley to Wall Street have quickly moved to dismantle their diversity policies and the teams leading such initiatives.
Going it Alone
Earlier in February, JPMorgan Chase, which is the world’s largest bank with more than $4 trillion of assets under management, said it expects “to be criticized by activists, politicians and other members of the public” concerning positions it takes regarding DEI and other social policies.
Importantly, JPMorgan’s stance puts it at odds with the other major U.S. banks. Citigroup (C), for example, has said it will no longer require a diverse slate of candidates for job interviews, and Goldman Sachs (GS) canceled a policy it had of exclusively taking public companies with at least two diverse board members.
JPM stock has risen 46% in the last 12 months.
Is JPM Stock a Buy?
The stock of JPMorgan Chase has a consensus Moderate Buy rating among 18 Wall Street analysts. That rating is based on 12 Buy and six Hold recommendations issued in the last three months. The average JPM price target of $275.93 implies 5.41% upside from current levels.
