JPMorgan to Name Record Number of Female Managing Directors
JPMorgan to Name Record Number of Female Managing Directors
(Bloomberg) -- JPMorgan Chase & Co. promoted 117 employees to managing director in its corporate and investment bank, a person briefed on the changes said.
A record 30 women were handed the title, according to the person, who asked not to be identified because the breakdown hasn’t been publicly announced. About 18 percent of the promotions in 2018 were women, compared with 26 percent this year.
Wall Street banks have been under fire for a lack of diversity in their upper ranks. While many have pledged to promote more women and minorities, change has been slow. JPMorgan announced a management shuffle last week that placed it ahead of just about every major U.S. rival in putting a slate of women in position to potentially take over as chief executive officer.
Earlier this month, U.S. 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.
``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,'' Co-President Daniel Pinto, CEO of the corporate and investment bank, said in a memo to staff Wednesday.
About a third of the employees who earned the promotions work as investment or corporate bankers, while 20 percent of the new managing directors were traders.
Regionally, 46 percent of those promoted are in North America, with 31 percent in Europe, the Middle East and Africa, 18 percent in Asia and 5 percent in Latin America, the person said. Sales employees made up 17 percent of the new class, while technology and operations workers represented 13 percent.
To contact the reporter on this story: Michelle F. Davis in New York at mdavis194@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson, Steven Crabill
©2019 Bloomberg L.P.