Two Former Advisors Sue JPMorgan Chase, Claim Company Assigned Black Women To Poorer Areas

JPMorgan Chase is facing a lawsuit by two former advisors, as the Black women employees claimed the company assigned them to poorer areas due to their race.

Laura Agard and Roshanna Richardson filed the lawsuit on Dec. 17, stating that the race and gender discrimination prompted them to leave the investment banking company in 2021. According to Bloomberg, the Black women advisors asserted that the company assigned them to less-affluent neighborhoods in Brooklyn, New York.

The move, they claimed, allowed male colleagues to steal clients from them while limiting their commission income potential. They deem the assignment as discriminatory, pushing Black advisors to low-income areas.

Furthermore, the women believed that the JPMorgan Chase bank branches systemically preferred White male advisors. This would bleed into gender-based discrimination as well, as the duo claimed white male advisors became authorized to take over client books as the women entered maternity leave.

The lawsuit called this practice a “stereotyped assumption” regarding women’s ability to maintain their work and return to it post- childbirth.

“This practice was built on the stereotyped assumption that women taking maternity leave — as opposed to men taking medical or other leaves — were likely not to return to the work force after having children or were more likely to prioritize their children over their work,” detailed the complaint.

Robinson also noted an instance where one white advisor began to handle all clients with over $250,000 in assets. Ahead of their own departure, JPMorgan Chase assigned the women to branches in Bedford-Stuyvesant, Coney Island, and Canarsie, predominately diverse if not Black-leaning areas of Brooklyn.

JPMorgan Chase has weathered previous lawsuits over racial and gender discrimination in the workplace. Also highlighted in the lawsuit, this includes a $24 million settlement from a class action lawsuit filed by Black advisors. Following the settlement, Forbes also confirmed the company’s plans to enact bias training and a review of branch assignments in light of the discrimination claims.

JPMorgan Chase has vehemently denied these current allegations, stating that they intend to “vigorously defend” themselves in the legal matter. The company also emphasized their  “strongest commitment to an equal workplace.”

RELATED CONTENT: Former JPMorgan Chase Employees Charged