JP Morgan’s wealth management division said Friday it plans to hire 300 Black and Latino advisors by 2025 as part of a larger campaign to boost racial equality in finance.
Of the 300 new positions, 185 will be filled through partnerships the wirehouse seeks to establish with Historically Black Colleges and Universities (HBCUs). The firm will offer HBCU students scholarships, training, licenses and other resources to jumpstart wealth management careers.
Christopher Thompson, head of diverse adviser experiences for the company’s wealth management division, explained that it’s important for the group’s workforce to reflect the diversity of its clientele.
‘As an industry, we are transforming who our audience is. We’ve got to be sure we’re positioning ourselves to speak to the need of the client who’s coming in,’ he said.
The unit also created an ‘inclusive investing’ team that is conducting market research to develop investment products that will encourage women, Black and Latino investors, and other historically underserved groups to participate in investing.
The group’s hiring campaign is part of JPM’s commitment, announced in October, to spend $30bn toward reducing systemic financial racism against Black and Latino people and helping shrink the wealth gap. In addition to building a more equitable and representative internal workforce, the wirehouse promised to originate some 40,000 home loans for Black and Latino borrowers, invest in Black- and Latino-owned small businesses, and provide direct funding to local Minority Depository Institutions and CDFIs.
‘That $30bn isn’t just about wealth. It’s about everybody being invited to the conversation around how you bank,’ Thompson said.