The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
ESG

Pay equity: Closing the gap

Banks face lawsuits over pay inequity as regulators now take diversity into their own hands.

havery-column-banner 600x172

It was so quiet that it almost passed me by: the announcement in October that, after losing an appeal, JPMorgan Chase is now facing a lawsuit from the US Labor Department for paying female employees less than men.

The dispute is to be decided by an administrative judge.

Although not widely reported, the case has been a thorn in JPMorgan’s side since it was approached by the Department in 2015 with findings that, since 2012, the bank had paid 93 women in four categories (including project management and technology) less than male colleagues in the same roles. 

Seemingly, a correction was unforthcoming. According to the National Law Journal, the complaint seeks, among other things, an injunction barring JPMorgan from discriminating against female employees and demands lost pay and salary adjustments for the affected workers.

Jamie Dimon’s firm is not alone in getting slapped down for pay inequality. In October, State Street agreed to pay $5 million to settle allegations (again from the US Labor Department) that the bank underpaid its female and black executives compared with male and white employees in the same positions.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree