Can Banks Help the Cause of Racial Equality?

Over the course of the past  month or so, spurred on by instances of police brutality, issues of racial equity have been atop the national discourse. Companies in all industries have been compelled to take a stance on this vitally important topic. 

Financial firms are no different. Among the more interesting paths taken is a recent decision by JPMorgan Chase. As reported by Bloomberg News, the financial giant announced it is revamping its policy for dealing with abusive clients, saying it will cut ties with those who racially abuse any of the firm’s employees. 

“We are specifically calling out race to remind specialists that we will exit customer relationships when warranted regardless of how much money the customer has with us,” Tom Horne, chief operating officer for card services at the bank, was quoted as saying. “These are customers we don’t need or want.”

The bank has already cut ties with at least 4 clients who made racially insensitive remarks to call center employees over the last month, Bloomberg reported.