JPMorgan appoints a record-breaking 25% female MDs
The bank has promoted 117 employees to MD as the financial sector gets grilled on its lack of diversity in its senior ranks
New York — JPMorgan Chase has promoted 117 employees to MD in its corporate and investment bank, a person briefed on the changes said.
Women represented a little more than a quarter of the total, which was a record percentage, according to the person, who asked not to be identified because the breakdown hasn’t been publicly announced.
About a third of the employees who earned the distinction work as investment or corporate bankers, while 20% of the new MDs are traders.
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 US rival in putting a slate of women in position to potentially take over as CEO.
Earlier this month, US law makers questioned 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 on Wednesday.
Regionally, 46% of those promoted are in North America, with 31% in Europe, the Middle East and Africa; 18% in Asia; and 5% in Latin America, the person said. Sales employees make up 17% of the new class, while technology and operations workers represent 13%.