JPMorgan Chase & Co. was sued by two former financial advisers who claim the bank discriminated against them as Black women by assigning them to less-affluent Brooklyn, New York, neighborhoods and allowing male colleagues to poach their clients.
Laura Agard and Roshanna Richardson filed their lawsuit December 17 in Manhattan federal court, saying they were forced to leave their positions at the bank in 2021 due to race and gender bias.
JPMorgan said in a statement that it has “the strongest commitment to an equal workplace.” The company said it strongly disagrees with the allegations and will “vigorously defend” against them.
Both women claim they were affected by a bank policy of steering African American financial advisers to branches serving low and moderate income areas, limiting their commission income potential. According to the suit, Agard was assigned to a Bedford-Stuyvesant branch, while Richardson worked in Coney Island and Canarsie.
The women allege that their earning potential was further harmed by the bank’s favoring of White male advisers at their branches. Robinson claims that management backed a White male colleague who decided that he would handle all clients with more than $250,000 in investable assets.
Both Agard and Richardson said the bank allowed male advisers to take over their client books while they were on maternity leave, reflecting a broader policy.
“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,” the complaint says.
Agard and Richardson pointed to previous suits against the bank alleging race or gender discrimination, noting that JPMorgan paid $24 million to settle a 2018 class action by Black financial advisers.
The case is Agard v JPMorgan Chase & Co., 25-cv-10434, US District Court, Southern District of New York.
Photo: JPMorgan Chase & Co. headquarters in New York. (Bloomberg)
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