Suit accuses JPMorgan of steering Black advisors to poorer areas

JPMorgan is being sued by two former financial advisors 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.

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Laura Agard and Roshanna Richardson filed their lawsuit Wednesday in Manhattan federal court, saying they were forced to leave their positions at the bank in 2021 because of 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” itself against them.

Steering to poorer areas, poaching clients

Both women claim they were affected by a bank policy of steering Black financial advisors to branches serving low and moderate income areas, limiting their ability to earn commissions. 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 advisors 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 advisors 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 advisors.