UEDC/ CRA Proposal

This is a summary of complaints by UAAD pertaining to JPMorganChase Bank


UAAD is hopeful that the new CEO of Chase Bank will use his "Socialism" to show compassion for African Americans and institute the Community Re-investment Act of 1977 (CRA) as the "Civil Rights" legislation intended.

Dimon adds sparkle to JPMorgan Chase
By Greg Farrell, USA TODAY
NEW YORK — On his first trip to JPMorgan Chase's London office last year, Bank One CEO Jamie Dimon had a full schedule: He had just announced the merger of his Chicago-based retail bank with Chase, and agreed to work under Chase CEO Bill Harrison for two years before taking the reins.
Jamie Dimon will become CEO of JPMorgan Chase on Jan. 1.
If his new colleagues didn't know it before, they soon realized that Dimon, who takes over as CEO of JPMorgan Chase on Jan. 1, is a guy who pays attention to details.
'Jamie socialism'
Seven years after his firing at Citigroup, Dimon is back to where his early career had been leading: a corner office at one of the world's biggest financial conglomerates. But instead of wallowing in feelings of triumph or revenge, he says he's focused on growing his business.
"I feel tremendous obligation rather than personal triumph," he says. "I was happy at Bank One. I didn't have a dying need to go back to New York. I had a dying need to do the best thing for Bank One."
Dimon says his challenge right now is to keep doing what he's been doing for more than a year: improving efficiency. At Bank One, he canceled the company's policy of issuing cellphones to staffers. Instead, he told employees to pay for their own cellphones and bill the company for any bank-related calls.
In the USA, many companies reward their highest-paid executives by picking up all costs of their health care plans, even if it means rank-and-file employees have to pay more for comparable coverage.
At Chase, Dimon adopted a different arrangement. Investment bankers and traders who make millions of dollars a year pay higher health care premiums so that employees at the low end of the spectrum, such as tellers, can pay less.
"That's 'Jamie socialism,' " says Heidi Miller, a top Chase executive who worked with Dimon at Citigroup and followed him to Bank One. "It's the right approach."
Miller recalls that when Dimon arrived at Bank One, he had a contract that guaranteed him a $1 million bonus. But when he started laying people off to cut expenses, he gave up his bonus. His lieutenants did the same. "He's not afraid of putting himself in the same boat as everybody else," she says.
Dimon's greatest strength, says Miller, is his ability to be both a keen analytical manager and a good people person. "He has a high degree of charisma," she says. "At a large town hall meeting with hundreds of people, they all feel he's talking to them."


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