“Systemic racism is a tragic part of America’s history,” CEO Jamie Dimon said.

JPMorgan Chase pledged $30 billion to help ameliorate the racial wealth gap in the U.S. and “reduce systemic racism against Black and Latinx people,” the firm announced in a statement Thursday.

The investment bank said the $30 billion commitment over the next five years will come in the form of loans, equity and direct funding to promote affordable housing, grow Black and Latinx-owned businesses, improve access to banking in communities of color, and build a more diverse workforce.

“Systemic racism is a tragic part of America’s history,” Jamie Dimon, chairman and CEO of JPMorgan Chase, said in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people.”

“It’s long past time that society addresses racial inequities in a more tangible, meaningful way,” the chief executive added.

PHOTO: People walk inside JP Morgan headquarters in New York, Oct 25, 2013.

People walk inside JP Morgan headquarters in New York, Oct 25, 2013.

People walk inside JP Morgan headquarters in New York, Oct 25, 2013.

Brian Lamb, the bank’s global head of diversity and inclusion, added that he feels they have a “responsibility to intentionally drive economic inclusion for people that have been left behind.”

“The COVID-19 crisis has exacerbated long-standing inequities for Black and Latinx people around the world,” Lamb said. “We are using this catalytic moment to create change and economic opportunities that enhance racial equity for Black and Latinx communities.”

Black and Latinx workers have been disproportionately impacted by unemployment amid the COVID-19 crisis, data from the Department of Labor indicates.

Some of the highlights from the bank’s outline of how the $30 billion will be parceled include originating an additional 40,000 home-purchase

  • Much of the ad industry came to a halt in March as the pandemic led marketers to slash spending and delay reviews of their accounts.
  • But activity has since picked up, with a focus on media-buying, which is where the most money changes hands.
  • The key reviews ad agencies are watching include names like T-Mobile, Sanofi, and Visa that spend billions on advertising and want to consolidate their business with a single agency or holding company.
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When the pandemic hit the US in March, advertising all but came to a halt as brands slashed spending and halted new campaign production.

The last thing any CMO wanted to do was go embark on an agency review, an expensive, monthslong process to determine the advertising agencies they want to handle their business. 

But with some exceptions like Samsung, which just cancelled a massive pitch for its US media-buying and digital marketing business, reviews have started again.

Mitchell Caplan, managing director at consulting firm Flock Associates, said he expected the pace to intensify heading into 2021 as brands resume reviews they postponed this year and others re-evaluate their marketing in a world changed by the pandemic.

These are the most anticipated accounts in review, according to conversations with industry insiders. Spending estimates come from Paris-based market research firm Comvergence, and the accounts are listed in descending order by those totals.

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For years, JPMorgan traders initiated orders to buy or sell precious metals, Treasury notes and Treasury futures only to quickly cancel the trades before they were executed. The illegal practice sends a false signal to other market players, prompting price changes that the spoofers can then exploit.

According to the CFTC, traders at JPMorgan, in many instances, were successful in causing artificial price changes that were favorable to them.

“The conduct of the individuals referenced in today’s resolutions is unacceptable and they are no longer with the firm,” said Daniel Pinto, co-president of JPMorgan Chase and chief executive of its Corporate & Investment Bank. “We appreciate that the considerable resources we’ve dedicated to internal controls was recognized by the DOJ, including enhancements to compliance policies, surveillance systems and training programs.”

The efforts to distort the market lasted more than eight years, from at least 2008 to 2016, the government agencies said.

“Spoofing is illegal — pure and simple,” CFTC Chair Heath Tarbert said in a statement. “This record-setting enforcement action demonstrates the CFTC’s commitment to being tough on those who intentionally break our rules, no matter who they are.”

The settlement with the CFTC found that JPMorgan’s illegal trading “significantly benefited” the company while harming other market participants. JPMorgan, which admitted wrongdoing, is required to pay $920.2 million, including $311 million in restitution, $172 million in disgorgement and $436 million in civil monetary penalties, under the deal.

To resolve criminal charges tied to the unlawful trading in the precious metals markets and in Treasury futures, JPMorgan entered into a deferred prosecution agreement with the Justice Department. The bank is required to self-report violations of federal anti-fraud laws and cooperate in any future criminal investigations, U.S. Attorney John Durham of the District of Connecticut said in a statement.

In a parallel