JPMorgan Will Pay $24 Million to End Lawsuit From Black Advisers

As racial diversity tumbles on Wall Street, JPMorgan Chase & Co. has reached a settlement with financial advisers who say they were treated poorly because they’re black.

Six current and former employees at the largest U.S. bank filed what they asked to be a class action, alleging discrimination that’s “uniform and national in scope.” Instead of fighting it in court, the bank agreed to pay $19.5 million to the members of the class, according to Aug. 31 filings. It will also put $4.5 million into a fund that will back recruitment, bias training, a review of branch assignments and a ...