This Is What Racism Sounds Like in the Banking Industry
The authors of the New York Times highlight on the incidence of Jimmy Kennedy, who through his nine-year career, has been a great client of most banks. Kennedy’s attempts to develop and become a private customer at the JP Morgan chase was met with a lot of racism in this banking industry. The information provided by New York Times established that Kennedy’s conversation with an employee from JP Morgan Arizona branch indicated that as a private client, his racial backgrounds were questioned. The employee made it clear that Kennedy ought to understand the demographics of the region between blacks and whites. It resulted to Kennedy’s pull out of the majority of his money from the company. The article further highlights on the presence of few blacks in the higher levels of financial institutions. It can be indicated that the discrimination in the banking sector through mortgages. The black borrowers have been exposed to higher interest rates as compared to the rates charged on the whites.
The options that are exposed by the article to have been used towards dealing with the issue of racial discrimination involve paying more than $24 Million to the individual employees who had placed a lawsuit against JP Morgan (Flitter, 2019). The action came as a result of the discrimination that led to the segregation of the black employees. The action in response to deal with Mr Kennedy’s issue involves portraying justice in the banking sector and averting from the concepts of discrimination. Therefore, the JP Morgan organization should respond by allowing Kennedy as a private client and avoid of the racial grounds connected to him. Moreover, averting from the discrimination and addressing their long-term clients with dignity will be favourable actions in response.
It can be quoted from Steven Pinker’s book, “The Blank State” that, “Equality is not a claim that all groups of humans are interchangeable; it is the moral principle that individuals should not be judged or constrained by average properties of their groups” (2011). The principles and concepts presented through the quote reveal that there is need to promote equality in the banking sector to avert from the thoughts of discrimination. Moreover, it can be established that the issues in the quote would help in developing fair treatment by long-term clients such as Kennedy.
Therefore, embracing the values of equality and fair treatment will help in propagating the issues of discrimination in the banking industry. Furthermore, it can be developed that the concept of justice can be employed as a principle towards averting the problems of discrimination in the sector. Promoting equality in both the African-Americans and whites contributes immensely in the removal of the restrictions and segregations among the African states (Flitter, 2019). The principle of equality will enable the banking industry to enforce similar policies towards people from different races.
On personal insights, it is correct to indicate that the concepts based on the ethical morals and principles. For instance, justice in the banking sector will promote better and diverse responses, especially when initiating with issues of discrimination. It can be indicated that the approaches that have been developed above will be significant in restoring the situation within the sector. Furthermore, it can be suggested that facilitating equality in the interest rates that are charged to all its clients will enable the banking sector to avoid discrimination. It will further result to positive developments by making the principles and morals in action will improve the situation.
References
Flitter, E. (2019). This Is What Racism Sounds Like in the Banking Industry. The New
York Times, March 11.
Pinker, S. (2011). The Blank Slate: The Modern Denial of Human Nature.