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Wall Street Dads Find Parental Leave Easier to Get Than to Take

  • Bankers say corporate culture undermines generous policies
  • Only one of the big six banks gives 16 weeks to both parents
A commuter exits the Wall Street subway station near the New York Stock Exchange. 

A commuter exits the Wall Street subway station near the New York Stock Exchange. 

Photographer: Michael Nagle/Bloomberg

When JPMorgan Chase & Co. agreed to pay a landmark $5 million to settle a discrimination claim from a new dad, it looked like a turning point for Wall Street parents. Men who work for the biggest U.S. bank can take up to 16 weeks of parental leave, the bank emphasized, and said it would do better at making sure they know it.

But bankers across the industry say it’s easier to tweak policy -- or pay the equivalent of 70 minutes of profit -- than to actually revamp the company culture that shapes the way people think and act.