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JPMorgan Investor Lambasts ‘Deficiencies’ in Racial Equity Audit

The JPMorgan Chase & Co. investor behind a push for the firm to conduct a racial equity audit criticized the resulting report released last month as containing “several deficiencies.” 

In an analysis released Tuesday, SOC Investment Group took aim at JPMorgan’s choice of auditor, PricewaterhouseCoopers LLP, the lack of auditor recommendations in the report, and the fact that the report was written by JPMorgan rather than PwC. SOC also described an absence of transparency and criticized the scope of the assessment, saying it didn’t look at diversity, equity and inclusion within the biggest US bank.