JPMorgan Chase (JPM) CEO Jamie Dimon recently made comments about diversity, equity, and inclusion (DEI) initiatives that indicate that he is not fully sold on the idea. According to a report by Bloomberg, Dimon said he was skeptical about unconscious bias training and hinted that the bank may cancel some DEI programs due to unnecessary spending.
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The reason why this may be noteworthy to some is because Dimon’s comments are a change from the bank’s previous stance on DEI initiatives. Indeed, in 2021, JPMorgan launched a training program called “You Belong Here: Building a More Inclusive JPMC” and pledged to investors that it would strengthen its approach to DEI priorities. The bank also announced a $30 billion commitment to advance racial equity and combat systemic racism in 2020.
However, Dimon’s new remarks have now led to questions about the future of JPMorgan’s DEI initiatives. In addition, it remains to be seen which programs will be affected by Dimon’s change of direction, as the bank has not commented on the specific programs that Dimon deemed unnecessary.
What Is the Target Price for JPM?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on JPM stock based on 12 Buys, seven Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 58% rally in its share price over the past year, the average JPM price target of $275.60 per share implies that shares are near fair value.
