JPMorgan: Predecessor Banks Owned Slaves

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00000158-jpmorgan-predecessor-banks-owned-slaves/

Banks that later became part of JPMorgan Chase & Co. received thousands of slaves as collateral for 19th century loans, the No. 2 U.S. bank said on Thursday in an apology.

The bank made the revelation to the city of Chicago to comply with an ordinance requiring companies doing business with it to disclose any links to slavery.

JPMorgan also sent a letter to employees apologizing for its’ predecessors involvement in a “brutal and unjust institution.”

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