ThisBusinessSucks

This Business
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September 2022 - JPMorgan Chase & Co. | 1st Runner Up

JPMorgan Chase became a household name after participating in often-illegal business practices that led to the 2007-2010 mortgage crisis. So did the resulting $13-billion penalty teach the financial behemoth the value of ethics of profit? Of course not.
 
To be fair, you’d be hard-pressed to find a banking titan that hasn’t engaged in highly suspect conduct, such as using unapproved messaging tools to evade SEC oversight. Some experts even believe that we will soon see the end of financial oligarchies altogether. But there’s plenty of damage that can be done before that day, and JPMorgan Chase (as well as Citibank and HSBC) is being accused of war crimes after evidence of supporting Russian oil emerged during the current invasion of Ukraine. Other companies take note—if you’re angling for inclusion in the Bad Business Awards, wartime profiteering is a virtual guarantee.

They have also admitted to providing “terrible customer service”—including allegations of discrimination against a Black investor. This is not long after a Black doctor was denied service and accused of fraud without a shred of proof. Maybe they did learn something from the mortgage crisis—when in doubt, throw money at a problem. To wit, they promised to put $30 billion into addressing systemic racism in banking.

It’s no surprise that Jpmorganchase.SUCKS is already taken. Join them with Jpmorganchaseco.SUCKS to make your voice heard.

We’re harping on JPMorgan Chase because they make it so easy to hate them. But let’s be real: all big banks suck. Let’s see if they continue to exist when they have so completely lost the trust of consumers around the world.

If you agree: BigBanks.SUCKS is ready and waiting for you.
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