Reflecting on two decades of changes in the banking industry, Stacey Friedman, executive vice president and general counsel at JPMorgan Chase, is struck by how women are more significantly represented in the field. In 2002, there were fewer than five female Fortune 500 CEOS, and in many courtrooms around the country, skirts were required and pantyhose were expected," she said. "I can't recall the last time I bought pantyhose." Indeed, the banking industry today "is different," she said. "Companies that were relatively unknown in 2002, like Amazon, Apple and Alibaba, are now driving the world economy," she said. "Better-capitalized banks are more resilient and less exposed to global financial contagion."
Friedman has long recognized the importance of diversity in the workplace. Her Leading with Diversity initiative in 2018 at JPMorgan Chase sought to put more women and people of color in key leadership roles. The nationwide reckoning around racial justice after the police killing of George Floyd in 2020 moved Friedman to go further. As general counsel — a role she has had for five years — Friedman brought together her counterparts at 11 other banks to write an open letter to the global legal community, collaborating to foster inclusive cultures and to combat racial discrimination.
Progress in this area, Friedman said, has been "unsatisfyingly slow."
"In 2021, the number of female CEOs of Fortune 500 companies hit an all-time high of 41," she said. "Although it is encouraging to see this figure grow, we shouldn't be satisfied that women only make up 8.2% of the chief executives on the Fortune 500 list. Much more still needs to be done. There are only six Black Fortune 500 chief executives and only 21% of all S&P 500 directors are from underrepresented racial and ethnic groups."
At JPMorgan Chase, some of Friedman's responsibilities include managing actual and potential litigation and enforcement matters, providing legal advice to all of the firm's lines of business and corporate functions, and selecting and managing outside counsel.
She oversaw all aspects of PPP lending during the pandemic. The bank provided $40 billion to more than 400,000 small businesses, of which 30% are small businesses in communities where the majority of the residents are racial minorities.
In addition, Friedman oversaw employment law globally for the firm, including complying with vaccine regulations and government mandates, and local health and safety requirements.
Friedman is also the operating committee sponsor for the company's newly created Digital Assets Group. The DAG is leading the firmwide approach to digital assets, evaluating risks and disruptive threats in the marketplace, and looking for ways in which JPMorgan Chase can participate in new technologies and digital assets using its leadership, expertise, scale and risk management capabilities.
She also helped with the launch of a new legal workflow tool that will enable attorneys to more efficiently track and manage their work. The first module is expected to reduce time spent on work by 10% over the next two years.
Friedman also advised JPMorgan Chase in 2020 when the nation's largest bank chose to commit $30 billion to foster racial equity through a number of initiatives, including expanding affordable homeownership opportunities in underserved communities, improving access to financial services in predominantly Black and Latino areas and creating a digital lending product to provide minority business owners with fast access to capital.
As part of this $30 billion commitment, she led the legal team in helping the bank with enabling consumers to open low-cost checking or savings accounts by opening branches and increasing marketing spending in underserved communities.
A longtime champion of LGBT rights and gender equality, Friedman is also on the board of directors for the National Women's Law Center and is a founding member of the National LGBT Elder Housing Initiative Advisory Council, which advises the nonprofit organization Services and Advocacy for GLBT Elders(SAGE)on public policy.
Ultimately, when considering the changes in the industry, Friedman says some things should never change. She is committed to making sure the company continues to invest in its teams, continues to take on challenges, and continues to push innovation. She said she is always looking for better ways to serve and uplift customers, communities and countries around the world.
