JPMorgan, UBS, Wells Fargo to allow US employees take day off for Juneteenth
President Biden signed a bill on Thursday to recognize June 19, or "Juneteenth," a federal holiday
JPMorgan Chase & Co will give its U.S. employees one floating day off for the newly implemented Juneteenth federal holiday, according to an internal memo seen by Reuters.
While the holiday falls on a weekend, employees can coordinate with managers for a paid day off between July 1 and Dec. 31, the memo from Chief Executive Officer Jamie Dimon and global head of diversity and inclusion Brian Lamb said.
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Wealth manager UBS also unveiled similar plans for its U.S. employees, an internal memo showed.
Wells Fargo & Co will provide an additional personal holiday in 2021 to all eligible U.S. based employees to commemorate Juneteenth, a company spokesperson said.
President Joe Biden signed a bill on Thursday to recognize June 19, or "Juneteenth," a federal holiday marking the end of legal enslavement of Black Americans.
JUNETEENTH HOLIDAY SENDS FEDERAL RESERVE, NYSE SCRAMBLING
It marks the day in 1865 when a Union general informed a group of enslaved people in Galveston, Texas that they had been made free two years earlier by President Abraham Lincoln's Emancipation Proclamation during the Civil War.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 246.25 | -3.47 | -1.39% |
| WFC | WELLS FARGO & CO. | 75.33 | -0.87 | -1.14% |
| UBS | UBS GROUP AG | 32.28 | -0.06 | -0.19% |
Juneteenth is the first new federal holiday created in nearly four decades. Texas officially declared Juneteenth a state holiday in 1980 and since then the holiday has been officially recognized in most U.S. states.
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The U.S. Securities and Exchange Commission also said its offices would be closed on Friday.
(Reporting by Niket Nishant in Bengaluru and Matt Scuffham in New York; Additional reporting by Noor Zainab Hussain and Nandakumar D in Bengaluru; Editing by Arun Koyyur and Shounak Dasgupta)