A former JPMorgan Chase executive has filed a federal lawsuit alleging that his manager subjected him to racial discrimination and retaliation, ultimately forcing him to resign. Thomas Shaffer III, who is African American, joined the bank in 2023 after leaving Bank of America in New York for what he expected to be a career advancement: an Executive Director SC Banker role at JPMorgan's Indianapolis branch, along with a spot in the firm's Performance-Based Incentive Compensation Plan.
The complaint, Shaffer v. JPMorgan Chase & Co., No. 1:26-cv-00807, was lodged on April 23, 2026, in the U.S. District Court for the Southern District of Indiana. Shaffer asserts claims under Title VII of the Civil Rights Act and Section 1981, as well as a promissory estoppel claim tied to the cross-country relocation he and his family undertook for the position.
According to the filing, difficulties began almost immediately under his manager, a Caucasian Managing Director and Market Manager. Shaffer alleges she required him to move his workstation directly in front of hers to “keep an eye on him,” while white colleagues could sit wherever they chose. He further claims that business leads were rarely directed his way, and that non-African American peers received her assistance in building and retaining client relationships.
The lawsuit details a pattern of alleged mistreatment that included canceled client travel that cost him commissions, a college endowment prospect that was reassigned to another market after she had agreed it was his, canceled room reservations, over-scheduling, and a senior leader routinely sitting in on his meetings but not those of his white peers. Shaffer says he was the only African American Executive Director on her team, and that another former African American direct report has also filed an EEOC charge against her and the bank.
Shaffer says he raised concerns with an HR Business Advisor in July 2023 and continued to complain verbally and in writing to her and her successor throughout his tenure, but nothing changed. In February 2025, days after he spoke on a high-visibility panel about diversity and inclusion before more than 80 business leaders, he was placed on a 60-day coaching plan requiring a daily email log of his work. He says he met every requirement, yet his manager told him she planned to move toward termination, then began pulling prospects from his plan and excluding him from branch events.
Shaffer gave 60 days' notice on August 19, 2025, citing discrimination and retaliation, and left on October 24, 2025. He characterizes his departure as a constructive discharge. The suit seeks reinstatement, back pay, and compensatory and punitive damages.
The case highlights ongoing scrutiny of diversity practices at major financial institutions. For context, JPMorgan has faced other recent personnel shifts, such as the departure of JPMorgan Workplace Solutions CEO Vince La Padula, as reported in this article. Separately, a former Citi managing director recently alleged retaliation over concerns about vetting a Trump account, detailed in this report.
Shaffer's legal action adds to a series of discrimination claims against large banks, underscoring the challenges in fostering inclusive workplaces. The outcome could influence how wirehouses handle internal bias complaints and relocation promises.
