J.P. Morgan Chase & Co. submitted a formal statement to the city of Chicago, admitting that two banks that came before it had accepted thousands of slaves as collateral before the Civil War.
The bank, headquartered in New York and ranked as the second-largest in the country, expressed regret for its involvement in "a harsh and unfair establishment" and announced its intention to establish a scholarship fund in Louisiana as a means of restitution.
J.P. Morgan officials stated that the bank co...