Jamie Dimon's latest shareholder letter outlines 5 ways JPMorgan is trying to improve diversity after its 2019 discrimination scandal

In the letter, Pinto and Smith wrote that leaders are "re-evaluating the qualification requirements for new product features and benefits" to ensure that all customers can access the same range of benefits and that there isn't any unconscious bias at play.

The financial institution is expanding its efforts in recruiting diverse talent and will hold recruitment managers accountable, according to the letter.

"Over the past four years, we have increased the number of black professionals in our most senior ranks, with the number of black managing directors and executive directors up by more than 50 percent," the letter reads.

JPMorgan Chase is expanding its diversity and inclusion training. The company already has a number of bias trainings, such as unconscious bias training for branch managers. Now, however, all employees will have to undergo diversity and inclusion training, and at multiple times throughout their career, according to the letter.

Unconscious bias is prejudice against one group, or in favor of another group, that people may not even be aware they have. By calling out common instances of unconscious bias, people can be more educated to not make the same mistakes.

The banking firm is also examining how it can partner with more businesses with diverse leaders.

"The diversity of the businesses we partner with across the firm is just as important as our employee diversity — from the small businesses to which we provide access to capital, to our asset managers, to our suppliers and to the companies we assist in bringing public," Pinto and Smith wrote.

Dimon ended the section of the letter underscoring that the company has work to do.

"We need to do more as a nation, and we have more to do as a firm," the CEO wrote.