Blavity: Why BLM Solidarity Requires Banks To Address Diversity And Inclusion Issues

Blavity, October 22, Why BLM Solidarity Requires Banks To Address Diversity And Inclusion Issues

Companies need to start creating workforces that are more racially and ethnically inclusive, and hiring people of color into positions of power, such as managers and executive leaders. There is a very low percentage of Black people that get hired into such positions, given how much of the population they make up. These positions would offer the high salaries and benefits that they come with, which will help Black families obtain wealth-building assets.

Standing in solidarity with the #BlackLivesMatter movement is more than releasing external statements of support. Corporations must leverage their power to create an equitable landscape for Black people.

Professionals of color face challenges securing quality jobs with livable wages and benefits, especially at the managerial and executive levels. This is the case across most sectors, but very apparent in the finance sector. According to the 2018 EEOC data, African Americans makeup just 3% of executive positions in the finance sector, although they make up 13% of the population. At a time when consumers are calling for institutional accountability around systemic inequities, financial institutions must start by addressing their internal diversity issues.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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