Forbes, June 28, 2018: Citi & JPMorgan struggle to hire black talent
The problem is widespread throughout the industry. Goldman Sachs released its 2017 data which showed black workers make up 5.4% of U.S. employees and 2.9% of executives. Black executives are slightly harder to find at Morgan Stanley, at only 2.2%. Bloomberg reported Wells Fargo’s black employees now make up 13% of its workforce, up one percent over the past seven years. Bank of America’s black workers remained at 13%.
When there are fewer people working at these financial institutions that come from your own community getting access to capital becomes more challenging. “Many minority borrowers are looking for trusted financial advisors that reflect the diversity of the marketplace,” said Stella Adams, Chief of Equity and Inclusion at National Community Reinvestment Coalition, an organization that works to promote diversity in banking, housing and business.
The Government Accountability Office (GAO) found that across the financial services industry the proportion of African Americans in management positions decreased from 6.5% to 6.3% from 2007 through 2015. GAO’s report also notes black women consistently had the highest representation in management at 4.1% and black men represented 2.3%.
