Bloomberg Equality:
Race, Money and Wall Street

One in a series of uncomfortable conversations amidst a national reckoning with systemic racism, creating true equity and building a more just world.

 The U.S. banking and financial services industry plays an instrumental role in fueling the U.S. economy. Despite this involvement, it’s historically failed to reflect the depth and breadth of the businesses, communities and people it serves. The history of redlining and other practices whose adverse impacts still reverberate today as Black Americans trail their White counterparts in home ownership, wages and wealth accumulation. The net worth of a typical American White family is 10-times higher than Black families, $171,000 vs. $17,000, respectively, according to 2016 estimates.

Lack of diverse representation in senior leadership may be part of the problem. Black and Latinx executives hold four percent or less of executive or senior roles in financial services, according to a recent Congressional report. What concrete steps is the industry taking to combat systemic racism in business and personal lending? What are the strategies for creating sustainable practices that can lead to long-lasting impact and change? Which initiatives and programs are working to attract, develop and retain top diverse talent in the industry? How are the biggest banks revamping their succession plans to prepare more Black and Latinx executives for the path to the c-suite? We’ll discuss how the financial services industry can wield its influence to combat racial economic inequality in the midst of an unprecedented global pandemic.