The Push to Diversify Banking from Within the Industry
The racial reckoning in America calling for diversity has touched every industry including banking.
According to a report from the Committee for Better Banks -- a bank workers' advocacy group -- Black and Latino employees have a significantly smaller chance of holding an executive position in corporate banks in comparison to their white counterparts.
"I heard lots of stories of workers of color who said, 'I've applied for 15 jobs, 20 jobs, never got an interview, I always had good, performance reviews by my manager ... but never got an interview,'" Nick Weiner the lead author of the CBB report told ABC News.
The report finds that Black and Latino employees at 13 major U.S. banks have a less than 25% chance of being promoted or hired for a senior management or executive position in comparison to their white colleagues. Black and Latinos also have a very high likelihood of being in an entry-level position with limited mobility, such as bank teller and call center employees in comparison to their white colleges, the report also found.
The study gave the financial industry a "C" grade for diversity. African American and Latino representation were given a "D" and Asian representation, a "C."
A lack of diversity in corporate America is nothing new, but the impact is even more widespread in banking. African Americans and Hispanics are less likely than their white counterparts to receive home mortgages, personal loans and are more likely to lack trust in banking and lack banking access and resources.