In recent years, some major US banks have taken steps to increase workforce and board diversity.
Yet the pressure on them is greater than ever, two years after the murder of George Floyd and the devastating sting that COVID-19 has left on the black community. Along with pledges of billions of dollars to fight systemic racism, some banks have delivered on their promises by promoting some black people, offering internships and other programs to advance the hiring and retention of people of color since 2020.
However, observers say banks need to step up efforts to add more black people to leadership and middle management positions where they can make a big difference in a bank’s decision-making process to truly increase the wealth of communities. black.
Black senior bankers make up less than 10% of the entire management team at Wall Street’s biggest firms that remain overwhelmingly white, according to Bloomberg. While black employees make up 12% of entry-level jobs, they make up just 7% of managers, according to a report by McKinsey and Co.
Still, black bankers admit some gains have been made, though it’s hard to pinpoint exactly how much.
The good news is that there are black bankers like Timicka AndersonCEO of Citigroup Inc., which is spearheading changes to help the banking industry make the transition to diversify.
She is among Black Bankers supported by their peers as industry leaders on the diversity front. Here’s a look at the bankers, based on Bloomberg.
Jolen Anderson is the global head of human resources for Bank of New York Mellon Corp. His duties include supporting the bank’s global workforce and overseeing philanthropy and environmental, social and governance issues. Like many companies, the bank had internal conversations about race after the death of George Floyd — discussions that broke down barriers as employees, for the first time, shared with colleagues experiences they had lived with for decades.
“I talked about being a mother and how I have to prepare my children,” Anderson, 44, said.
“It’s everything from how to handle interactions with others, to how to feel like you’re the only person in the room who looks like you.”
jason bond is Managing Director of the Global Banking and Markets Group of Bank of America Corp. In his role, Bond manages a sales team that generates approximately $500 million in revenue annually through primary product distribution and secondary commerce.
Timicka Anderson is responsible for the consumer products and retail industry at Citigroup Inc. Commercial Banking. Anderson leads the team that manages Citigroup’s relationships with everyone from start-ups to large corporations operating in the consumer products and retail, and attracting new customers. She too serves on the steering committee of the bank’s global women’s affinity group and assists with recruitment.
Deji Davies is a managing director at JPMorgan Chase and Co. Davies is responsible for trading Europe, Middle East and Africa at par and stressed loans at JPMorgan. Its sales team has doubled in size and added sales staff in recent years. He is also a non-executive director of the Premier League’s Brentford Football Club.
“There are more black doctors than in years past, but more definitely needs to be done, and we are working on that,” he says.
“One of the big problems for young black people is not seeing people in the roles they want to play.”
Grace Chionuma, is Managing Director of Morgan Stanley’s Public Finance Banking Group. As co-head of affordable housing and community development at Morgan Stanley, she helps structure and fund deals for infrastructure projects in major cities and for nonprofits.
Derek Ellington is head of small business banking at Wells Fargo and Co. Ellington knows the value of mentorship. Throughout his career, including in his role as head of small business banking at Wells Fargo, he’s put younger team members through what he calls “Derek’s program.” It’s about getting them to develop transferable skills, take additional courses and expand their networks.
“Working with Wells Fargo’s small business customers with annual revenue of $10 million or less has been especially rewarding during the pandemic,” says Ellington.
Dan Freckleton is Managing Director of Goldman Sachs Group Inc. He oversees short-term interest rate sales in Europe and co-manages UK rates sales. Over the past 18 months, much of his time has been spent leading the company’s Global Markets apprenticeship program in London – an effort to build diversity among recruits by bypassing the traditional path of university graduates.