In the finance industry promoting an environment that is both inclusive and diverse not only promotes equality, it also encourages equitable access to financial resources. A financial institution that has a diverse set of employees in all levels of the company will also be able to recognize a broader range of views that may otherwise be overlooked. The finance industry is evolving at a rapid pace and thanks in part to the countrywide push for more racial equality, diversity in finance is closer than ever.
Throughout history, the financial sector has mainly been managed by older men, the majority of them white. There has been remarkably few females or leads of color, however, over the last couple of decade things have started to change. As more women take the lead in positions of power and racial diversity is becoming a cornerstone of good business practices, workplace diversity is becoming the norm instead of the exception. That being said, there is still work to be done and the best way to encourage more beneficial changes in the field of finance is by supporting companies that celebrate diversity. To that end (name) has put together a list of some of the top financial intuitions that are both diverse and inclusive.
Evercore is one of the more recent companies on our list, but it is also one of the best in terms of diversity and inclusion. The firm was launched in 1995 by a former U.S. Treasury and Blackstone veteran. The company has a mindset that everyone deserves equal support in the workplace and as a consumer. They make consistent choices that help support and improve their meritocracy so that everyone in the workforce enjoys a comparable amount of access to advancement opportunities. This independent investment banking advisory firm is an elite wealth management company that helps to manage and build their client’s portfolios through a range of modern methods. Their rich work culture of diversity allows them to serve clients in unique ways that have measurable results.
Bank of America
Bank of America may be lagging behind in some areas of their service, but when it comes to diversity and inclusivity, they are among the best of the bunch. In addition to maintaining an extraordinarily diverse staff, they also have a generous concentration of women and minorities in their senior management. To make things even sweeter, they offer a 10-week internship program that is open to sophomore students from all backgrounds interested in becoming a Bank of America analyst. Though it is open to all, they market the program to students of color and those in lower-income neighborhoods who may not otherwise have access to similar internship opportunities.
Quicken Loans ranks high on the list of diverse financial institutions. Women who work for the company are paid equal or higher salaries than men holding the same positions across all employee levels. The company also has a high racial diversity level with at least half of the workforce falling under the umbrella of minorities and people of color. A high emphasis on style, personality, and culture within the company is a big draw for those in the black community. In fact, more than 40% of the entire workforce is made up of people of color, including those who hold many higher-level positions in the company.
When it comes to investment firms, you probably imagine a group of attractive, young men in suits. While this may be true, Blackstone takes an active role in leveling the playing field. They make a point of including both women and people of color in their hiring drives to encourage more participation in the finance industry. They have a goal of reaching a diversity concentration of at least a third of their company in terms of racial mix and gender mix in the next few years. They have also added a future women leaders program that targets women interested in joining the financial field. This program has been around for a while, but it is worth noting as it is open to all women located in New York who is seeking a mentor to jumpstart their careers in finance.
JPMorgan Chase has had a literal tsunami of ups and downs in the past two decades, but we must admit that they are working hard on being inclusive. They encourage and enable both women and minorities to join their workforce and even offer programs specifically targeting people in the LGBT community. Racial and gender diversity is always a top concern, but with the spotlight on all aspects of inclusion, it is nice to see LGBT members getting the recognition they deserve. Many companies have just started reaching out and speaking out for those of the LGBT community, but JP has been doing it consistently for at least the last two decades.
Moelis & Company
Moelis & Company may not be a household name but it happens to be pretty high on the list of diverse and inclusive financial institutions. The company offers a range of financial advice and investment services to governments, corporations, and institutions all over the world. They have several offices in the US as well as many locations worldwide. As a company that serves clients from many different ethnic backgrounds and cultures, it is critical that their workforce also reflects the same or higher level of diversity. They offer leadership in diversity programs for minorities, women, and people of color who are interested in becoming world-class investment bankers, they also have a corporate partnership with Morehouse College to help fast-track aspiring students into the financial field.
Our Final Thoughts On Diversity & Inclusivity In Finance
The push for diversity and inclusivity in the financial sector has a variety of origins. Our list is only a small selection of the many great finance institutions out there who are working to be a part of the solution to a long-standing problem. The push to reduce the disparities in pay to women and minorities has been one of the driving forces behind some changes. The importance of making a point to seek out and recruit a more diverse workforce at all levels from simple clerks all the way to upper management has also led the way for major changes in recent years. Consumers are learning that putting their money in companies that value and support their beliefs has encouraged institutions to step up their game and others to change their outdated policies.
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