House Committee Releases Report on Diversity inside the Nation’s Largest Banks

Analysts are predicting credit unions will eventually find themselves under the microscope for their diversity efforts.

With an increasing emphasis on diversity and inclusion in recent years, the report suggests that big banks are not doing enough to diversify their senior management positions. The findings are based on responses provided by the nations largest banks, including State Street, Citi, JPMorgan Chase, Bank of America, Wells Fargo, Morgan Stanley, BNY Mellon, and Goldman Sachs.

The House Financial Services Committee has found both boards and senior management remain mostly white and male.

Findings from the Data tabulated by the committee
• 29% of board members at the biggest banks are female, while 17% are minorities.+
• There are no female or minority CEOs at any of the banks in the survey.
• 24% of senior leadership at the banks is female, while 25% is minorities.
• None of the banks had a chief diversity officer who reported directly to the CEO.
• Four out of the eight megabanks spent more than $1 billion on diverse suppliers.

“Everything I hear on Capitol Hill points to an expansion of this kind of scrutiny, and credit unions may want to pre-emptively look at their own operations and honestly assess where they are, and where they should be,” said John McKechnie, a partner in the advocacy firm Total Spectrum.

The need for diversity amongst senior management positions within credit unions is an important ongoing mission that cannot be ignored. For information on how to incorporate more diversity within your credit unions and learn about the benefits attached to it, join the MD|DC Credit Union Association on Tuesday, September 24, 2019, for an informative Roundtable on the Business Case for Diversity + Inclusion. Learn More Here

 

HR Roundtable
The Business Case of Diversity & Inclusion
Tuesday, September 24, 2019
9:00 AM - 12:00 PM
Learn More + Register Now!