I'm compiling a list of stories that I’ve discussed with sources and colleagues in recent weeks on race, finance and economics. ICYMI. Additions welcome.
@hannahlevitt, @AmandaGordon and I wrote about activists criticizing banks for their role in creating and prolonging economic gaps.
https://www.bloomberg.com/news/articles/2020-06-16/banks-snared-in-race-conversation-confronted-by-bleak-legacy?sref=cqdX8AF4, edited by @david_scheer with contributions from the whole finance team.
https://www.bloomberg.com/news/articles/2020-06-16/banks-snared-in-race-conversation-confronted-by-bleak-legacy?sref=cqdX8AF4, edited by @david_scheer with contributions from the whole finance team.
Morgan Stanley’s former global head of diversity, Marilyn Booker, is suing the bank for racial discrimination after 16 years in that role, reports @flitteronfraud https://www.nytimes.com/2020/06/16/business/morgan-stanley-discrimination-lawsuit.html
Wells Fargo's CEO is tying executives’ pay to their progress on diversity, including a goal to double Black leaders at the firm in the next 5 years from a current 6% of senior management. https://www.bloomberg.com/news/articles/2020-06-17/bonuses-tied-to-diversity-in-banks-push-for-long-awaited-change by @hannahlevitt & @sridinats, editor @david_scheer
Some bankers have published powerful first-person accounts, including this one from Frederick Baba at Goldman Sachs: https://www.bloomberg.com/opinion/articles/2020-06-05/goldman-sachs-executive-has-advice-for-white-colleagues
And this from Gregg Lemkau, Goldman's co-head of global investment banking: https://www.linkedin.com/pulse/amplifying-voices-others-gregg-lemkau/?trackingId=zjHw45S8da9kBy%2FABzSCHw%3D%3D
And this from Gregg Lemkau, Goldman's co-head of global investment banking: https://www.linkedin.com/pulse/amplifying-voices-others-gregg-lemkau/?trackingId=zjHw45S8da9kBy%2FABzSCHw%3D%3D
Citigroup CFO Mark Mason, one of Wall Street’s most senior black executives, began a blog post by repeating some of George Floyd’s last words, “I can’t breathe,” 10 times. https://www.bloomberg.com/news/articles/2020-06-01/-my-tears-are-real-floyd-killing-is-personal-for-some-bankers by @jennysurane, @sridinats & @sonalibasak, edited by @Taub
Both Franklin Templeton and Raymond James said they had zero tolerance for racism after two separate videos of employees went viral. The employees were fired. https://bloom.bg/2Yccj1z and https://bloom.bg/2N52BaL , by @antoniabmassa, edited by @MelKarsh & @journalistjosh
In economics, here's an illuminating podcast interviewing @drlisadcook about what it took to convince her colleagues of the link between lynching and economic activity. https://www.npr.org/2020/06/12/876097416/patent-racism
And @catarinasaraiva collects a trove of data showing the grim reality of racial disparity in America: African Americans lag other groups by nearly every economic measure. https://www.bloomberg.com/news/articles/2020-06-02/unrest-spotlights-depth-of-black-americans-economic-struggle edited by @anita_sharpe
For a history lesson about the Fed hearings rooted in a failed 1978 pledge to fix inequality, check out this story: https://www.bloomberg.com/news/articles/2020-06-16/fed-s-jobs-inflation-mandates-blur-70s-law-aimed-at-inequality by @boes_ edited by @alisterbull1
Finally, racial repression is built into the U.S. economy, writes @petercoy. https://www.bloomberg.com/news/articles/2020-06-04/racism-is-built-into-the-u-s-economy
I'm sure I've missed a lot - recommendations welcome!
I'm sure I've missed a lot - recommendations welcome!