Wall Street's Biggest Banks Have A Huge Diversity Problem - And They're Not Talking About It
As for the bottom rungs of the financial sector? A The New York Times story suggests that things aren't too promising here, either.
The Times reports that according to a study done by the startup recruiting firm Vettery, a staggering 77.5% of this year's class of first-year bankers were men. Racial diversity was also lacking, with white and Asian bankers making up 94% of new hires.
Vettery came to its conclusions by collecting data from 100,000 financial workers signed up to its recruiting network, as well as information combed from regulatory filings and LinkedIn.
What was perhaps equally troubling is how the banks responded when the New York Times asked them about the Vettery study. The majority either declined to comment or chose to obfuscate the issue by claiming Vettery's numbers were inaccurate while refusing to provide the actual statistics.
Here's how seven of Wall Street's biggest banks responded to The Times' inquiries:
Deutsche Bank (70% white first-year class): A spokesperson told The Times that Vettery's figures were inaccurate but refused to provide other numbers. Still, the spokesperson says the bank is "committed to recruiting diverse talent."
Barclays (69% white first-year class): A spokesperson disputed Vettery's report but refused to provide more accurate numbers.
Bank of America (66% white first-year class): Declined comment.
Credit Suisse (66% white first-year class): Declined comment.
Goldman Sachs (56% white first-year class): Declined comment.
JPMorgan (13% black or Hispanic, the highest of the banks studied): "We put a tremendous focus on diversity at the firm, but we are mindful that more still needs to be done," a spokesperson said.
Morgan Stanley (12% black or Hispanic): Declined comment.
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