Wall Street, Mainly Composed of 'White Men,' Also Changes After Floyd Incident

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Even on Wall Street, once considered the exclusive domain of white men, voices of self-reflection calling for increased diversity have emerged following the 'Floyd incident,' CNBC reported on the 2nd (local time).

According to the report, leading Wall Street financial firms such as BlackRock, Wells Fargo, Goldman Sachs, and Bank of America have acknowledged the low proportion of Black individuals in senior positions and pledged to expand Black employment and support Black communities going forward.

BlackRock, the world's largest asset management company, announced that it will hire 30% more Black employees by 2024.

Larry Fink, CEO of BlackRock, stated, "Not only public companies but also private companies should focus on 'how to demonstrate corporate purpose' to employees, customers, and communities," adding, "When a company has a clear sense of purpose, it will achieve better long-term profitability."

BlackRock, which employs over 16,000 people worldwide, revealed that only 5% of its workforce is Black.

Wells Fargo announced plans to double the proportion of Black individuals in senior positions over the next five years. Currently, only 6% of Wells Fargo's senior positions are held by Black employees.

At Goldman Sachs, Black individuals make up only 2.7% of executives and senior positions. At Citigroup, only 2% of employees are Black.

Bank of America pledged to invest $1 billion (approximately 1.2 trillion KRW) over four years to address economic and racial inequalities accelerated by COVID-19.