Major financial institutions don't make diversity grade
George Curry/NNPA Columnist
Issue date: 6/17/07 Section: Politics
RICHMOND, Va. - I moderated a Town Hall meeting here last week for the Urban Financial Services Coalition, formerly known as the National Association of Urban Bankers. Being around so many African-American bankers inspired me to look at the industry and its relationship - or lack of one - with black America.
It is not surprising that at such an august national gathering, all of the major financial institutions would be key sponsors: Citigroup, Bank of America, JP Morgan Chase, Wachovia Securities, Countrywide Financial, SunTrust, and Wells Fargo, among them.
Research compiled by the Greenlining Institute, a Berkley, Calif.-based multi-ethnic public policy organization, shows that banks are making insufficient investments in communities of color. The institute argues that the financial services industry should be at least as diverse as President George W. Bush's cabinet, which has two blacks (Secretary of State Condoleezza Rice and Secretary of Housing and Urban Development Alphonso Jackson), two Latino members (Attorney General Alberto Gonzales and Secretary of Commerce Carlos Gutierrez) and one Asian (Secretary of Labor Elaine Chao).
"Although the board of directors is only one segment of the banking management structure, it is a publicly available indication that most of America's banks have a long way to go to meet even President Bush's cabinet diversity," Greenlining stated in its annual report card issued in February. "Presently, one-third or five of the president's 15 cabinet members are minorities."
It continues, "our report demonstrates that with one exception, no bank has diversity sufficient to reflect the U.S. population or President Bush's cabinet of one-third diversity achievement."
The Greenlining Institute gave Bush's cabinet an A-minus. Only Golden West Financial, a recent acquisition by Wachovia, and Citigroup earned top-grades of A-minus. Key Corp. earned a B and Wells Fargo was awarded a B-minus instead of a C-plus because as of this year, it is the only major financial institution that has board members who are African American, Latino and Asian American. PNC Financial and Countrywide received grades of C-plus.
It is not surprising that at such an august national gathering, all of the major financial institutions would be key sponsors: Citigroup, Bank of America, JP Morgan Chase, Wachovia Securities, Countrywide Financial, SunTrust, and Wells Fargo, among them.
Research compiled by the Greenlining Institute, a Berkley, Calif.-based multi-ethnic public policy organization, shows that banks are making insufficient investments in communities of color. The institute argues that the financial services industry should be at least as diverse as President George W. Bush's cabinet, which has two blacks (Secretary of State Condoleezza Rice and Secretary of Housing and Urban Development Alphonso Jackson), two Latino members (Attorney General Alberto Gonzales and Secretary of Commerce Carlos Gutierrez) and one Asian (Secretary of Labor Elaine Chao).
"Although the board of directors is only one segment of the banking management structure, it is a publicly available indication that most of America's banks have a long way to go to meet even President Bush's cabinet diversity," Greenlining stated in its annual report card issued in February. "Presently, one-third or five of the president's 15 cabinet members are minorities."
It continues, "our report demonstrates that with one exception, no bank has diversity sufficient to reflect the U.S. population or President Bush's cabinet of one-third diversity achievement."
The Greenlining Institute gave Bush's cabinet an A-minus. Only Golden West Financial, a recent acquisition by Wachovia, and Citigroup earned top-grades of A-minus. Key Corp. earned a B and Wells Fargo was awarded a B-minus instead of a C-plus because as of this year, it is the only major financial institution that has board members who are African American, Latino and Asian American. PNC Financial and Countrywide received grades of C-plus.
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