From Selma To Morgan StanleyCatherine Arnst
Watch out, Wall Street. To shift the focus of the civil-rights movement from the statehouse to the "seat of capital," the Reverend Jesse Jackson on Jan. 15 announced that his Rainbow/PUSH Coalition will open an office at 40 Wall St. by mid-February. The office will try to get the Street to hire and promote more women and minorities. "Our struggle never quite made it directly to Wall Street before," he says.
Jackson also announced a pact with Mitsubishi that will end a boycott against the Japanese carmaker backed by Rainbow/PUSH and the National Organization for Women. The boycott began in the wake of sexual-harrassment allegations at the company's Normal (Ill.) plant. Mitsubishi says it will ensure that 15% of its dealerships have minority or female ownership within five years and that it will start talks to rehire the women who are suing the company. (The lawsuits and a federal probe continue.)
Jackson plans a similar strategy with Street firms. His group has already met with employees at Morgan Stanley who claim to have been discriminated against.