Wall Street’s Campaign to Hire Black Talent Isn’t Going So Well
- Banks tether managers’ bonuses to their progress on diversity
- Citigroup CEO warns hiring is easy but retention is a struggle
Photographer: Klaus Vedfelt/Digital Vision via Getty Images
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For Black professionals who get job offers on Wall Street, there’s pay and benefits to consider. But also isolation, bias and racism.
As big U.S. banks and asset managers vow at long last to address the industry’s dearth of Black executives, those who have been around a while warn progress will require more than the usual hiring spree. Offices remain alienating and even inhospitable. Most organizations lack mentors who can help guide the way up the org chart.