Banks Aim for Diversity at the Top. Can They Do More?

Sally Herships, Marketplace, January 17, 2014

The NAACP has issued a report card on diversity in the retail banking industry, and it doesn’t look good. The report is focused on the lack of minority suppliers as well as the lack of diversity in upper management positions in banking, and the highest grade, a C+, was scored both by Citibank and Bank of America. The lowest grade, a D+, was given to US Bank. While banks do have a lot of diversity programs, like recruitment and training, the NAACP says minorities don’t stick around.

If you want to fix a problem like lack of diversity in the banking industry,  Dedrick Muhammad, senior director of the Economic Department at the NAACP says just being not racist is not enough.

“If someone starts off with greater wealth in their families, with greater access to educational opportunities, have family members that are in a much broader array of well paying jobs, they’re starting off ahead,” he says, adding that a lack of prejudice today doesn’t do enough to make up for bias of the past.

{snip}

JP Morgan Chase had no comment on the study. The other banks cited in the study did release statements: Wells Fargo and Bank of America acknowledged they have work to do; USBank said it is disappointed in the results and is working to improve; Citibank notes diversity is a major priority.

{snip}

Eveyln Tressitt, President of Grey Pearl Advisors, LLC , has that “it factor”. She’s now a corporate consultant, but she used to work for big banks in human resources and as a COO. Banks, she says, need to get better at anticipating openings–“and look at where you can build a pipeline for that opening. So it might mean you have to hire people in advance of when that opening is available.”

Tressitt says that for diversity in banking to become a reality, it has to hit the top of the agenda everyday. In the meantime, Dieudonne says both corporations and multicultural workers continue to lose out.

“People see that you have the capability,” she says. But something is missing. “You’ve spent  all this time making sure you’re part of this culture, you’ve conformed to what we see, a white male standard at leadership, you’ve conformed to that. So when you get to the point where you can reach over this hump and get there, you’ve lost a little bit of yourself.”

When Sally contacted the banks cited in the study, here’s how five of them responded:

Wells Fargo

“We welcome the opportunity to receive feedback on our progress, and acknowledge that we have areas of opportunity for us to improve on our diversity and inclusion efforts. We have a strategic plan with measurable goals in place that intentionally focuses on these areas, and we are monitoring and measuring our progress.”

JPMorgan Chase

declined to comment

Bank of America

“Retaining top diverse talent has been and will continue to be a key priority for us. We are proud to have a culture that prioritizes diversity and inclusion at all levels, and while we’ve made significant progress in several areas, we understand there is more work to do. We will continue our efforts through targeted recruiting and internal programs to support and advance top diverse talent throughout our organization.”

Citibank

“At Citibank, fostering a dynamic and diverse workforce is a major priority. Having talent that reflects the diversity of our customer base is one of the keys to our success as a business, and we take active steps to recruit, train and promote accordingly. We take seriously and participate in numerous external reports and reviews, including the NAACP Opportunity and Diversity Report Card study, to benchmark our work and help identify opportunities for further strengthening our practices. We take pride in the gains achieved through our diversity initiatives, and we remain committed to prioritizing this important issue. Further background: Priority workforce diverse objectives are defined annually and implemented through the Citi diversity operating committee, comprised of diversity and human resources professionals, as well as local business and regional diversity councils. The Citi Board of Directors reviews progress. Programs and initiatives are in place across our businesses to support and foster Citi’s diversity strategy. These include, among others, leadership development programs, employee networks and diversity-focused recruitment programs.  Since 1999, we have communicated our progress through our Diversity Annual Report.

Citi has been widely recognized by external organizations and publications for its diversity initiatives. Calvert Investments which recognized Citi as the most inclusive company in the S&P 100 for women and minorities, and Working Mother Magazine, has named Citi to their “100 Best Companies” for 23 consecutive years and “Best Companies for Multicultural Women.”  Diversity MBA Magazine recognized Citi as one of the Top 50 Best Places for Diverse Managers & Women and Exelon recognized Citi as one of the Top Banks, for Diversity and Inclusiveness.  Citi was named the number one Diversified Financial Industry Sustainability Leader by the Dow Jones Sustainability Index (DJSI). Citi has been on the DJSI North America Index and DJSI World Index since 2001.”

U.S. Bank

“We take the NAACP’s findings seriously. While we are pleased to have received the organization’s highest scores for our board diversity and our branch locations in African-American neighborhoods, we are disappointed in the overall result and are working to improve our performance. We have made significant progress in several areas since 2011, which was the timeframe when the data that was analyzed. U.S. Bank strongly believes in the power of diversity – for our bank and in the communities we are proud to serve. We will study the recommendations from the NAACP, and we have committed to partnering with them on ways we can improve.”

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  • D.B. Cooper

    GOOD. My bank “declined to comment”. I hope some higher up, perhaps even one who had been previously rejected by another financial institution for the sake of diversity, may even realize that Chase’s three word comment might actually help them get even more business.

    As for BOA, suffer in your diversity. Your hardships are mainly because of it.

  • Puggg

    “We take the NAACP’s findings seriously”

    Big mistake.

    • So CAL Snowman

      JP Morgan doesn’t.

  • Grant3131

    Which was the bank that scored the lowest for diversity? U.S. Bank? Yeahhhh where’s the nearest branch? I’m bringing my money to whitey

    • bubo

      Banks are all pretty bad in general. Go for a local credit union if you can.

      • judenjager

        True, but their interest on savings is dismal…

        • QuinnTheEskimo9

          The state of the American dollar is dismal…and interest on just about everything else now is dismal.

      • Grant3131

        Greater Texas FCU since ’07 and proud of it.
        Aggieland branch!

  • bubo

    While banks do have a lot of diversity programs, like recruitment and training, the NAACP says minorities don’t stick around.

    Many times they don’t stick around because they get arrested or fired for stealing. Recently in my city there was a mass arrest of employees at several different banks who were committing ID theft and looting customer accounts. About 30 or so were booked. Every one of them was black.

    • Frank_DeScushin

      Yeah, that was the most interesting line in the article. Do the minority employees not “stick around” or are they let go once it becomes obvious that they’re unqualified for the position?

      • Greg Thomas

        They probably quit after a month when they realize they are not going to be promoted to CEO anytime soon. Of course, “more must be done” to make Quantivias realize his dream of being a CEO.

    • Remember, that’s a white collar crime..

      Something to keep in mind when black excuse makers claim that blacks never commit white collar crime.

      • bilderbuster

        They do it all the time they just don’t do it in large amounts because their hustle usually only works on other Blacks with the exception of Don King.
        He robs Blacks big time for everything.

        • QuinnTheEskimo9

          Because blacks do not understand complicated finances and how to manipulate money the way Jews and Whites do.

          • Well, in a way, they do.

            It’s just that media reports about white collar crime almost involve optics of white, Jewish, and increasingly Asian and Indian men being dragged down the court house steps in handcuffs. That’s because news bout white collar crime involving very high dollar amounts is the only kind of news about white collar crime sexy enough to be news. Blacks rarely have access to big amounts of otherwise above board money, but when they do, they can do wcc. See: Franklin Raines.

            However, blacks, especially black women, are bad about low dollar amount credit card fraud.

  • Sangraal

    Blacks are welcome to run the banks. The sooner they collapse, the better.

  • Truthseeker

    Why don’t blacks just start their own banks if they’re just as intelligent and capable as anyone else? These minority advocacy groups always whine about how white people aren’t letting them into their organizations, but they never consider starting their own instead. It’s almost as if they’d rather take over someone else’s organization than create one themselves.

    • paul marchand

      Right. Then they could make all the loans they want to other blacks that won’t repay.
      But that wouldn’t be fatal. The feds will bail them out.

    • bilderbuster

      They did in Miami in the late 70’s early 80’s.
      It was called “Peoples Bank” & they were shut down by the mid 80’s.
      All of the banks officers & the president have probably served their sentences or have been paroled by now.

  • Druid

    Banks Aim for Diversity at the Top. Can They Do More?
    __________________________________________
    The naacp has met their match. The banksters aren’t about to share their winnings with a bunch of shiftless, blacks.

    • paul marchand

      Time for Barack Hussein to come in and force ” equality” at the top.
      All he needs is that pen.

      • bilderbuster

        And his enforcer Holder at DOJ.

  • Spartacus

    “Tressitt says that for diversity in banking to become a reality, it has
    to hit the top of the agenda everyday. In the meantime, Dieudonne says
    both corporations and multicultural workers continue to lose out.”

    ——————————————————————————————————————–

    Lose out on what ?

    • So CAL Snowman

      What in the hell is a multicultural worker?

      • GeneticsareDestiny

        Any worker who isn’t white.

      • Spartacus

        Token whose sole ocupation is harrasing the White female employees .

        • So CAL Snowman

          That sounds like a full time job.

  • bigone4u

    Banks are about people trusting people with their money. Blacks are not good with numbers. I don’t want my account screwed up by some incompetent employee regardless of their race. Blacks have trouble understanding simple instructions. They can’t even get an order right at a fast food joint. I also don’t want my money stolen by a bank employee, regardless of their race. All things considered, I don’t want blacks anywhere around my money and I’ll remove my money from a bank that turns black.

    Once a bank goes black, I won’t be going back.

    • libertarian1234

      Amen.

    • paul marchand

      Once a bank goes black, it probably will be yet one more money laundering federal conduit.

    • Jim Barlow

      “Once a bank goes black, I won’t be going back.”

      Sums it up perfectly!

      Bank software has an astonishing amount of built in checks and balances to ensure that transactions are performed accurately.

      With that said, I will never underestimate the black mans incompetence – they’ll somehow find a way around all the safeguards to satisfy either their stupidity or urge to steal.

  • libertarian1234

    “While banks do have a lot of diversity programs, like recruitment and training, the NAACP says minorities don’t stick around.”

    Banking is not a difficult profession to learn. But to about 98% of blacks learning the system properly probably looks something like Chinese arithmetic to them.

    They put a female bank manager at one of the branches near me. If I said she was a total idiot, I would be severely understating her qualifications.

    She came across as an insulting, know-it-all superior to all of the customers and her decisions and advise could have come from a ten year old kid. She loved to lecture people, always talking down to them with an arrogant air that was obvious she thought of herself as some kind of highly evolved intellectual.

    The white weenies who are pushing these people on us and into our neighborhoods, creating dissension and chaos on the smallest of matters, can only be thwarted from doing this if we fail to support their businesses.

    I won’t do business with any firm that employs a black in a high level position, and if there are any who employee blacks in low level positions but the decisions they make affect me, then I’m gone from there too.

  • So CAL Snowman

    How cute, the blacks actually think they are going to be able to strong arm their way up the banking ladder. I’m sure the non-eskimos want primitive africans making important financial decisions for them.

    • bilderbuster

      Expect a lot more “Human Resources/Community Relations” & other worthless positions to be created & donations to “Stop the Violence” or other Black nonsense rallies to be sponsored by these banks.

  • Who Me?

    Bank of America is already so bad, I don’t see how it can get any worse, but I fully expect it will manage somehow, now that they are adding Africans to the top brass.

    • Talltrees

      Yes, BofA is bad if you have to do banking at the branch, but they have a nifty online service for security reasons. They generate online new credit card numbers for every purchase, which is linked to your actual credit card number to prevent theft. So you give the retailer or other a different number than what is actually on your card. The new numbers are always different.

      So far, they have been good watchdogs alerting me to possible fraudulent usage of my card, even if just suspect, immediately sending a new card. Also, they email receipts of the purchase within it appears to be seconds. Normally, before the retailer does.

      Whenever I call BofA, they say, “I see you have been with us for 15 years. Thank you.” That’s when I ask for an exception to the rules and usually get it.

      Wells Fargo emails my checking account balance every day.

      Not that I think they are wonderful banks, but large banks do offer more sophisticated services than local banks.

  • paul marchand

    “Minority” births are in the majority now. They can’t start their OWN banks? Why is whitey always at fault? Why does whitey have to pay? The EEOC, NAACP, Dept of Justice already FORCED banks to make loans to minorities that don’t have the get up and go to pay. It caused the sub-prime mortgage collapse, largely. WHEN DOES THIS XXXX END ?

    • paul marchand

      Don’t they have any entrepreneurs, that can do things without a government handout ? Slavery ended 150 years ago.

      • WR_the_realist

        Oprah Winfrey has more than enough money to start a bank all by herself. She also has more than enough intelligence to know that a bank that makes a point of lending to black people is likely to fail, which is why she doesn’t do it;

    • r j p

      Puerto Rico had Banco Popular — which went bankrupt after it wrote to many mortgages on shacks and a hurricane hit. Oh I guess that is not a good example.

      • NeanderthalDNA

        Puerto Rico – Detoilet in the Caribbean.

      • bilderbuster

        Who builds shacks in a hurricane zone? Oh I guess that’s a stupid question.

        • r j p

          Better question is who finances shacks in a hurricane zone.

          • bilderbuster

            The obvious answer to both would be Puerto Ricans of course.

  • APaige

    I bet banks have plenty of women, and Asians, and etc. What diversity are they talking about?

  • paul marchand

    It’s time to fight for freedom. And I mean xxxxxxx fight.

  • paul marchand

    And the response of the banks is sickening. All are at the barrel of the federal gun, so they have to kiss axx.

  • paul marchand

    And it is not a bank’s business to have ” diversity programs”. That, again, is surely a function of federal pressure.

    • r j p

      They a job safe until the last round of job cuts.

  • NeanderthalDNA

    If you want to fix a problem like lack of diversity in the banking industry, Dedrick Muhammad, senior director of the Economic Department at the NAACP says you have to hire incompetent and criminally prone blacks over evil Whites.

    There, fixed it.

  • r j p

    I called my bank girl one day and she told me she had been promoted and someone else would be handling my accounts, somebody with a name that made me shudder. Turned out she was a great girl, until I became unemployed – after that she wouldn’t even go to lunch with me.

    • WR_the_realist

      It’s just a fact of life that a man being unemployed is a big turn off to women.

      Unless, of course, the reason you’re unemployed is because you’re rich enough not to need a job.

  • 1stworlder

    The banks that got Ds and Fs are not willing to hire people who got Ds and Fs.

  • r j p

    I was in the bank for my boss one day and I concocted a little joke in my mind while watching a black female security guard was play with a calculator.

    I said to myself, “I bet she is trying to calculate whether the absolute value of a tertiary derivative can ever be negative.”

    I silently giggled, because the chances she would have understood that if said to her are 1MM to 1.

    • saxonsun

      Newsflash. Most whites wouldn’t get that either.

  • MekongDelta69

    The NAACP has issued a report card on diversity in the retail banking industry, and it doesn’t look good.”

    Uh-oh. UH-OH. You hear that folks? We’re in trouble now…

    The NAACP says minorities don’t stick around.

    I can’t POSSIBLY understand why.

  • bilderbuster

    It’s the same old Black extortion racket once again.The NAACP goons tell you to pay up or else Big Brother Holder is coming to get you.

  • bilderbuster

    There should be a bank called Diversity Bank with the motto “Diversity is Our Greatest Strength” with no White employees.
    Let Oprah, P Diddy, the Kardashians & all the other clowns put their money there.
    We could all sit back & laugh as nature takes it’s course.
    Of course when the bank goes under some twisted logic would make the bank just another victim of racism.

  • NeanderthalDNA

    Cojones?

  • Pro_Whitey

    What are the answers from Citizens Bank (owned by Bank of Scotland), TD Bank (Toronto Dominion, Canadian), Santander (Spanish)? Do they get a pass from the Diversity Police? One of the more disturbing unreported stories to me is how much of our banking system is moving into foreign control over the past couple of decades.

  • shmo123

    If I were a banker, and I was approached by the extortionists at the NAACP, I’d do the following:
    1.) Let them come in and tell me I’m not doing enough for blacks.
    2.) Look concerned, and take notes.
    3.) Write an ode to the strengths of multiculturalism, and the need for the bank to more adequately reflect the society they serve. Say that, although we’ve come a long way, we still have so far to go ( make sure to look distressed when you say it, ala Coretta Scott King).
    4.) Let them issue their report card, weep crocodile tears for television and let Sharpton add his profound insight.
    5.) Do nothing.
    When they come back next year, repeat steps 1 through 3.

  • QuinnTheEskimo9

    “The NAACP has issued a report card on diversity in the retail banking industry, and it doesn’t look good.”

    I can’t think of a better reason for getting most of your money OUT of banks NOW and putting it somewhere safe overseas, stashing it in a floor safe or converting most of it into gold (American dollars are worthless and becoming increasingly so each day). If you have anything in a safety deposit box, get it out now too. A financial adviser told me things are disappearing out of these boxes regularly and who are you going to complain to? Better some kind of safe at home that is carefully hidden, I know of one that is under a pit bull’s dog house.

    Some cash will be necessary but what happens if you go to your bank to try to withdraw money and your balance comes up as 000.00 and the idiots that run the bank are blacks? I wouldn’t trust a one of them. What if the bank becomes insolvent, declares a bank holiday and says it needs 10% or more of YOUR money to erase its problems and there’s not a damn thing you can do about it. Ask those nice folks in cypress how much fun that was. That was a trial run, BTW in a supposedly out of the way place, but don’t think it won’t happen here, the government is already trying to seize YOUR private retirement holdings for redistribution to blacks and other non-Whites. Having blacks in charge will make it far worse.

  • QuinnTheEskimo9

    That’s why more and more of my savings and hard-earned money don’t need their diversity. I’m quietly drawing down the money in my bank and this gives me another reason to know I’m doing the right thing.

    • guest

      When people go to banks, the only thing they care about is their own money and they want to make sure it’s safe. I have yet to meet anyone complaining about the “lack of diversity” in the banks they go to.

      • Brian

        I had to change banks because there was no diversity– every single person working there was black. You know I couldn’t support that non-diverse environment…

  • Massif1

    Black bankers? Must be a joke.

  • Juan Outtamany

    It all comes down to… who would you let hold your wallet if you had to

  • I guess the banking industry has forgotten the late-1980s Savings & Loan fiasco, when criminal incompetards were at the helms of the S&Ls.

  • Einsatzgrenadier

    The only thing diversifying the workforce has given us is more incompetent, worthless people in high places. The ethnic diversification of America means more crime, more pollution, more overcrowding, more racial hatred, less affordable housing, less justice, lower wages and lower living standards. If diversity is such a good thing, why is it forced?There is no policy more destructive than forced diversity.

  • Truth Teller

    Too bad The managers of banks at least in California exterminated Whites from tellers, back office, branch managers and low level jobs decades ago. I guess they thought that by collaborating with the anti White goverment they would be protected. Now it is the turn of upper management.

    • My mother was upper-management at First National until in her mid-to-late sixties the new policy was to have her also working the teller line. She quit. She was already drawing retirement at Wells Fargo and eligible for a second pension at F.N. so she called it good. Now she gets two, as well as Social Security.

  • Brian

    Diversity MBA Magazine recognized Citi as one of the Top 50 Best Places for Diverse Managers & Women
    ===
    What is a ‘diverse manager’? Does one person contain diverse multitudes within? They’re not even pretending to use ‘diverse’ as anything other than ‘non-white’.

  • Alec Smart

    NAACP better be careful. This is the one area where jews will refuse to give up their 80% majority in leadership positions.