August 14, 2019

How Are Banks Doing When It Comes to Diversity? Congress Is Not Impressed

By Rey Mashayekhi

The House Financial Services Committee has spoken—and it says Wall Street needs to step up when it comes to including women and minorities.

After hosting a who’s who of big bank CEOs over a round of hearings this past spring, the HFSC released an analysis on Tuesday of diversity data and policies from some of the nation’s largest financial institutions—including Goldman Sachs, JPMorgan Chase, Morgan Stanley, Bank of America, Citigroup and Wells Fargo.

While it won’t come as a great surprise to those who follow the financial services industry, the data shows that banks are lagging significantly when it comes to including women and minorities in their senior leadership. Women comprise only 29% of the board of directors at the biggest Wall Street banks, while minorities represent only 17% of board seats—this despite women being 50%, and minorities 40%, of the U.S. population.

With not one female or minority CEO at the helm of a U.S. “megabank,”