BankThink: Data Needed on Racial Makeup of Banks' Workforces

American Banker
Monday, February 1, 2021

Structural racism and the persistent racial wealth gaps are at the forefront of many public policy debates today, and a big part of that debate is how to increase diversity in employment practices. These problems — and debates over remedies — are alive and well in the financial service industry. A recent report of the majority staff at the House Financial Services Committee noted that the financial services industry "remains mostly white and male," concluding that "more work is needed." Numerous research reports show that racial and ethnic diversity leads to greater productivity and profitability, attraction of more talented employees and greater innovation, among other benefits.