Wall Street is known for helping men more than women and minority groups. Many big banks have names from the Morgan family, but few are led by women.
In the last few years, big banks promised to help women and minorities. They said they would spend money on hiring and promoting these groups.
Now, many banks are changing their plans. They are worried about the current U.S. government and its views on diversity and inclusion.
For example, Goldman Sachs recently said it will stop requiring companies to have women and minority group members on their boards. Some banks are also hiring fewer Black and Latino workers.
One bank, BNP Paribas, has also paused its events for International Women’s Day next month.
Banks are changing their plans quietly. This is not as clear as what we see in the tech industry where leaders have openly supported anti-diversity ideas.
Some banks began to make these changes long before the recent election. They opened programs for all candidates, not just minority groups.
Vocabulary List:
- Diversity /daɪˈvɜːr.sɪ.ti/ (noun): The condition of having different elements or qualities especially regarding representation of different groups.
- Inclusion /ɪnˈkluː.ʒən/ (noun): The act of including or the state of being included within a group or structure.
- Promoting /prəˈmoʊ.tɪŋ/ (verb): To support or actively encourage the progress or growth of something.
- Candidates /ˈkæn.dɪ.dɪts/ (noun): Persons who are nominated for a position or are applying for a job.
- Paused /pɔːzd/ (verb): To temporarily stop or interrupt an action or event.
- Members /ˈmɛm.bɚz/ (noun): Individuals who belong to a group or organization.
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