28
'CLEAR
BARRIERS'
REMAIN FOR
DIVERSITY AND
INCLUSION IN
BANKING
e House Financial Services Committee
held a hearing to review data on diversity and
inclusion within banking institutions in the
U.S.
Chairwoman of the Financial Services
Committee Maxine Waters (D-California)
called Wednesday's hearing "historic and
groundbreaking."
e 44 banks who submitted data have
more than $50 billion assets, and Waters said
the information provided is essential to the
industry.
"e information they have provided
is illuminating and is something that the
American public deserves to see," she said.
Waters added that she hoped the hearing
brings diversity "out of the shadows and into
the light."
e report found that banking institutions
were 58% white in 2018, which was lower
than the national average of 63%. African-
Americans made up 12% of the workforce
populations of financial institutions, Hispanics
accounted for 11%, and the Asian population
was 12%.
e Hispanic workforce in American
averaged 16% and Asians accounted for 6%.
e banking industry was found to be
predominantly female, with females making
up 51% of the workforce population. is is a
stark contrast from the national average, which
shows males made up 53% of the workforce in
2018.
e disparity comes in the boardroom.
e report found that the average senior-level
employee is 71% male and 81% white.
SunTrust Bank was found to have females
make up 50.9% of senior-level positions and
racial minorities account for 32.2% of the
population. UBS reportedly had the lowest
female share of senior leaders at 15.2%.
Racial and ethnic minorities made up
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