In Partnership with the Ford Foundation, Coalition of 18 Financial Institutions Commits to Measurable Plan to Improve Economic and Racial Equity
NEW YORK, May 18, 2021 /PRNewswire/ -- Today, the members of the Corporate Call to Action: Coalition for Equity & Opportunity (CCA), a corporate social justice initiative launched by the Connecticut Office of the Treasurer in partnership with the Ford Foundation, announced four new commitments to improve economic and racial equity in the financial services industry and the economy at large.
The coalition includes 18 of the country's leading financial institutions, who endeavor for the financial services industry to collectively drive up to $30 billion in economic impact for communities and business owners of color over the next five years; more than 10,000 internships and work development opportunities for emerging Black and Latinx talent; and publicly reported and measurable improvements in pay equity, workplace inclusion and industry representation among all levels of the financial services workforce including senior leadership. The commitments include:
- Diversify Suppliers and Business Partners:
Across financial services, commit an aggregate of $10 billion in investments to increase spend with businesses owned by people of color, particularly Black-owned businesses. Support the financial well-being of more than 30,000 people of color working in service sectors.
- Invest in Underserved Communities:
Launch or scale programs that both partner with and invest in historically underserved and undercapitalized communities of color to unlock economic opportunities, improve equity, create generational wealth and support community economic security.
- Build a Diverse Talent Pipeline:
Provide mid-career professionals with the skills needed to launch a high-growth career in financial services. Support career development for more than 10,000 Black and Latinx students every year through internships, micro-internships and other types of work development programs.
- Improve Workforce Equity and Transparency:
Increase diversity data transparency, reach racial parity in the workplace and generate equitable job and salary opportunities in the financial services industry.
More information on the commitments can be found here. In the initiative's next phase, coalition members will work together to develop implementation plans for both individual and collective actions that will push forward industry-wide change, such as engineering capacity-building programs and a nationwide registry for small business owners of color to better connect to industry procurement processes.
Members of the coalition include: Aberdeen Standard Investments; AllianceBernstein L.P.; Bank of America; BlackRock; Bridgewater Associates; Citi; Franklin Templeton; Goldman Sachs; Invesco Ltd.; Morgan Stanley; Schroders; State Street Global Advisors; TIAA; The Hartford; T. Rowe Price Group, Inc.; UBS; Vista Equity Partners; and Wellington Management.
"CCA was established as a way to leverage the power of the financial services industry to make meaningful change toward racial equity in America," said Connecticut State Treasurer Shawn T. Wooden. "The commitments we announce today are tangible and quantifiable steps toward an economic landscape that is more equitable, more diverse and more inclusive for people of color. I am honored to have a leading role in making this vision a reality."
The commitments come less than three months after CCA members agreed to publicly disclose workforce demographic data being reported to the U.S. Equal Employment Opportunity Commission, known generally as EEO-1 data. In sum, the commitments, combined with public workforce demographic disclosures, create and nurture an environment that allows investors, consumers and employees to hold the financial industry accountable for and measure progress toward better diversity, as it aligns with their purpose and values...