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“We’ve made good progress on our aspirational diversity and inclusion goals,” CEO David Solomon wrote in the introduction to the report, adding that recent partner and managing director classes were the “most diverse” in the company’s history.
“There’s still a long road ahead, but I will continue to make this effort a personal priority.”
Last year, dozens of US companies, including Amazon (AMZN), Starbucks (SBUX), General Motors (GM) and major banks, committed to publicly disclosing the composition of their workforces by race, ethnicity and gender.
The move followed pressure from the New York City comptroller and three city retirement funds, calling on companies to back up statements in support of racial equity with “concrete actions” by publishing information reported to the US Equal Employment Opportunity Commission.
JPMorgan Chase (JPM) recently published ethnicity data for 2020 showing that 5% of its US executives and senior level managers are Black. At Morgan Stanley (MS), 37 out of 1,705 senior leaders are Black, or just over 2%, according to the bank’s 2020 Diversity and Inclusion Report.
Black people made up 5% of Bank of America’s (BAC) US executives and senior managers in 2019, up from 4% in 2015. Of Citigroup’s (C) 108 US senior leaders in 2019, four were Black men and there were no Black women.
According to a report published by Goldman Sachs last month, America’s Black women hold 90% less wealth than White American men. The bank is investing $10 billion over the next decade to address the disparities Black women face throughout their lives in areas such as healthcare, education, housing and small business.

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