Wall Street says it cares about diversity. But most big banks won’t share complete workforce data.

wall street diversity report 1

Allison Gamba spent 10 years at Goldman Sachs gunning for a promotion to managing director. She said she worked long days and significantly increased the profits from the stocks she traded for the bank on the New York Stock Exchange.

Gamba made a point of telling co-workers she didn’t want children, she said, hoping to avoid the perception she was on the “mommy track” rather than the “promotion track.” Then a mentor pulled her aside and suggested she and her husband adopt a child to allay any fears that she would be distracted by a pregnancy.

“It was a very uncomfortable feeling. I knew he really liked me, and I think he was just warning me,” she said.

After leaving Wall Street, Gamba joined thousands of current and former female employees suing Goldman Sachs for gender discrimination in a long-running lawsuit. Goldman Sachs has denied the lawsuit’s allegations, and said in a statement that Gamba’s business unit was “performing poorly and undergoing extensive downsizing.”

For years, Wall Street has promised to bring more women and people of color into its upper ranks, but none of the country’s largest banks — those with at least $200 billion in assets — is headed by a woman or a person of color.

And only two of the 15 biggest banks in the country — TD Bank and BNY Mellon — agreed to publicly disclose their most recent government diversity reports in response to a request from The Washington Post.

“It’s going to take a lot for them to actually change. You have to fix the past to deal with the future,” Gamba said.

All of the banks already submit the workforce diversity data requested by The Post to the federal government each year through two-page forms known as EEO-1s. Companies with 100 or more employees are required to submit the forms each year, showing a breakdown of their U.S. workforce by race and gender across 10 job categories. The forms do not identify workers by name or contain trade secrets.

The data the industry does share with the public shows slow progress:

  • At JPMorgan Chase, the country’s largest bank, with $2.7 trillion in assets, women and African Americans made up 25.8 percent and 2.9 percent respectively of senior executives in 2015, rising to 26.3 percent and 3.7 percent last year.
  • In a yearly report, Wells Fargo, which has nearly $2 trillion in assets, told shareholders that women and minorities at “levels 2-4” had reached 41 percent and 19 percent of its workforce, respectively. The categories aren’t explained, and Wells Fargo didn’t offer more insight into its racial makeup. At The Post’s request, it released percentages but not the raw data it reports to the government. The data shows that women made up 24 percent of the bank’s senior workforce in 2015, rising to 31 percent last year. Black employees made up 8 percent of senior roles, falling to 4.1 percent in 2018.
  • At TD Bank, one of two banks to share its full EEO-1 reports for the three most recent years, there was one black woman among 72 senior executives in 2015. There were no black women in its top ranks last year out of 42 senior executives overall.
  • BNY Mellon, which has $1.7 trillion in assets, has released its full EEO-1 reports for the past few years. In 2018, the data showed BNY’s U.S. executive tier, made up of 14 people, was all white, except for one Asian man. The bank has since added two black executives.
  • Capital One has made bigger improvements in promoting Hispanic and Asian employees into top roles than black employees, who were 2.4 percent of senior executives in 2016 and 2.6 percent last year.
  • BB&T released data about its workforce diversity for the first time in 2019, showing that 8 percent of executives and senior managers are “persons of color,” but did not release its EEO-1 report to The Post. (Regulators approved its $66 billion merger with SunTrust last month, creating the country’s sixth-largest bank, with more than $400 billion in assets.)
  • SunTrust also only provided vague information, showing that 18 percent of executives and senior managers were people of color in 2017, increasing to 19.2 percent last year.
  • Bank of America publishes EEO-1 data for its three top job categories, as well as “all other” and “total” figures. The data show slight improvements across most major racial groups and women in the United States at its highest ranks. The percentage of female executives ticked up slightly, from 31.3 percent in 2016 to 33.4 percent in 2018.
  • At Morgan Stanley, the share of female executives in its U.S. workforce dipped from 18.4 percent in 2016 to 17.8 percent in 2018, while the share of black executives rose from 1.9 percent to 2.2 percent.(read more)

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