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Charles Schwab: Racial Diversity in the Leadership in 2021

Industry: Financial Services
Current: ESG

In 2021, the representation of Asian employees in Charles Schwab in the US was 13.5%
Hispanic employees represented 2.5% of Charles Schwab’s US workforce at senior levels and Black employees represented 0.8% in 2021
Charles Schwab Foundation donated $500,000 to three Historically Black Colleges and Universities (HBCUs)

A diverse, equitable, and inclusive (DEI) organization brings unique perspectives and ideas that make the enterprise more innovative, productive, and resilient. In addition, it promotes equality of opportunity and treatment at all levels of the employment relationship, including recruitment, retention, promotion, remuneration, and training.

Increasing global awareness that all workers have a right to a dignified and respectful workplace irrespective of their sexual orientation and ethnicity, helps to promote an open and inclusive workplace. However, labor market disruption due to the COVID-19 has had devastating consequences globally.

There is a growing focus on racial equity within banking companies and increased efforts to lift underrepresented groups such as Asians, Blacks, and Hispanics. JP Morgan Chase established Advancing Hispanics & Latinos ("AHL") and the Office of Asian & Pacific Islander ("API") Affairs in 2021 for the growth of respective communities. In 2021, Citigroup had invested over $1 billion in strategic initiatives to help close the racial wealth gap and increase economic mobility in the US.

However, the number of executives from underrepresented groups remains remarkably low in financial services.

The Charles Schwab Corp (Charles Schwab) is a savings and loan holding company that offers financial services, primarily investment solutions. In 2021, the representation of Asian employees in the Charles Schwab offices in the US was 13.5%. Hispanic and Black employees represented 11.3% and 6.9% of the workforce.

In leadership roles (Senior Officials and Managers) at Charles Schwab’s US office, the representation of Asian employees was 9.9% in 2021. Hispanic employees made up 2.5% of the senior-level US workforce and Black employees made up 0.8% in 2021.

The Charles Schwab Foundation donated $500,000 to three Historically Black Colleges and Universities (HBCUs): Bethune-Cookman University, North Carolina Agriculture and Technical State University, and Prairie View A&M University.

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