Diversity, equity, and inclusion (DEI) organizations are more innovative, productive, and resilient because they bring unique perspectives and ideas. 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.
Bank of America is a bank and financial holding company that offers a range of banking products, wealth management services, and other related financial solutions through its subsidiaries. Bank of America increased the representation of people of color in all management positions to 41% since 2015. In 2021, the representation of Asian employees of Bank of America in the US workforce was 13.3%. Black & African American and Hispanic & Latino employees represented 13.3% and 18.5% of the US workforce.
In leadership roles (senior level) at Bank of America’s US office, the representation of Asian employees was 8% in 2021. Black employees made up 9% of the senior-level US workforce and Hispanic employees made up 6% in 2021.
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