1 00:00:02,960 --> 00:00:06,640 Speaker 1: This is a Bloomberg Radio special, Being Black on Wall Street. 2 00:00:07,000 --> 00:00:12,640 Speaker 1: I'm Shnai Bassk. Over the next hour, we explore what 3 00:00:12,680 --> 00:00:15,280 Speaker 1: it means to be black in the white world of finance. 4 00:00:15,480 --> 00:00:17,960 Speaker 1: You know, Wall Street, it's a close society and it's 5 00:00:18,040 --> 00:00:20,160 Speaker 1: very hard to get in and stay. You were going 6 00:00:20,200 --> 00:00:22,439 Speaker 1: to have to be comfortable in some cases being the 7 00:00:22,520 --> 00:00:25,439 Speaker 1: only and being the first. So many of us have 8 00:00:25,920 --> 00:00:30,360 Speaker 1: gone there with the hopes of achieving success, the setbacks 9 00:00:30,400 --> 00:00:33,440 Speaker 1: on the stereotypes space within the walls of Wall Street. 10 00:00:33,560 --> 00:00:35,880 Speaker 1: I said, you've got three strikes against you. You're young, 11 00:00:36,159 --> 00:00:38,559 Speaker 1: you're a woman, and you're black. And you told me 12 00:00:38,920 --> 00:00:42,080 Speaker 1: point blank that Boman Sex wouldn't hire me. I wanted 13 00:00:42,120 --> 00:00:45,320 Speaker 1: to achieve the American dream, and I encountered issues that 14 00:00:45,479 --> 00:00:49,360 Speaker 1: held me back. And as the calls for change grow louder, 15 00:00:49,640 --> 00:00:52,519 Speaker 1: what it will take for the industry to finally reform. 16 00:00:52,760 --> 00:00:54,720 Speaker 1: You know, we've made progress in the law stake, but 17 00:00:54,720 --> 00:00:56,760 Speaker 1: we're not where we want to be. We're not satisfied. 18 00:00:56,920 --> 00:01:00,520 Speaker 1: People just saying enough and they're taking a stay. George 19 00:01:00,520 --> 00:01:03,480 Speaker 1: Floyd when we saw him bird in a public leg 20 00:01:03,800 --> 00:01:05,680 Speaker 1: you can't un see it. And I think the whole 21 00:01:05,680 --> 00:01:08,240 Speaker 1: country has woken up to say things have to change. 22 00:01:09,360 --> 00:01:12,920 Speaker 1: That's all straight ahead on this Bloomberg Radio special. Being 23 00:01:12,959 --> 00:01:21,320 Speaker 1: black on Wall Street, even after hundreds of years, black executives, traders, 24 00:01:21,319 --> 00:01:25,000 Speaker 1: and investment bankers on Wall Street are rare. As of June, 25 00:01:25,280 --> 00:01:28,240 Speaker 1: there were more than eighty executives at the biggest US 26 00:01:28,280 --> 00:01:32,520 Speaker 1: banks and only one was black. The numbers are similar 27 00:01:32,520 --> 00:01:35,160 Speaker 1: at the biggest private equity and hedge fund firms, where 28 00:01:35,200 --> 00:01:39,040 Speaker 1: pay on Wall Street is the highest. Wall Street matters 29 00:01:39,040 --> 00:01:40,840 Speaker 1: both in the way it hires and the way it 30 00:01:40,880 --> 00:01:44,679 Speaker 1: picks its clients. Wall Street matters because it's the most 31 00:01:44,720 --> 00:01:48,200 Speaker 1: prominent vehicle of wealth in this country, and people of 32 00:01:48,240 --> 00:01:51,280 Speaker 1: color have been left behind in a big way. Black 33 00:01:51,320 --> 00:01:55,200 Speaker 1: homeownership is a fraction of white homeownership, and many Black 34 00:01:55,200 --> 00:01:59,040 Speaker 1: communities are left without banking services, and the biggest banks 35 00:01:59,040 --> 00:02:03,480 Speaker 1: have fallen behind. University efforts. Zannelia Harris has worked all 36 00:02:03,520 --> 00:02:07,640 Speaker 1: across Wall Street, from Nazdak to City Group, Edward Jones 37 00:02:07,640 --> 00:02:11,440 Speaker 1: and Panty. In every scenario, she found it hard to 38 00:02:11,480 --> 00:02:15,639 Speaker 1: build relationships. So many of us have gone there with 39 00:02:15,680 --> 00:02:22,040 Speaker 1: the hopes of achieving success to the to then be UH, 40 00:02:22,080 --> 00:02:26,760 Speaker 1: to then deal with UH. The harsh reality of not 41 00:02:26,880 --> 00:02:29,639 Speaker 1: being able to reach the levels that we've seen our 42 00:02:29,680 --> 00:02:33,120 Speaker 1: white counterparts reach. And that has been disheartening for me 43 00:02:33,280 --> 00:02:36,880 Speaker 1: because I wanted to succeed. You know, when I came 44 00:02:36,880 --> 00:02:40,359 Speaker 1: out of college, my goal was to UM to to 45 00:02:41,120 --> 00:02:44,280 Speaker 1: achieve the American dream. I wanted to achieve the American dream. 46 00:02:44,360 --> 00:02:48,280 Speaker 1: And I felt that pursuing an opportunity in the finance 47 00:02:48,680 --> 00:02:53,040 Speaker 1: UH field would be my ticket to achieving a certain 48 00:02:53,120 --> 00:02:57,600 Speaker 1: level of success. But I encountered um some issues that 49 00:02:57,760 --> 00:03:02,399 Speaker 1: held me back. Those issues can take many forms. Sometimes 50 00:03:02,400 --> 00:03:06,399 Speaker 1: it's being shut out of high level conversations. Sometimes it's 51 00:03:06,480 --> 00:03:11,200 Speaker 1: clients gravitating towards bankers they know through existing networks. Breaking 52 00:03:11,240 --> 00:03:15,360 Speaker 1: into finance in any meaningful way can be hard without connections. 53 00:03:16,160 --> 00:03:19,400 Speaker 1: Lauren Simmons was only the second black woman to become 54 00:03:19,440 --> 00:03:22,000 Speaker 1: an equity trader at the New York Stock Exchange in 55 00:03:22,080 --> 00:03:25,919 Speaker 1: the two hundred twenty five year history of the trading floor. 56 00:03:26,520 --> 00:03:31,240 Speaker 1: That breakthrough happened just three years ago in I, you know, 57 00:03:31,360 --> 00:03:34,840 Speaker 1: came from Georgia. I decided, you know, I really wanted 58 00:03:34,840 --> 00:03:37,160 Speaker 1: to live in New York. That's very much a mindset 59 00:03:37,160 --> 00:03:39,800 Speaker 1: after you graduate New Yorker l A and for me, 60 00:03:39,920 --> 00:03:42,280 Speaker 1: I was open to opportunity. I end up meeting a 61 00:03:42,320 --> 00:03:45,600 Speaker 1: gentleman who worked for Golden Sacks. He was African American, 62 00:03:46,000 --> 00:03:49,000 Speaker 1: and he told me point blank that, you know, Goldman 63 00:03:49,040 --> 00:03:51,320 Speaker 1: Sacks wouldn't hire me, and he didn't really give me 64 00:03:51,360 --> 00:03:54,720 Speaker 1: any clarity as to the reason why, UM, but he 65 00:03:54,840 --> 00:03:59,520 Speaker 1: said that he would UM introduced me to a colleague 66 00:03:59,560 --> 00:04:01,600 Speaker 1: that worked the New York Stock Exchange and would i'd 67 00:04:01,600 --> 00:04:05,400 Speaker 1: be interested in equity trading position. And of course, for me, 68 00:04:05,480 --> 00:04:08,160 Speaker 1: I was thinking, you know, minimumly, this will be a 69 00:04:08,240 --> 00:04:11,520 Speaker 1: great opportunity to work for the New York Stock Exchange. 70 00:04:11,960 --> 00:04:15,040 Speaker 1: While Lauren was the second in her field, Reggie Brown 71 00:04:15,280 --> 00:04:17,880 Speaker 1: was the first. When he joined the New York Stock 72 00:04:17,920 --> 00:04:20,960 Speaker 1: Exchange in the nineties, he was the first and only 73 00:04:21,080 --> 00:04:25,000 Speaker 1: black exchange official. For him, it was a challenge rising 74 00:04:25,000 --> 00:04:30,520 Speaker 1: through the ranks. Historically, the floor businesses were always family run, 75 00:04:30,640 --> 00:04:34,640 Speaker 1: family based businesses, you know. It was large groups of 76 00:04:34,680 --> 00:04:39,000 Speaker 1: family members owning the specialist firms or trading firms, and 77 00:04:39,800 --> 00:04:44,120 Speaker 1: through that you had, you know, windows of opportunity for 78 00:04:44,480 --> 00:04:48,160 Speaker 1: people to entry into the business, you know, And there 79 00:04:48,160 --> 00:04:50,400 Speaker 1: were several people like me that that we're able to 80 00:04:50,440 --> 00:04:52,840 Speaker 1: get in, but Reggie found his way to the top. 81 00:04:53,400 --> 00:04:56,960 Speaker 1: Now he's known as the godfather of exchange traded funds. 82 00:04:57,400 --> 00:04:59,880 Speaker 1: He's a principal at one of the largest market make 83 00:05:00,160 --> 00:05:02,880 Speaker 1: is on the New York Stock Exchange. But to get 84 00:05:02,920 --> 00:05:07,040 Speaker 1: there he had to overcome overt racism. There was some recognition, 85 00:05:07,600 --> 00:05:11,440 Speaker 1: I think of my talents, but also where I stood 86 00:05:11,480 --> 00:05:14,520 Speaker 1: in a hierarchy. You know. I remember when I first 87 00:05:14,520 --> 00:05:16,520 Speaker 1: came up of the Stock Exchange. I sat in the 88 00:05:16,560 --> 00:05:19,720 Speaker 1: member's lounge and a ninety year old member of the 89 00:05:19,760 --> 00:05:22,720 Speaker 1: Exchange I didn't believe I belonged there, and cleared his 90 00:05:22,760 --> 00:05:25,600 Speaker 1: throat and told me to go, and I showed him, hey, 91 00:05:25,760 --> 00:05:29,040 Speaker 1: you know, I have a badge too, you know. Moving 92 00:05:29,080 --> 00:05:32,640 Speaker 1: from Phildelphia to New York and inserted myself into the 93 00:05:32,680 --> 00:05:38,000 Speaker 1: New York business community, there were interesting moments around just 94 00:05:38,120 --> 00:05:41,760 Speaker 1: being accepted, people understanding, you know, I'm here and you 95 00:05:41,839 --> 00:05:44,640 Speaker 1: got to deal with it. People have called me the 96 00:05:44,720 --> 00:05:47,680 Speaker 1: end word to my face. Um in the workplace. You know, 97 00:05:47,720 --> 00:05:50,839 Speaker 1: people didn't know I was real for what I do 98 00:05:50,960 --> 00:05:53,920 Speaker 1: for a living and was challenged and so you are real, 99 00:05:54,000 --> 00:05:56,720 Speaker 1: you do you actually do what you do, you know, 100 00:05:56,800 --> 00:05:59,719 Speaker 1: But I think anyone gets that sometimes in your life 101 00:05:59,800 --> 00:06:02,680 Speaker 1: you Wall Street, you know it's a closed society, and 102 00:06:03,240 --> 00:06:05,880 Speaker 1: you know it's a meritocracy, and it's very hard to 103 00:06:05,920 --> 00:06:09,520 Speaker 1: get in and stay in. And once you're in environment 104 00:06:09,600 --> 00:06:11,760 Speaker 1: sometimes the rough and tumble, it is not very friendly. 105 00:06:12,440 --> 00:06:15,760 Speaker 1: But is that true for everything else alive? It was 106 00:06:15,800 --> 00:06:18,119 Speaker 1: a tough journey to the top for the few people 107 00:06:18,160 --> 00:06:21,400 Speaker 1: of color who made it there. So far, Wall streets 108 00:06:21,440 --> 00:06:24,560 Speaker 1: efforts to hire black people has fallen short, and the 109 00:06:24,600 --> 00:06:27,960 Speaker 1: industry has also failed to promote most people of color. 110 00:06:28,520 --> 00:06:31,719 Speaker 1: It shows in the numbers less than ten percent of 111 00:06:31,760 --> 00:06:34,760 Speaker 1: middle managers are black. That number falls to less than 112 00:06:34,880 --> 00:06:40,159 Speaker 1: five percent in the executive ranks. Being the only person 113 00:06:40,200 --> 00:06:42,480 Speaker 1: of color in the clubby world of finance can be 114 00:06:42,520 --> 00:06:47,039 Speaker 1: intimidating for anybody, especially a young person right out of college. 115 00:06:47,839 --> 00:06:51,240 Speaker 1: That's made mentors and advocates more important than ever in 116 00:06:51,279 --> 00:06:54,839 Speaker 1: a place with a few and far between. So for 117 00:06:54,880 --> 00:06:58,080 Speaker 1: black people on Wall Street, the search for advocates extends 118 00:06:58,120 --> 00:07:02,039 Speaker 1: to other industries and rival firms. They found advocates among 119 00:07:02,120 --> 00:07:05,560 Speaker 1: white colleagues and managers who had vouched for them. Carla 120 00:07:05,600 --> 00:07:08,480 Speaker 1: Harris joined Morgan Stanley in the eighties. She was one 121 00:07:08,520 --> 00:07:10,840 Speaker 1: of a handful of people of color at the firm 122 00:07:10,840 --> 00:07:13,960 Speaker 1: at the time, and often the only one in the room. 123 00:07:14,000 --> 00:07:16,560 Speaker 1: It didn't intimidate me because that's kind of the way 124 00:07:16,640 --> 00:07:18,760 Speaker 1: it was at that point. So now that and this 125 00:07:18,840 --> 00:07:22,920 Speaker 1: is this is an important point because again, if you're 126 00:07:22,920 --> 00:07:27,480 Speaker 1: growing up in my genre excellence, look like six white 127 00:07:27,480 --> 00:07:30,040 Speaker 1: men at the top, right, That wasn't strange at all. 128 00:07:30,200 --> 00:07:32,200 Speaker 1: That's what you saw at IBM, That's what you saw 129 00:07:32,240 --> 00:07:35,760 Speaker 1: at GM, that's what you saw at Morgan Stanley Golmus 130 00:07:35,800 --> 00:07:38,360 Speaker 1: actually pick it right. So you knew that if you 131 00:07:38,400 --> 00:07:40,800 Speaker 1: wanted to play on this playing field, that's was what 132 00:07:40,840 --> 00:07:42,640 Speaker 1: you were You were going to have to be comfortable 133 00:07:42,760 --> 00:07:46,240 Speaker 1: in some cases being the only and being the first. 134 00:07:46,560 --> 00:07:49,000 Speaker 1: So that was not intimidating to me at all. That's 135 00:07:49,040 --> 00:07:51,000 Speaker 1: just the way it was. You know. I would say 136 00:07:51,040 --> 00:07:53,240 Speaker 1: I had three strikes against me. Here's what I said 137 00:07:53,280 --> 00:07:55,640 Speaker 1: to myself as a first year and second year associate. 138 00:07:55,680 --> 00:07:57,920 Speaker 1: I said, you've got three strikes against you. You're young, 139 00:07:58,520 --> 00:08:02,640 Speaker 1: you're woman, and your black. Carla recognized the importance of 140 00:08:02,680 --> 00:08:06,640 Speaker 1: building relationships early on. In her first performance review as 141 00:08:06,640 --> 00:08:10,240 Speaker 1: an associate, it left her realizing there weren't many managers 142 00:08:10,360 --> 00:08:13,360 Speaker 1: in her corner. She was also working for someone that 143 00:08:13,440 --> 00:08:17,680 Speaker 1: didn't see her potential. She had graduated from Harvard twice, 144 00:08:18,160 --> 00:08:21,120 Speaker 1: both for her bachelor's and then her master's degree. I 145 00:08:21,160 --> 00:08:25,440 Speaker 1: was working for somebody that was really, really tough, and 146 00:08:26,040 --> 00:08:30,800 Speaker 1: they instead of affirming me, they always made me feel like, 147 00:08:31,240 --> 00:08:33,280 Speaker 1: you know, perhaps I didn't learn a lot enough that 148 00:08:33,400 --> 00:08:36,640 Speaker 1: Harvard Business School. Perhaps I wasn't cut out for this business. 149 00:08:36,640 --> 00:08:40,160 Speaker 1: So I would say, um, my interactions with this person 150 00:08:40,200 --> 00:08:42,000 Speaker 1: and I worked on a lot of stuff with this 151 00:08:42,040 --> 00:08:45,600 Speaker 1: person really under my my own confidence. And it wasn't 152 00:08:45,679 --> 00:08:49,800 Speaker 1: until I say that my confidence was completely busted. You 153 00:08:49,920 --> 00:08:52,400 Speaker 1: had said your name is Carla Harris, I would have said, 154 00:08:52,440 --> 00:08:56,520 Speaker 1: are you sure right? My confidence was that busted that 155 00:08:56,520 --> 00:09:00,560 Speaker 1: that sort of bottom floor was the actual turning point 156 00:09:00,600 --> 00:09:03,000 Speaker 1: for me. It was sort of getting as deep as 157 00:09:03,040 --> 00:09:05,480 Speaker 1: I could in that valley where I started saying, wait 158 00:09:05,520 --> 00:09:08,600 Speaker 1: a minute, Wait a minute, how why would I doubt 159 00:09:08,679 --> 00:09:11,880 Speaker 1: that I could do X when my track worker says 160 00:09:12,000 --> 00:09:15,040 Speaker 1: I've done X, Y and Z. Wait a minute, Is 161 00:09:15,080 --> 00:09:17,240 Speaker 1: it that I'm not that good? Or is it that 162 00:09:17,240 --> 00:09:20,319 Speaker 1: that person really can't teach me? So I started looking 163 00:09:20,320 --> 00:09:23,280 Speaker 1: through a different lens and realized that I had the 164 00:09:23,400 --> 00:09:28,120 Speaker 1: power to also say no, Moss, I'm not working for 165 00:09:28,160 --> 00:09:31,320 Speaker 1: this person anymore. Carlo was able to find her own 166 00:09:31,360 --> 00:09:35,160 Speaker 1: path in the industry. She networked with other associates, found 167 00:09:35,200 --> 00:09:38,720 Speaker 1: better managers and a mentor, a black woman who rose 168 00:09:38,800 --> 00:09:42,319 Speaker 1: to the top of a company outside of the financial industry. 169 00:09:42,400 --> 00:09:45,439 Speaker 1: For Reggie Brown, the climb to the top followed another path. 170 00:09:46,120 --> 00:09:48,520 Speaker 1: He took pride and ownership of his spot as the 171 00:09:48,559 --> 00:09:51,239 Speaker 1: only one in the room at the New York Stack Exchange. 172 00:09:51,720 --> 00:09:56,480 Speaker 1: I've always saw race as an attribute because I realized 173 00:09:56,480 --> 00:09:58,719 Speaker 1: that a lot of times I was the only one 174 00:09:58,720 --> 00:10:01,240 Speaker 1: in the room or I stood out because I was 175 00:10:01,280 --> 00:10:04,640 Speaker 1: six five a black dude, And everyone remarked in that 176 00:10:04,880 --> 00:10:09,120 Speaker 1: because it was such a unique thing to be an 177 00:10:09,200 --> 00:10:12,440 Speaker 1: environment that I was in. And so through ambition and 178 00:10:12,720 --> 00:10:18,000 Speaker 1: talent and drive, I created my opportunities, and there's opportunities 179 00:10:18,040 --> 00:10:21,040 Speaker 1: were asking, you know, the economy putts along the way. 180 00:10:21,640 --> 00:10:25,320 Speaker 1: One of the most impactful experiences that I've I've had 181 00:10:26,080 --> 00:10:28,760 Speaker 1: where I gave a presentation to the Bank of Japan 182 00:10:29,240 --> 00:10:32,920 Speaker 1: um sitting governors of the Bank on household This was 183 00:10:32,960 --> 00:10:36,640 Speaker 1: two and a half years ago. Household inclusion of Japanese 184 00:10:36,679 --> 00:10:40,679 Speaker 1: households into the Japanese stock market and competition and marketplace 185 00:10:40,800 --> 00:10:45,200 Speaker 1: by introducing ets and what at a risk. And after 186 00:10:45,400 --> 00:10:48,760 Speaker 1: the presentation, there's about thirty people in the room, so 187 00:10:48,880 --> 00:10:51,680 Speaker 1: it was it was a private session with three voting 188 00:10:51,720 --> 00:10:58,400 Speaker 1: members and their staff members. And after the my presentation 189 00:10:58,840 --> 00:11:01,720 Speaker 1: at the Bank of Japan and Tokyo, you know how 190 00:11:01,760 --> 00:11:04,839 Speaker 1: they do the typical bow. So impactful to me, and 191 00:11:06,440 --> 00:11:10,040 Speaker 1: it was so unique that UM actually stood it here. 192 00:11:10,480 --> 00:11:15,120 Speaker 1: You know, that was impactful. Having my grandparents be able 193 00:11:15,160 --> 00:11:17,839 Speaker 1: to come to the New York Soccer Change lunching Club 194 00:11:18,360 --> 00:11:20,800 Speaker 1: when it was a lunching club and have men and 195 00:11:20,840 --> 00:11:25,080 Speaker 1: white coats serve my grandparents and having the significance of 196 00:11:25,200 --> 00:11:29,120 Speaker 1: them being there in that environment for them to see 197 00:11:29,679 --> 00:11:34,040 Speaker 1: Um that you know, I had a place there was 198 00:11:34,120 --> 00:11:39,119 Speaker 1: impactful for them in particular. Well, Reggie stayed in the industry. 199 00:11:39,360 --> 00:11:43,000 Speaker 1: Zanalia Harris ultimately stopped working at large banks after she 200 00:11:43,120 --> 00:11:45,840 Speaker 1: lost her job at Mary Lynch during the financial crisis. 201 00:11:46,559 --> 00:11:49,360 Speaker 1: She then struck out on her own, writing a book, 202 00:11:49,640 --> 00:11:53,400 Speaker 1: becoming an industry leading financial advisor and building programs for 203 00:11:53,400 --> 00:11:56,720 Speaker 1: a woman to expand their wealth in her neighborhood in 204 00:11:56,760 --> 00:11:59,920 Speaker 1: the suburbs of Washington, d C. She says large bank 205 00:12:00,080 --> 00:12:04,079 Speaker 1: have largely failed her community. I live in a predominantly 206 00:12:04,120 --> 00:12:07,480 Speaker 1: black community, and when I look around that community, I 207 00:12:07,480 --> 00:12:12,800 Speaker 1: don't see representation from Wall Street there. So what I 208 00:12:12,880 --> 00:12:15,120 Speaker 1: have seen over the years is that they've come into 209 00:12:15,160 --> 00:12:18,640 Speaker 1: my community. UM, I felt like they came in, they 210 00:12:18,679 --> 00:12:21,840 Speaker 1: didn't stay long, they didn't work within the community, and 211 00:12:21,880 --> 00:12:24,880 Speaker 1: then they left. And so that was the reason why 212 00:12:24,920 --> 00:12:27,640 Speaker 1: I started my own I wanted to serve my community. 213 00:12:28,480 --> 00:12:31,000 Speaker 1: I wanted to be I wanted to be active in 214 00:12:31,040 --> 00:12:34,200 Speaker 1: my community, and I wanted to see wealth built in 215 00:12:34,280 --> 00:12:37,160 Speaker 1: my community. So some of the you know, do I 216 00:12:37,200 --> 00:12:41,000 Speaker 1: feel that this what I'm hearing from Wall Street and 217 00:12:41,000 --> 00:12:44,280 Speaker 1: what I'm hearing right now amongst companies, whether or not 218 00:12:44,320 --> 00:12:49,200 Speaker 1: they want to support us and help elevate us so 219 00:12:49,240 --> 00:12:52,560 Speaker 1: that we can um achieve a level of success. What 220 00:12:52,640 --> 00:12:57,839 Speaker 1: would make that authentic for me is seeing at the 221 00:12:57,960 --> 00:13:01,040 Speaker 1: executive level, and I'm talking about in C suite, seeing 222 00:13:01,080 --> 00:13:04,959 Speaker 1: people of color. Um, they're represented as we know, UM 223 00:13:04,960 --> 00:13:08,600 Speaker 1: the Fortune five hundred companies have no Black women as 224 00:13:08,720 --> 00:13:13,080 Speaker 1: um as CEOs. So when I see change, and one 225 00:13:13,080 --> 00:13:15,200 Speaker 1: of the things that I've heard over the years is Oh, 226 00:13:15,280 --> 00:13:18,079 Speaker 1: there isn't a pipeline. I don't understand what that means, 227 00:13:18,160 --> 00:13:22,240 Speaker 1: because UM, in my community, I see a plethora of 228 00:13:22,400 --> 00:13:28,599 Speaker 1: highly educated UM African Americans who are ambitious, who are zoous, 229 00:13:28,600 --> 00:13:32,360 Speaker 1: who are um want to make a difference. So I 230 00:13:32,400 --> 00:13:35,720 Speaker 1: don't that there's a big disconnect with whether or not 231 00:13:35,800 --> 00:13:39,160 Speaker 1: there's a pipeline. There is a pipeline. Zanalia Harris is 232 00:13:39,200 --> 00:13:42,720 Speaker 1: not alone and saying Wall Street has left her community behind, 233 00:13:43,160 --> 00:13:46,240 Speaker 1: both as employees and as clients. When it comes to 234 00:13:46,320 --> 00:13:50,400 Speaker 1: accessing financial services, Government data shows that black people are 235 00:13:50,520 --> 00:13:54,040 Speaker 1: less likely to access home loans and credit cards. The 236 00:13:54,120 --> 00:13:56,680 Speaker 1: number of black owned banks in America has declined to 237 00:13:56,760 --> 00:13:59,960 Speaker 1: just twenty one firms two decades ago there were four 238 00:14:00,000 --> 00:14:04,160 Speaker 1: already eight Black ownership and stock markets is drastically behind 239 00:14:04,200 --> 00:14:08,400 Speaker 1: white ownership. In fact, black people own less than five 240 00:14:08,600 --> 00:14:18,440 Speaker 1: per cent of the stock market. Wall Street is a 241 00:14:18,520 --> 00:14:21,480 Speaker 1: story of both hope and disappointment for people of color. 242 00:14:22,280 --> 00:14:25,280 Speaker 1: The top ranks are so white that black people, who 243 00:14:25,440 --> 00:14:30,640 Speaker 1: often encounter bias, often choose to work elsewhere. Lauren Simmons 244 00:14:30,720 --> 00:14:33,160 Speaker 1: left her job at the New York Stock Exchange just 245 00:14:33,320 --> 00:14:37,280 Speaker 1: a few years after joining. She appreciated her time there, 246 00:14:37,680 --> 00:14:41,160 Speaker 1: but ultimately the juice was not always worth the squeeze. 247 00:14:41,760 --> 00:14:45,080 Speaker 1: She now has two TV shows in development, a podcast, 248 00:14:45,200 --> 00:14:47,680 Speaker 1: and a book in the works. The reality is I 249 00:14:47,720 --> 00:14:50,520 Speaker 1: was only making twenty dollars working at the New York 250 00:14:50,520 --> 00:14:53,640 Speaker 1: Stock Exchange. That's not enough to even breathe in New 251 00:14:53,720 --> 00:14:56,720 Speaker 1: York City. If I had to do it again, I 252 00:14:56,840 --> 00:14:59,800 Speaker 1: still had the mentality that if I worked for the 253 00:14:59,840 --> 00:15:02,400 Speaker 1: New York Stock Exchange, this would be a great foundation 254 00:15:02,480 --> 00:15:06,000 Speaker 1: to lead to better opportunities. And of course it did, 255 00:15:06,120 --> 00:15:08,800 Speaker 1: but I don't think that is the story for many 256 00:15:08,960 --> 00:15:12,080 Speaker 1: people you know that come to the New York Stock Exchange. 257 00:15:12,120 --> 00:15:14,240 Speaker 1: You know, most people under the age of thirty, they 258 00:15:14,280 --> 00:15:16,640 Speaker 1: do come to the trading floor thinking that this is 259 00:15:16,680 --> 00:15:18,720 Speaker 1: going to be a platform or a gay way to 260 00:15:19,160 --> 00:15:23,640 Speaker 1: other great opportunities. And the reality is that equity traders 261 00:15:23,680 --> 00:15:28,640 Speaker 1: are slowly, slowly, slowly dwindling. And the job itself is 262 00:15:28,960 --> 00:15:32,440 Speaker 1: you know, algorithms and way more passive. So the opportunities 263 00:15:32,480 --> 00:15:35,800 Speaker 1: that you would get once before just aren't there for 264 00:15:35,960 --> 00:15:38,800 Speaker 1: financial reasons. No, I don't think I would come back, 265 00:15:38,840 --> 00:15:41,040 Speaker 1: and I don't think I would, you know, advocate for 266 00:15:41,040 --> 00:15:43,440 Speaker 1: people to go to the trading floor, but I do think, 267 00:15:43,560 --> 00:15:46,560 Speaker 1: you know, being in a space within the financial industry 268 00:15:46,600 --> 00:15:49,360 Speaker 1: and getting paid what your worth. I would definitely tell 269 00:15:49,480 --> 00:15:51,600 Speaker 1: people to go out and do that. But I do 270 00:15:51,680 --> 00:15:56,680 Speaker 1: think the lack of diversity over decades um, anything past 271 00:15:56,720 --> 00:16:00,880 Speaker 1: two thousand anything, is unfortunate. And I do think that 272 00:16:00,960 --> 00:16:04,000 Speaker 1: we will see a lot of especially gen Zer Is 273 00:16:04,080 --> 00:16:07,520 Speaker 1: just creating their own firms and they're going to make 274 00:16:07,840 --> 00:16:12,840 Speaker 1: diversity and inclusion a top priority. While Lauren left Wall Street, 275 00:16:13,200 --> 00:16:17,560 Speaker 1: Carla Harris stayed she found a fulfilling career at Morgan Stanley, 276 00:16:17,600 --> 00:16:21,880 Speaker 1: but also recognizes serious flaws in the industry. She says, 277 00:16:21,920 --> 00:16:25,360 Speaker 1: if Wall Street doesn't change, at risks turning away the 278 00:16:25,400 --> 00:16:28,880 Speaker 1: best talent, with people of color turning to different industries 279 00:16:29,000 --> 00:16:32,360 Speaker 1: or striking out on their own. And for younger generations, 280 00:16:32,720 --> 00:16:36,520 Speaker 1: diversity is becoming more important than ever. What I've been 281 00:16:36,520 --> 00:16:39,520 Speaker 1: saying to companies that I get an opportunity to consult 282 00:16:39,560 --> 00:16:44,320 Speaker 1: with these days is that excellence looks very different for millennials. 283 00:16:44,560 --> 00:16:48,160 Speaker 1: Zers they have a mother that has been a CEO 284 00:16:48,440 --> 00:16:51,120 Speaker 1: or an executive director of a major nonprofit. They have 285 00:16:51,160 --> 00:16:54,480 Speaker 1: seen women lead, and they've gone to these elite schools 286 00:16:54,520 --> 00:16:57,000 Speaker 1: where on their left is a smart Black kid, on 287 00:16:57,080 --> 00:16:59,200 Speaker 1: the right is the smartest spanning kid in front of 288 00:16:59,240 --> 00:17:02,320 Speaker 1: them as smarty kid. Behind them a smart American Indian kid, 289 00:17:02,800 --> 00:17:08,280 Speaker 1: and they are all outstanding. So that's what excellence looks like. 290 00:17:08,680 --> 00:17:11,679 Speaker 1: Two millennials and zers. And if you do not have 291 00:17:11,920 --> 00:17:16,200 Speaker 1: that represented in your leadership, they are not that interested 292 00:17:16,240 --> 00:17:18,919 Speaker 1: in being a part of that organization. There's a large 293 00:17:18,960 --> 00:17:22,399 Speaker 1: camp of people pushing banks to start recruiting outside of 294 00:17:22,400 --> 00:17:26,560 Speaker 1: IVY League ranks at historically black colleges and in cities 295 00:17:26,600 --> 00:17:30,880 Speaker 1: they haven't considered before. But Lauren Simmons says that might 296 00:17:30,880 --> 00:17:34,159 Speaker 1: be hard for firms after decades of doing things the 297 00:17:34,240 --> 00:17:37,320 Speaker 1: same way. Yeah, they're gonna have to be okay with 298 00:17:37,480 --> 00:17:43,359 Speaker 1: putting themselves in different scenarios. Obviously, how their recruiting process 299 00:17:43,359 --> 00:17:47,600 Speaker 1: over years, centuries has not worked to get different type 300 00:17:47,640 --> 00:17:50,120 Speaker 1: of talent, and so they're gonna have to go out 301 00:17:50,240 --> 00:17:54,160 Speaker 1: to They can, you know, find people in New York, 302 00:17:54,200 --> 00:17:56,840 Speaker 1: they can find people in Middle America. But they're going 303 00:17:56,880 --> 00:17:59,000 Speaker 1: to have to stop with the traditional going to IVY 304 00:17:59,040 --> 00:18:03,399 Speaker 1: leagues and and picking from a certain demographic and and 305 00:18:04,040 --> 00:18:06,520 Speaker 1: as well as talent trying to apply for jobs They're 306 00:18:06,560 --> 00:18:09,719 Speaker 1: going to have to put themselves in uncomfortable situations and 307 00:18:09,760 --> 00:18:14,040 Speaker 1: go beyond their mind and be able to apply for 308 00:18:14,160 --> 00:18:17,360 Speaker 1: jobs that are outside of their comfort zone. There are 309 00:18:17,480 --> 00:18:22,680 Speaker 1: executives like Henry Travis, founder of legendary private equity firm KKR, 310 00:18:22,960 --> 00:18:26,240 Speaker 1: who believe it could take generations for Wall Street to 311 00:18:26,320 --> 00:18:30,480 Speaker 1: make its ranks more diverse. Zannelia Harris sees an untapped 312 00:18:30,480 --> 00:18:34,000 Speaker 1: talent source in her decades and finance. She says Wall 313 00:18:34,040 --> 00:18:37,359 Speaker 1: Street could look to other industries to fill its top ranks, 314 00:18:37,720 --> 00:18:42,679 Speaker 1: look at people who are transitioning into other opportunities. Because 315 00:18:42,720 --> 00:18:46,520 Speaker 1: I also feel like we always go back to getting 316 00:18:46,720 --> 00:18:50,040 Speaker 1: people out of college. But as I stated, we need 317 00:18:50,119 --> 00:18:54,119 Speaker 1: people in executive level. What about pulling people from other 318 00:18:54,560 --> 00:18:58,840 Speaker 1: industries who have the management skilled, the leadership skills UM 319 00:18:59,040 --> 00:19:02,760 Speaker 1: that can be trained position into the financial services industry 320 00:19:02,840 --> 00:19:06,399 Speaker 1: easily easily. UM. So, I think that it needs to 321 00:19:06,480 --> 00:19:10,680 Speaker 1: be a two fold recruitment not just from college students 322 00:19:10,680 --> 00:19:15,080 Speaker 1: but also from upper level management and transition them, transitioning 323 00:19:15,119 --> 00:19:19,120 Speaker 1: them into the financial services industry. Those are two things 324 00:19:19,160 --> 00:19:24,480 Speaker 1: that I think should be connected. After years of failing 325 00:19:24,480 --> 00:19:27,639 Speaker 1: to improve on diversity and its ranks, Wall Street is 326 00:19:27,680 --> 00:19:32,800 Speaker 1: grappling with how to make lasting change. Black Americans make 327 00:19:32,920 --> 00:19:36,879 Speaker 1: up more than of the US population, but the top 328 00:19:37,000 --> 00:19:40,520 Speaker 1: ranks of corporate America look nothing like the country. It serves. 329 00:19:41,080 --> 00:19:45,080 Speaker 1: Elite roles that financial firms are overwhelmingly white, and the 330 00:19:45,119 --> 00:19:49,320 Speaker 1: problem starts at the top, but middle management also lacks diversity. 331 00:19:49,720 --> 00:19:53,480 Speaker 1: Banks and money managers don't only fail to recruit diverse employees, 332 00:19:53,920 --> 00:19:58,080 Speaker 1: they also failed to promote them. Now, many people of 333 00:19:58,160 --> 00:20:01,000 Speaker 1: color on Wall Street are speaking about race for the 334 00:20:01,119 --> 00:20:05,080 Speaker 1: first time in their careers. That's the case for Reggie Brown, 335 00:20:05,480 --> 00:20:08,399 Speaker 1: the so called godfather of e t S, says the 336 00:20:08,480 --> 00:20:12,399 Speaker 1: death of George Floyd, followed by protests across the country, 337 00:20:12,640 --> 00:20:18,080 Speaker 1: was the real catalyst. You know, seeing um George Floyd 338 00:20:18,160 --> 00:20:21,120 Speaker 1: being murdered by Ay Coop with his hands in his pocket. 339 00:20:22,119 --> 00:20:25,520 Speaker 1: You know, it's just morally reprehensible, you know. And I 340 00:20:25,560 --> 00:20:29,280 Speaker 1: think because we're all at home, working at home from COVID, 341 00:20:29,600 --> 00:20:33,119 Speaker 1: everyone had opportunity to kind of focus on it. And 342 00:20:33,200 --> 00:20:37,240 Speaker 1: I think what's different is I think there's more people 343 00:20:37,680 --> 00:20:43,080 Speaker 1: of color in their agency to speak freely about these issues. 344 00:20:43,680 --> 00:20:47,959 Speaker 1: After George Floyd's death, Mark Mason, the chief financial officer 345 00:20:48,080 --> 00:20:50,840 Speaker 1: at City group, and the only black executive at a 346 00:20:50,880 --> 00:20:53,760 Speaker 1: top six bank at the time, wrote to his firms 347 00:20:53,800 --> 00:20:57,400 Speaker 1: more than two hundred thousand employees. It was a tough 348 00:20:57,440 --> 00:21:00,159 Speaker 1: decision for him to speak out, but he said he 349 00:21:00,280 --> 00:21:05,160 Speaker 1: had to confront racism, that they all had to confront racism. 350 00:21:05,240 --> 00:21:07,879 Speaker 1: His words set off a wave of remarks from black 351 00:21:07,920 --> 00:21:12,320 Speaker 1: executives across Wall Street that in turn created a dialogue 352 00:21:12,320 --> 00:21:16,400 Speaker 1: in the workplace that few had seen before. Mike Novograts 353 00:21:16,520 --> 00:21:19,960 Speaker 1: was a rare white millionaire hedge fund type to walk 354 00:21:19,960 --> 00:21:22,960 Speaker 1: in the New York City protests against police brutality and 355 00:21:23,040 --> 00:21:27,560 Speaker 1: racial inequality that began in May. Seeing those large groups 356 00:21:27,600 --> 00:21:31,119 Speaker 1: of young people forcing change has compelled him to start 357 00:21:31,200 --> 00:21:34,639 Speaker 1: thinking differently. And I think walking in the protest was 358 00:21:34,720 --> 00:21:39,560 Speaker 1: that was telling. It was a rainbow coalition. Uh young, black, brown, 359 00:21:40,040 --> 00:21:44,679 Speaker 1: you know, Asian, of white, every race and ethnicity. Uh, 360 00:21:44,880 --> 00:21:47,119 Speaker 1: y'all all young. I think I was double the age 361 00:21:47,119 --> 00:21:51,600 Speaker 1: of the average participanting. It really felt spectacular and it 362 00:21:51,680 --> 00:21:54,360 Speaker 1: was a I think a real recognition in New York. 363 00:21:54,760 --> 00:21:59,119 Speaker 1: Uh that things are changing. Uh you can't watch, you know. 364 00:21:59,160 --> 00:22:01,000 Speaker 1: I always say people ask me why I got into 365 00:22:01,040 --> 00:22:03,600 Speaker 1: criminal justice reform, and one of the biggest reasons. I 366 00:22:03,600 --> 00:22:08,000 Speaker 1: met Brian Stevenson, and when you hear his story of 367 00:22:08,720 --> 00:22:12,400 Speaker 1: from slavery to to mass incarceration, and you hear Brian 368 00:22:12,560 --> 00:22:18,399 Speaker 1: articulate this, you know, multi hundred year uh process of 369 00:22:18,920 --> 00:22:23,040 Speaker 1: having to compressed. You know, African American community, you can't 370 00:22:23,240 --> 00:22:25,240 Speaker 1: hear it like you hear the truth, and you can't 371 00:22:25,280 --> 00:22:28,480 Speaker 1: on hear it. Well, we saw George Floyd, when we 372 00:22:28,560 --> 00:22:32,040 Speaker 1: saw him murdered in a public legion. You can't un 373 00:22:32,040 --> 00:22:34,080 Speaker 1: see it. And I think the whole country has woken 374 00:22:34,160 --> 00:22:37,480 Speaker 1: up to say this. Things have to change. Yet Mike 375 00:22:37,560 --> 00:22:40,159 Speaker 1: Novegrats still has a long way to go in his 376 00:22:40,240 --> 00:22:44,639 Speaker 1: own hiring practices. He launched a cryptocurrency investment company in 377 00:22:46,119 --> 00:22:50,440 Speaker 1: Galaxy Investment Partners, Yet three years later he has more 378 00:22:50,440 --> 00:22:55,280 Speaker 1: than sixty employees and only two are black. Even wall 379 00:22:55,320 --> 00:22:58,840 Speaker 1: streets upstart firms, the ones with the best opportunities to 380 00:22:58,920 --> 00:23:02,320 Speaker 1: hire people of color, are failing to do so. Listen, 381 00:23:02,440 --> 00:23:06,159 Speaker 1: changes top Um. We looked at ourselves and you know, 382 00:23:06,200 --> 00:23:08,960 Speaker 1: we had had a few more African American blacks and 383 00:23:08,960 --> 00:23:11,880 Speaker 1: and they left for various reasons. Uh, And so we're 384 00:23:11,880 --> 00:23:14,840 Speaker 1: certainly not doing well enough. I'm committed I told our 385 00:23:15,040 --> 00:23:17,679 Speaker 1: our our management, our leadership team that we've got to 386 00:23:17,680 --> 00:23:19,800 Speaker 1: do better. We will get a black you know, member 387 00:23:19,800 --> 00:23:24,000 Speaker 1: of awards soon. Um and listen. I made the mistake 388 00:23:24,480 --> 00:23:27,240 Speaker 1: of thinking, hey, we're a startup company and it's it's 389 00:23:27,240 --> 00:23:29,159 Speaker 1: harder to start going to start of industry where there 390 00:23:29,160 --> 00:23:31,520 Speaker 1: are not a lot of black resumes and you're going 391 00:23:31,520 --> 00:23:34,000 Speaker 1: as fast as you can. And so almost gave myself 392 00:23:34,040 --> 00:23:36,840 Speaker 1: the excuse that we'll get it there. And that's a mistake. 393 00:23:37,240 --> 00:23:40,119 Speaker 1: I raised my hand and say it was a mistake. Uh, 394 00:23:40,160 --> 00:23:43,000 Speaker 1: it's harder. There are a lot of black resumes, and 395 00:23:43,040 --> 00:23:44,679 Speaker 1: so we gotta look a little harder. You've gotta look 396 00:23:44,680 --> 00:23:47,240 Speaker 1: in places and are you're not used to looking. And so, 397 00:23:47,640 --> 00:23:51,320 Speaker 1: you know, cheers on you for calling me out. Uh, 398 00:23:51,600 --> 00:23:54,200 Speaker 1: We're going to try harder. And that was the case 399 00:23:54,480 --> 00:23:58,720 Speaker 1: even in the best financial market in history. What's challenging 400 00:23:58,840 --> 00:24:01,439 Speaker 1: is that Wall Street has a tendency to slip behind 401 00:24:01,520 --> 00:24:05,280 Speaker 1: on diversity efforts when times get tough, and right now 402 00:24:05,560 --> 00:24:08,879 Speaker 1: we're in the deepest economic slump since the Great Depression. 403 00:24:09,359 --> 00:24:13,159 Speaker 1: For Morgan Stanley's Carla Harris, her experience on Wall Street 404 00:24:13,240 --> 00:24:16,760 Speaker 1: has seen banks hiring when markets are up then firing 405 00:24:16,800 --> 00:24:20,760 Speaker 1: diverse hires when downturns call for a wider set of layoffs. 406 00:24:21,119 --> 00:24:23,800 Speaker 1: The reason why I think we aren't farther along in 407 00:24:23,880 --> 00:24:28,000 Speaker 1: financial services broadly, and certainly walls three particularly, is that 408 00:24:28,160 --> 00:24:32,560 Speaker 1: I feel that diversity has been a bullmarket phenomenon. When 409 00:24:32,640 --> 00:24:36,360 Speaker 1: things are going really well, then people are focused on it. 410 00:24:36,520 --> 00:24:39,360 Speaker 1: They are spending lots of money, lots of resources, big 411 00:24:39,400 --> 00:24:43,359 Speaker 1: spotlight on building the pipeline and getting lots of entry 412 00:24:43,400 --> 00:24:46,800 Speaker 1: level folks in of color. And then when you get 413 00:24:46,840 --> 00:24:50,440 Speaker 1: to a bear market environment, which in my experience has 414 00:24:50,480 --> 00:24:55,199 Speaker 1: happened every four ish years, then it doesn't go away, 415 00:24:55,240 --> 00:24:58,919 Speaker 1: but the spotlight intensity goes from ten to one or two. 416 00:24:59,320 --> 00:25:02,560 Speaker 1: And then when have a bear market environment, you have restructurings, 417 00:25:02,560 --> 00:25:06,320 Speaker 1: you have reductance and force, and obviously small populations are 418 00:25:06,400 --> 00:25:10,520 Speaker 1: disproportionately hit. And then when we get back into an upturn, 419 00:25:11,119 --> 00:25:13,160 Speaker 1: that's when you look around and you go, oh my gosh, 420 00:25:13,200 --> 00:25:16,080 Speaker 1: where's my pipeline, and you've got to start all over again. 421 00:25:16,480 --> 00:25:20,000 Speaker 1: So I think it's been this continuous cycle throughout my experience, 422 00:25:20,000 --> 00:25:22,720 Speaker 1: which is why I don't think we are farther along now. 423 00:25:22,840 --> 00:25:26,320 Speaker 1: I am first to say that we have made some progress, 424 00:25:26,680 --> 00:25:28,840 Speaker 1: because it used to be so knowledge that I could 425 00:25:29,040 --> 00:25:34,720 Speaker 1: name every person on Wall Street, let alone every senior 426 00:25:34,920 --> 00:25:38,520 Speaker 1: person on Wall Street. And I am happy to say 427 00:25:38,560 --> 00:25:42,960 Speaker 1: that I cannot do that today. So by definition, we've 428 00:25:43,000 --> 00:25:46,800 Speaker 1: made some progress. About one month after the George Floyd 429 00:25:46,840 --> 00:25:51,240 Speaker 1: protests began, Morgan Stanley CEO James Gorman sent a memo 430 00:25:51,400 --> 00:25:55,320 Speaker 1: to more than seventy thousand of his bank employees. He 431 00:25:55,400 --> 00:25:58,680 Speaker 1: accelerated the promotion of one black woman to the firm's 432 00:25:58,680 --> 00:26:02,480 Speaker 1: most senior governing body. At the same time, he named 433 00:26:02,480 --> 00:26:05,800 Speaker 1: a black woman to the firm's management committee to oversee 434 00:26:05,880 --> 00:26:10,480 Speaker 1: diversity and inclusion. Gorman tells us Morgan Stanley is pouring 435 00:26:10,560 --> 00:26:14,520 Speaker 1: tens of millions of dollars into diversity efforts. Days later, 436 00:26:14,960 --> 00:26:18,200 Speaker 1: the bank denied a systemic bias claim in a lawsuit 437 00:26:18,280 --> 00:26:22,080 Speaker 1: filed by the firm's former head of diversity, Maryland Booker, 438 00:26:22,280 --> 00:26:25,680 Speaker 1: who was hired in and worked as a global head 439 00:26:25,680 --> 00:26:30,400 Speaker 1: of diversity for sixteen years, said white, male centric leadership 440 00:26:30,680 --> 00:26:34,200 Speaker 1: had refused to adopt her plans to address racial bias. 441 00:26:34,720 --> 00:26:38,640 Speaker 1: The bank denies the claim. James Gorman has since pledged 442 00:26:38,680 --> 00:26:41,879 Speaker 1: to be more aggressive and reaching communities of color to 443 00:26:42,000 --> 00:26:44,879 Speaker 1: show that Morgan Stanley and Wall Street can be an 444 00:26:44,920 --> 00:26:48,199 Speaker 1: attractive place to work. It's a society issue, and it 445 00:26:48,280 --> 00:26:50,919 Speaker 1: starts with education, works its way through the college as 446 00:26:50,960 --> 00:26:54,280 Speaker 1: the universities, and then took places of employment. And you know, 447 00:26:54,320 --> 00:26:56,320 Speaker 1: we've made progress in the last secad, but we're not 448 00:26:56,320 --> 00:26:59,160 Speaker 1: where we want to be. We're not satisfied. We've been 449 00:26:59,200 --> 00:27:02,840 Speaker 1: looking at other other academic institutions for a long time. 450 00:27:02,880 --> 00:27:06,520 Speaker 1: We have very strong relationships with the predominantly black colleges 451 00:27:06,840 --> 00:27:09,040 Speaker 1: in the US, but we're going to get more aggressive 452 00:27:09,040 --> 00:27:11,840 Speaker 1: than that. But it starts earlier. We have to introduce 453 00:27:11,880 --> 00:27:15,040 Speaker 1: a much broader community to the kind of career opportunities 454 00:27:15,080 --> 00:27:16,919 Speaker 1: that you can have at a place like Morgan Stanley. 455 00:27:17,160 --> 00:27:21,040 Speaker 1: Whether it's writing new code for some of bad technology platforms, 456 00:27:21,040 --> 00:27:23,919 Speaker 1: whether it's working with our marketing teams, whether it's being 457 00:27:23,960 --> 00:27:26,920 Speaker 1: a trader on a foreign exchange days, whether it's managing 458 00:27:26,960 --> 00:27:29,880 Speaker 1: wealth for individuals across the country. There are so many 459 00:27:29,960 --> 00:27:32,399 Speaker 1: different careers and we have to open people's eyes to that. 460 00:27:33,200 --> 00:27:36,280 Speaker 1: It can be dangerous to think that this time is different, 461 00:27:36,800 --> 00:27:41,119 Speaker 1: but Reggie Brown believes it. He believes that social accountability 462 00:27:41,280 --> 00:27:45,160 Speaker 1: can go a long way and forcing companies to hire differently, 463 00:27:45,600 --> 00:27:48,760 Speaker 1: promote more people of color, and reach specific goals for 464 00:27:48,840 --> 00:27:51,840 Speaker 1: black faces in the top ranks. I think it really 465 00:27:51,960 --> 00:27:57,800 Speaker 1: is the population of younger people just saying enough. And 466 00:27:59,000 --> 00:28:01,639 Speaker 1: I think it's a sistant or isn't really I really, 467 00:28:01,840 --> 00:28:04,520 Speaker 1: I really think that's really the reason behind what we're seeing. 468 00:28:05,280 --> 00:28:08,359 Speaker 1: They're saying enough, and they're saying it's not fair, and 469 00:28:08,520 --> 00:28:12,520 Speaker 1: they're making a conclusion and they're taking a stand, you know. 470 00:28:13,000 --> 00:28:16,320 Speaker 1: And I think that's what's different about this time. And 471 00:28:17,280 --> 00:28:20,919 Speaker 1: I think other times we come together as a nation, 472 00:28:21,680 --> 00:28:25,760 Speaker 1: but it's around like bigger events, Challenger exploding, you know, 473 00:28:25,960 --> 00:28:28,640 Speaker 1: not eleven all right, I mean that's the biggest one. 474 00:28:29,160 --> 00:28:31,879 Speaker 1: But as far as a man being dragged behind his 475 00:28:32,000 --> 00:28:35,680 Speaker 1: car James Byrd in Texas, you know that there wasn't 476 00:28:35,920 --> 00:28:38,760 Speaker 1: a big focus on it, you know. I can't recall 477 00:28:39,560 --> 00:28:42,600 Speaker 1: there was something that everyone was just ghastly about and 478 00:28:42,640 --> 00:28:45,360 Speaker 1: said let's come together and fix it. Can't recall it. 479 00:28:48,280 --> 00:28:51,400 Speaker 1: There are still concerns about whether Wall Street is sincere 480 00:28:51,640 --> 00:28:54,280 Speaker 1: about its efforts to boost the number of black people 481 00:28:54,360 --> 00:28:58,640 Speaker 1: and its ranks. There's skepticism that more black faces will 482 00:28:58,680 --> 00:29:01,520 Speaker 1: make it to the c suite, and if they do, 483 00:29:01,880 --> 00:29:05,080 Speaker 1: what will they face? Will they face resistance when speaking 484 00:29:05,120 --> 00:29:09,000 Speaker 1: out about struggles in the industry, Will unconscious bias or 485 00:29:09,080 --> 00:29:13,640 Speaker 1: even outright bias have white clients flocked to white bankers instead? 486 00:29:14,120 --> 00:29:17,600 Speaker 1: And is the struggle for equal pay and equal opportunity 487 00:29:18,040 --> 00:29:21,600 Speaker 1: something that will ever go away? On Wall Street? There's 488 00:29:21,640 --> 00:29:25,360 Speaker 1: been no universal black experience. We spoke to about two 489 00:29:25,440 --> 00:29:28,360 Speaker 1: dozen people of color and finance, and the range of 490 00:29:28,400 --> 00:29:32,400 Speaker 1: outcomes was wide. Some made it to the tub, some 491 00:29:32,520 --> 00:29:37,880 Speaker 1: left disenchanted, Some became rich. Some were so marginalized they 492 00:29:37,880 --> 00:29:41,200 Speaker 1: had to sue. Some believe that Wall Street is hopeless, 493 00:29:41,680 --> 00:29:51,640 Speaker 1: but some are more optimistic than ever. You've been listening 494 00:29:51,680 --> 00:29:55,280 Speaker 1: to a Bloomberg Radio special, Being Black on Wall Street. 495 00:29:57,720 --> 00:30:00,080 Speaker 1: Our thanks to the dozens of people who spoke to 496 00:30:00,160 --> 00:30:03,920 Speaker 1: us for this report and special. Thanks to contributors Max Abelson, 497 00:30:04,120 --> 00:30:08,280 Speaker 1: Kelsey Butler, editors Christine Harbur and Stryker McGuire. You can 498 00:30:08,280 --> 00:30:11,560 Speaker 1: get more on this and other stories online at Bloomberg 499 00:30:11,600 --> 00:30:15,640 Speaker 1: dot com and on Twitter at Bloomberg Quicktake. Our program 500 00:30:15,680 --> 00:30:19,320 Speaker 1: was produced by Colin Tipton. I'm Shinnali Bassik, and this 501 00:30:19,720 --> 00:30:20,400 Speaker 1: is Bloomberg