First Woman to Head Wall Street Bank: Jane Fraser
Citigroup has announced the appointment of Jane Fraser as its next CEO, succeeding Michael Corbat following his retirement February 2021 after eight years at the helm. With this announcement, Fraser makes history as the first woman to be named chief executive of a major Wall Street bank.
Climbing the Corporate Ladder
A recent article from MReport shares insight from executives on the struggles, challenges, and opportunities for diversity and inclusion within the housing and mortgage industries. They shared personal stories and detailed what their company is doing to raise awareness for these efforts. A recent hearing by the House Financial Services Committee found that 58% of banking institutions where white in 2018—lower than the national average of 63%. While females make up 51% of the industry, the disparity is apparent in the boardroom—at the senior level, employees are 71% male and 81% white.
Cultivating the Future of Housing
MReport share’s how Fannie Mae pointed out the need to pursue a more diverse and inclusive industry, stating that “As we all know, diverse businesses do better financially,” said Nancy Jardini, Fannie Mae SVP, Chief Compliance Officer and Chief of the Office of Minority and Women Inclusion. “They are better places to work in and they benefit from a diverse set of viewpoints. We want to ensure for the future of the housing industry that we have a diverse population of students who are exposed to opportunities within our industry and understand the possible pathways for them within the housing and mortgage industry.”
Striving For High Performance Through Diversity and Inclusion
A recent blog by RealPage discusses the struggles of the rental housing industry in the present, and how it can have a more diverse workforce and be more competitive. They stated that “The willingness to invest in policies and practices to help strengthen diversity and inclusion in their organizations is seen as an opportunity to attract and retain talent for the future.” The blog also shows how they plan to start the process to shift the industry.
Reverse Mortgage Use Differs by Race and Ethnicity. Here’s Why It Matters.
A recent article from the Urban Institute explains reverse mortgages in detail and explores why they are important to the industry. The article states that “Five findings about the use of reverse mortgages and race add up to one big point: different racial and ethnic groups use reverse mortgages differently, so any changes to the HECM program should minimize potential for disproportionate impact by race or ethnicity.”
Working to Create an Equitable Workforce to Inspire Future Generations? Read More Here.
In a newly released blog by Claire Carter, Marketing Director for Lenovo, published by Entrepreneur, she analyzes the company’s diversity and what future generations can expect from a diverse and inclusive workforce.
“We have seen local governments increase their efforts to tackle the subject of equality and workplace diversity head-on, even making the subject a core pillar within their national agendas,” Carter said. The article also provides details about how companies are implementing these processes and efforts.
How Can Your Business Realize the Advantages of a Diverse Workforce? Try These Resources for Starters.
An analysis published by Bthechange.com analyzes the advantages of having a diverse workforce through the experiences of Certified B Corporations, as well as making the strong human case for employing and involving the people in their communities.
“That’s shown when B Corps sign on to the Declaration of Interdependence, pledging to broaden their business focus beyond shareholders to include community, environment, and workers—effectively codifying that their company will provide more opportunities for more people. Realizing the advantages of a diverse workforce involves a long-term journey on a path that includes lessons and successes, and for many businesses, identifying where to start can be one of the biggest challenges.”
With The Number Of D&I Roles Exploding, Is This The Year We Get Serious About Diversity and Inclusion?
In a survey analyzed by Business Matters and provided by Glassdoor, they find that more and more businesses are looking to hire specifically for D&I roles, such as D&I Director, D&I Manager, D&I Consultant, and Chief Diversity Officer.
Organizations with leaders that champion diversity and inclusion possess a greater understanding of what it takes to hire and retain a diverse workforce and create a culture that empowers its staff from all walks of life.
To read more, click here.
The Growing Divide Between African-American, White Homeownership
In a recent MReport article, data provided from the Urban Institute highlighted the gaps between the nation’s demographics in the realm of homeownership, specifically the growing gap between African-American and white homeownership. The exact data reveals the gap between the two categories widening overall from 28.1% in 2010 to 30.1% in 2017.
The full report shares deep information about minorities’ homeownership rates, credit score differences, income differences, and more disparities between these two demographics.
‘Clear Barriers’ Remain For Diversity And Inclusion In Banking
The House Financial Services Committee held a hearing in February where they reviewed data on diversity and inclusion within banking institutions in the U.S.
In a review made by DS News, reported that the hearing found that found banking institutions were 58% white in 2018, which was lower than the national average of 63%. African-Americans made up 12% of the workforce populations of financial institutions, Hispanics accounted for 11%, and the Asian population was 12%.
Taylor Morrison CEO talks low supply in housing, corporate diversity
In an interview with Jimmy Cremer, Taylor Morrison talks about how you can make your company a “better place”, having womens and diverse hires in your staff, and also have them be part of the decision making team of the company. “What we do have is a bias of putting the best person in every job” said Taylor in reference of what metrics her company Taylor Morrison Home Corp (TMHC) uses to create a diverse workforce.
To read more, click here.
‘Historic and Groundbreaking’ Diversity Hearing Held
The House Financial Services Committee held a hearing last Wednesday, February 13, to review data on diversity and inclusion within banking institutions in the U.S. 44 banks submitted data for this report. Chairwoman of the Financial Services Committee Maxine Waters (D-California) called Wednesday’s hearing “historic and groundbreaking.”
The report found that banking institutions were 58% white in 2018, which was lower than the national average of 63%. African-Americans made up 12% of the workforce populations of financial institutions, Hispanics accounted for 11%, and the Asian population was 12%. Also, the banking industry was found to be predominantly female, with females making up 51% of the workforce population. This is a stark contrast from the national average, which shows males made up 53% of the workforce in 2018.
To learn more, click here.
Career Builder’s CEO: Young people are ‘ghosting’ employers
How new generations bring changes to the companies? In an interview with Yahoo Finance, Irina Novoselsky, Career Builder’s CEO, goes through all the changes about culture, diversity and inclusion that all companies have been facing because of the two youngest generations in the workforce, the Millennials and Gen Z. Also, Glassdoor Chief Economist Dr. Chamberlain in the same interview told Yahoo Finance, “It isn’t just a paycheck, but is also a symbol of who they are,” in reference to what these generations are looking for in the workplace.
Irina, explains how they are driving the company’s mission and purpose to have a better workplace, “That is one of their number one criteria for joining a business”, in reference of what MIllennials and Gen Z bring to the table when they are trying to make a decision for professional growth.
To learn more, click here.
Goldman Sachs: New IPOs Require Diversity
Beginning July 1, 2020, the American multinational investment bank and financial services company Goldman Sachs Group, Inc., will no longer accept initial public offerings from companies in the U.S. and Europe unless they have at least one diverse board member, with a focus on women.
The bank said the decision came after it learned that more than 60 U.S. and European companies in the last two years had gone public without a woman or person of color on the board.
Learn more about what drives Goldman Sachs’ decisions here.
What does true diversity and inclusion workspace look like?
Are you in a diverse and inclusive workspace? Sometimes, it’s challenging for leadership to cultivate an inclusive environment, but analyzing new data could help you understand the benefits and, of course, how to get there.
Emplify, in a recent article, sites two fundamental practices as the foundation for a successful inclusive environment. The first is to understand the dimensions of diversity, knowing that diversity goes deeper than ethnicity, gender, or the characteristics of an individual.
The second is the foundation of employee engagement; find out what employees define as diversity and inclusion in the workspace and how current company initiatives meet those expectations. Identify what needs to shift.
Learn more about what Emplify presents here.
Fostering a More Diverse, Inclusive Mortgage Industry
Diversity and inclusion has become one of the most pressing topics in the industry. This May, the Five Star Institute welcomes the industry’s leading minds to New Orleans for focused discussions and education on these topics at the 2020 Diversity Symposium, happening May 6-7 at the historic Hotel Monteleone.
Learn more about what you can expect at the Symposium and register here.
Minorities Post Gains in Homeownership
Data released by the Census Bureau’s Housing Vacancies and Homeownership Survey found the minority homeownership rate rose 0.9 percentage points to 48.3% during Q3 2019.
This year-over-year increase is higher than the overall U.S. homeownership rate, which rose 0.4 percentage points to 64.8% during the quarter.
The Hispanic homeownership rate saw the highest increase, rising 1.6 percentage points to 47.9% during the quarter. Homeownership for African-Americans gained 0.8 percentage points for a rate of 43.3%—the largest gain in African-American homeownership since Q3 2017.
Click here to read more.
The Importance of Diversity and Inclusion Initiatives
In the world of business, diversity and inclusion are essential, but big companies tend to lose the authenticity of being diverse and inclusive. You can find the truth in the business’s DNA through consumer feedback and employee reflection.
Do you consider your business as a diverse and inclusive place? If not, what can you do to improve that? Recommendations from a PR professional perspective can help improve your organization’s story that the brand tells.
Read the full story here (PR Daily).