"A little-noticed section of the Wall Street reform law grants the federal government broad new powers to compel financial firms to hire more women and minorities — an effort at promoting diversity that’s drawing fire from Republicans who say it could lead to de facto hiring quotas. "
I thought it was interesting, especially since I thought there was already quite a bit of diversity on Wall Street. From what I've heard, something like 30-40% of analysts and associates in i-banks are minorities. Something like 20% Asian, 5-7% Indian(from India), 5% black, 5% Latino. Does that sound correct?
I know women are pretty underrepresented, but my sense was always that Wall Street is pretty meritocratic and a lot of entry level guys are from minority ethnic groups (especially Indian/Asian). Or is the Indian/Asian/minority percent lower than what I'vebeen told?
Assuming that quotas are really imposed on the Street, I think things could get interesting.