State Street pushes for more White Male discrimination
From the Times: https://archive.md/BRZV2
No country for white men as State Street push diversity
Staff at one of the world's biggest investment companies have to get special approval to hire a white man, rather than a woman or an ethnic-minority candidate.
The policy is part of a drive by State Street, which employs 2,500 people in Ireland, to improve diversity within its middle and senior management. The multinational aims to triple the number of black, Asian and other minority staff in senior roles by 2023, and executives' bonuses will be lower if they do not meet the targets.
The 200-year-old company, in common with financial institutions worldwide, has been dominated by white men. A photograph on its website celebrating State Street Global Advisors' founding in 1978 shows a room full of white men, all wearing shirts and ties.
Jess McNicholas, the bank's head of inclusion, diversity and corporate citizenship in London, said: "This is now front and central for State Street - it's on every senior executive's scorecard.
"All of our leaders have to demonstrate at their annual appraisals what they have done to improve female representation and the number of colleagues from ethnic-minority backgrounds."
When recruiting middle-ranking staff - those at senior vice-president level or above - State Street's recruiters must assemble a panel of four or five people, including one woman and ideally someone of colour. McNicholas said the company would still hire white men but that recruiters would need to show that women and ethnic-minority candidates had been interviewed by diverse panels.
State Street employs 39,400 people in 27 countries and has offices in Dublin, Drogheda, Kilkenny and Naas. It is recognised as one of Ireland's leading financial services companies.
The bank has also said it will increase spending with diverse suppliers over the next three years, pledging to "hold ourselves accountable for strengthening black and Latinx owned businesses".