Racial equity in financial services | McKinsey - McKinsey & Company
WEBSep 10, 2020 · The financial services talent pipeline shows a lack of representation of people of color, most acutely at senior levels. Changes in three key areas can help companies make progress.
The role of financial services in improving racial equity in the US
WEBJul 8, 2022 · In April 2022, McKinsey gathered a group of leaders in financial services to discuss the work they are doing to increase financial inclusion, address systemic challenges, and catalyze efforts to close the racial wealth gap.
Investing in Black consumers in financial services | McKinsey
WEBSep 6, 2022 · To protect more of Black consumers’ wealth, financial-services companies can develop or invest in scaling products that meet consumers’ short-term and emergency cash needs while continuing to help consumers build wealth sustainably—and clearly communicate any risks and terms.
How Racial Inequality Manifests In The U.S. Banking System.
WEBJul 16, 2020 · Black-owned financial institutions are a shrinking part of the U.S. financial system. NPR's podcast The Indicator from Planet Money looks at what that means for America's racial disparities.
Greater Wealth, Greater Uncertainty: Changes in Racial Inequality …
WEBOct 18, 2023 · We document racial disparities in financial well-being in the 2022 Survey of Consumer Finances. The typical White family had about six times as much wealth as the typical Black family, and five times as much as the typical Hispanic family.
8 Charts that Explore Racial Disparities in the Banking Industry
WEBMay 18, 2021 · Among financial services employees who fall into that "other" bucket, 18.9% identify as Black. That share is nearly halved to 9.2% at the professional level and shrinks further to 6.9% at first/mid-level and just 2.6% at the executive/senior level.
Racial Equity in Banking Starts with Busting the Myths
WEBFeb 2, 2021 · White families in the United States have a median wealth nearly 10 times greater than that of Black families. BCG managing director and partner Kedra Newsom Reeves explores this racial wealth inequality, and outlines how financial institutions can support Black Americans.
The Racialized Roots of Financial Exclusion - San Francisco Fed
WEBAug 19, 2021 · Black and Hispanic families have lower levels of wealth, more limited asset ownership, and more debt than White families. On average, these groups also have more limited access to banking services, greater use of high-cost financial services, and more limited access to capital.
An analysis of financial institutions in Black-majority communities ...
WEBNov 2, 2021 · Data from the 2020 Small Business Credit Survey found that 92% of Black-owned businesses reported experiencing financial challenges in 2020, compared to 79% for white-owned firms.
‘Racial bias runs deep’ at America’s largest banks, study says
WEBMar 18, 2021 · The banking industry has a race problem, and a new study is putting a spotlight on the inequalities within the nation’s largest financial institutions.