‘Injustice and inequity constrain our economy’: New coalition wants to advance racial and economic security in financial services
- A coalition of 18 financial institutions has recently announced their commitment to improving racial and economic equity in financial services.
- The coalition includes leading companies such as Morgan Stanley, Goldman Sachs, and Bank of America.
A coalition of 18 leading financial institutions announced four new commitments to boost racial and economic equity in the financial services industry. The Corporate Call to Action: Coalition for Equity and Opportunity (CCA) aims to drive $30 billion in funding, contracting, and capacity building for communities and business owners of color in the next five years.
The coalition, which was launched by the Connecticut Office of the Treasurer in partnership with the Ford Foundation, will create more than 10,000 work development and internship opportunities for Black and Latinx talent.
It also calls for public reporting and measurable progress in pay equity, workplace inclusion, and industry representation across the financial services workforce, including senior leadership.
“Our mission is to confront long-standing racial economic disparities in the United States and their impact on the nation’s economy,” said Connecticut’s State Treasurer, Shawn T. Wooden.
“In order to do that, we need to make sure that our work is centered around establishing long-term, measurable commitments that address the need for deep, structural changes. We know that the financial services industry can positively advance racial and economic security through opportunities both within and outside of their companies.”
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