A number of financial services companies are making significant progress in hiring minorities and putting diversity initiatives in place, said L.P. Green II, publisher and chief executive officer of Black Professionals Magazine, Atlanta. "But as a whole, the industry has really only just begun to embrace diversity, and there's still a lot of room left for growth."
Companies such as Mellon Financial Corp., JPMorgan Chase & Co., TIAA-CREF, American Express Co. and Northwestern Mutual Life Insurance Co. (parent of Russell Investment Group) — all among the "Top 25 Companies for African Americans" listing to be published in the upcoming fall issue of Black Professionals Magazine — are leading the way in the financial services industry, said Mr. Green. "These companies have CEOs that don't just talk the talk, they walk the walk, too," he said.
The magazine evaluated the number of minorities employed by each company — in both associate and management positions — as well as commitment to diversity programs and recruiting initiatives.
"A lot of the minority hiring has been made at the associate level," said Mr. Green. "But where there's the most room for improvement is at the management level. In the financial services industry, there's a tremendous opportunity for minorities to take on executive positions and further diversify the industry."