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Go woke, go broke.
This will end poorly.
i thought for sure it would be citi ...
Where’s all this garbage coming from?
You can’t tell me that every company just decided to go nutsoid woke like this.
Get as much ony out of banks as you can.
Maybe find a smaller credit union and feel out the management on philosophies...
Token roles.
What a fantastic idea! Let’s hire only people of color and don’t worry whether or not they know anything about that racist math, banking, and business stuff.
When companies hire based on things other than merit bad things happen. I hope they figure it out quick.
The demand for minority job seekers will send the market salary soaring. AND, it just might push the quality down an order of magnitude.
Boston.....figures
Helluva price to pay for being stylish.
Guess they never heard about this:
EQUAL EMPLOYMENT OPPORTUNITY
TITLE VII OF THE CIVIL RIGHTS ACT OF 1964 (TITLE VII)
This law makes it illegal to discriminate against someone on the basis of race, color, religion, national origin, or sex. The law also makes it illegal to retaliate against a person because the person complained about discrimination, filed a charge of discrimination, or participated in an employment discrimination investigation or lawsuit. The law also requires that employers reasonably accommodate applicants’ and employees’ sincerely held religious practices, unless doing so would impose an undue hardship on the operation of the employer’s business.
ESG scores. Coming to a bank near you.
So there you have it: racial discrimination is okay. :)
The only way to guarantee an increase in minority representation is to purposefully exclude whites. Unless, of course, minorities are disproportionately the best candidates.
The other problem is that they seem to be admitting they’re past hiring practices did not produce an employee population that reflects society. Disparate impact, etc. I predict a minority lawsuit in less than 6 months.
Bonuses are tied to hiring minorities, so the bank will be hiring Almost all minorities during the bonus measurement psriod. Nothing but POCs, so expect to find POCmarks all over the place.
If they were serious about diversity, the bonuses would also be tied to bringing in a disproportionate percentage of POC customers.
When meritocracy is replaced by diversity, failure is assured, AKA “Go Woke, go Broke!”
This crap needs to stopped in court
It is overt discrimination, how is this garbage allowed?
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I was in the industrial world for 33 years. Every time bonuses are tied to X then X gets optimized even if it destroys the company. I watched that happen several times. I had a boss once who cost the company well north of one hundred thousand dollars just to add one hundred ($100) to his bonus. Managers view their bonus as a penis multiplier.
People are small and petty. If this doesn’t end badly, it will at least cost shareholders money they could otherwise have made.