Posted on 03/19/2019 5:50:15 AM PDT by reaganaut1
Managers at Goldman Sachs Group Inc. will be required to interview two diverse candidates for any open job, a push the firm hopes will change its heavily white, male workforce.
The requirement is Wall Street’s version of the “Rooney Rule,” which requires National Football League teams to interview a minority candidate for head coaching jobs, and is part of new diversity targets Goldman rolled out Monday that include hiring more black and Hispanic employees.
The bank previously set a goal of 50% women in its 2021 class of incoming analysts, and said Monday it was nearly there.
The new targets, though, don’t include a time frame, suggesting that racial imbalance is a tougher problem to solve.
The elite colleges that feed Wall Street’s recruiting machine are now equally divided between men and women. But black and Hispanic students are still underrepresented, particularly in the finance and technology tracks from which big banks hire.
Goldman doesn’t have a network of retail branches where employees tend to be more diverse and reflect their surrounding communities. And like all banks, it is adding engineers by the wagonload, an industry where women and some minority groups are less easily found.
A 2017 report by Bloomberg News found black representation was falling at Goldman, Citigroup Inc. and JPMorgan Chase & Co., based on data submitted to the U.S. government.
Fewer than 20% of Goldman’s 400-plus partners are women, and just a handful are black. Seven of the 30 executives on the firm’s management committee are women, four of whom were added last year.
(Excerpt) Read more at wsj.com ...
White guilt knows no bounds. It is a sign of cultural decline and disintegration.
So Goldman Sacks is a racist company with racist employees who hire based on race.
To Hell with Goldman Sacks.
Diversity is a code name for discrimination based on sex and race. This was never intended when the civil rights laws were enacted.
Half of all potential black applicants never get to apply because they are aborted by their mothers.
If you are a man, list yourself as Female. Boom! Done!
Once we admit that we no longer aspire to be a meritocracy the country is toast.
Once they’ve concluded that the idea of meritocracy is a crock people are going to stop working hard and gravitate towards socialism.
Retired now, but taught engineering at a large, Southern university.
VERY few black and female students come through the engineering track.
EVERYONE that does gets a good job, because they become an engineer, AND are "diverse".
The problem is, not enough want to be an engineer. I suppose you could FORCE them...
For diversity's sake.
In my private sector employment experience, that started in the 1970’s.
Like hell it wasn't. It wasn't stated, but it was surely intended.
Exactly!
Question is, why is this not echoing through the halls of Congress and shouted from the rooftops?
The people who would do that have been silenced or otherwise eliminated from the public discourse is why.
Sell your GS stock. When a company judges by skin color instead of merit, that company will deteriorate in value. Look around you. With the government’s emphasis on hiring minorities in government agencies, efficiency certainly has not improved.
This was never intended when the civil rights laws were enacted
......
Like hell it wasn’t. It wasn’t stated, but it was surely intended.
************
I remember what attitudes held away at the time. If the early activists for the civil right acts had publicly announced that that they were intended to deprive people of jobs solely because of their race or sex, the legislation never would have been approved.
Says the white liberal who has their job secured
I guess as long as they have tons of cash they can hire the third best candidate for top jobs and do okay. As long as they’re making money. If I were a competitor I’d be glad to hear this, but they’ll probably race to do the same and signal their equal virtue instead.
Yes I remember too. What you say is quite true but it was obvious at the time they were lying - kind of like when the current crop of gun control advocates say their push for total civilian disarmament is for "safety." Even a blind man could see where it was headed.
Yup!
The Nixon DoJ made the agreement with AT&T to begin Affirmative Action. AT&T , including the Bell System, at that time was the largest private employer in the Free world. Once AT&T got up to speed with AA, the rest of the private sector began to follow like falling dominoes.
I wonder what the black airline pilots association think of this?
They could interview two dozen minorities and it wouldn’t make a difference when they already have someone pegged. It’s a waste of everyone’s time.
When will we see Koreans in the NBA..?
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