Posted on 11/07/2021 8:26:03 AM PST by rickmichaels
Bosses at one of the world's biggest investment firms will need to get special approval to hire white men as part of a new diversity drive.
State Street Global Advisors aims to triple the number of black, Asian and other minority staff in senior roles by 2023 as part of a drive to improve diversity within its middle and senior management.
Failure to meet the target will result in a drop in executives' bonuses, reports The Times.
State Street, which has 30 offices worldwide, including Canary Wharf in London, currently employs 39,400 people.
Jess McNicholas, the bank’s head of inclusion, diversity and corporate citizenship in London, said: 'This is now front and central for State Street — it’s on every senior executive’s scorecard.
'All of our leaders have to demonstrate at their annual appraisals what they have done to improve female representation and the number of colleagues from ethnic-minority backgrounds.'
Recruiters must now create a panel of four or five people that includes a woman and someone of an ethnic-minority background when hiring middle management staff - employees at vice-president and above.
Ms McNicholas added that State Street will still hire white men, but recruiters will now need to show that women and ethnic minority candidates have been interviewed by the diverse panels.
The new drive will also see the investment firm increase spending with diverse suppliers over the next three years..
It has pledged to 'hold ourselves accountable for strengthening black and Latinx owned businesses'.
(Excerpt) Read more at dailymail.co.uk ...
Talk about REAL racism...
Something tells me their position as Mr. Big is about to go in the other direction. Would you knowingly invest with these asswipes? I think not.
Lotsa Law Suits
Yep, white people should pull their funds asap.
Omit talent it’s all about the quota systems it makes people FEEL better.
Tying bonuses to skin color rather than performance; what could ups go wrong.
This policy asserts that their jobs require no real ability or talent or it’s stupid and suicidal…one of those.
This type of story leads to the real situation in which no one dares tell they are doing this until someone reveals the truth.
Since around 1972 places had one eye on the offstage wings where the government quota spies were ready to pounce if not enough women or blacks got jobs and promotions. Not a written threat “14% women or you get blasted and watch your business die.” But the reality was it was true.
Affirmative Action Register was a monthly listing (including at the library where I worked). It matched available females and blacks with open positions.
A man called Rush (mid 1990s?) and Rush said “Just improve yourself, use your talents, be your best and you’ll get ahead.” The man said “No, Rush, there are no men listed and all the jobs and promotions are limited to non-males. They get them before I would even get an interview.” “Oh.”
I just looked it up. Not in print, of course, but still flying high online: “Affirmative Action Register....— Online magazine that successfully connects employers to the most highly qualified individuals regardless of race, color, ....
Why... gasp!... that sounds like RACISM!
White outcasts will just have to start an all-white firm. 😏
Makes sense, doesn't it?
Regards,
State Street Corp (NYSE:STT)
As of Nov 05
Institutional investors hold a majority ownership of STT through the 87.64% of the outstanding shares that they control. This interest is also higher than at almost any other company in the Regional Banks industry. Last, during the quarter ended June 2019, these large investors purchased a net $3.6 million shares.
Mutual fund holders 51.28%
Other institutional 36.36%
Top 10 Owners of State Street Corp
Stockholder Stake Shares
owned Total value ($) Shares
bought / sold Total
change
The Vanguard Group, Inc. 8.41% 30,766,609 2,606,547,114 -337,424 -1.08%
Dodge & Cox 5.77% 21,111,249 1,788,545,015 +909,022 +4.50%
SSgA Funds Management, Inc. 4.77% 17,425,863 1,476,319,113 +35,341 +0.20%
BlackRock Fund Advisors 4.56% 16,678,159 1,412,973,630 -415,602 -2.43%
Fidelity Management & Research Co... 3.33% 12,169,689 1,031,016,052 +132,813 +1.10%
Longview Partners LLP 2.91% 10,656,106 902,785,300 -819,332 -7.14%
T. Rowe Price Associates, Inc. (I... 2.46% 8,992,518 761,846,125 -3,829,634 -29.87%
JPMorgan Investment Management, I... 2.34% 8,562,311 725,398,988 +1,759,422 +25.86%
Bank of America, NA (Private Bank... 2.10% 7,685,032 651,075,911 +446,124 +6.16%
Can you hire women and minorities with useful degrees and work experience, or are they trying to find jobs for troublemakers with degrees with the word “studies” in them?
Also they discriminate against hiring the vertically challenged.
Once my current company is done with my evil white body working my tail off for them, I am done FOREVER.
I'll happily spend the rest of my life reading books, listening to music and sitting on my porch.
There have always been a million excuses for racism—but at the end of the day it is still racism—favoring some races over others.
I ran into that at a US Steel plant in the early 70s. When I finally did get in, Ford’s Win crap put me in the unemployment line a few weeks later. Orders dried up overnight.
Now are they copying the racial percentages of the world population or just a specific nation (to sort of go along with a certain narrative)?
It will be gone within the year
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