Access denied: Systemic racism in financial services

The financial media

Like in the industries its reporters cover, the lack of Black representation in business and financial media has created blind spots. Predominantly white newsrooms often miss stories about systemic racism or fail to reach an audience of more than one demographic.  In the wake of this summer's Black Lives Matter protests, there are serious implications for financial services, the reporters covering them — and an emerging group of professionals creating their own media. What can journalists like us learn from these Black voices? 

Allocation and exacerbation

Asset and capital allocations often exacerbate systemic racism across the financial services in some surprising ways. Innovators in the fields of asset management, banking, impact investing and pensions suggest there are also many ways to disrupt the cycle. Shifting the flow of capital could help reduce or eliminate institutional barriers and racial discrimination.

Representation

The lack of Black representation in the financial services stems from two interconnected problems. Black professionals face significant hurdles once they break into the industry. And the presence of nearly 175,000 Black financial professionals displays that their widespread absence at the upper executive ranks isn't a product of there being an insufficient talent pool. 

Underserved or ignored?

Racism at the branch and in the workplace makes it harder for Black Americans to gain access to financial services. In the second episode of the Access Denied podcast, innovators and researchers from the fields of human resources, banking and wealth management explain how industries leave people out — and what needs to be done to change it.

The wealth effect

Net worth disparities and the roles housing and mortgage discrimination play in Black homeownership show how it's impossible to close the gaps without eliminating racism.