American Banker has an in-depth piece about how banks can work to close the wealth gap; before they can do that banks need to get their own houses in order and that means more diversity in middle and upper management; this would have the effect of diversifying the flow of capital which could have a dramatic impact on the wealth gap; the racial wealth divide is stark today with black families only having 2% of the median wealth of white families; today, there is only one person of color on the executive management teams of the top four banks; Fifth Third have embarked on a multi-year initiative to increase diversity in their employee base but the CEO says they still have a lot of work to do. American Banker.
