On Friday, Oct. 28 at the Federal Reserve Bank of Chicago, Financial Services Pipeline hosted its annual summit to address solutions to increase financial diversity in the industry due to recent declines. FSP is a coalition of financial services firms whose joint goal is to increase racial diversity within Chicago’s financial sector.
The summit served as the springboard of FSP’s implementation phase. It featured a panel of key leaders from FSP member organizations, including area firm CEOs, discussing new data that supports the FSP’s goals.
Hosted by Charles Evans, president and CEO, Federal Reserve Bank of Chicago; the panel included The Chicago Community Trust’s president and CEO Terry Mazany; John Rogers Jr., Chairman, CEO and chief investment officer, Ariel Investments; Monica Walker, CEO, Holland Capital Management; Matt Feldman, CEO, Federal Home Loan Bank of Chicago, and several others.
The morning included a panel of CEOs and executives from six member firms who affirmed the opportunity the Initiative provides on several fronts.
Another key moment is the obvious expansion of the talent pool of ideas and perspectives that diversity can bring to strengthen business.
In addition, their conversation covered several ways in which leaders can embed this agenda throughout their organizations as well as in their external business dealings with agencies and organizations.
As a result, setting up specific measures in both cases to hold themselves accountable for dramatic changes in the status quo.
Most noteworthy, the collaborative’s exchanges of practices among the members were also recognized as a potentially effective force in achieving the goals of the Initiative.
The morning concluded with two examples of best practice in the industry provided by members of the Steering Committee representing two different firms:
1). Morgan Stanley’s recruitment practices that have involved expansion efforts, in particular with HBCU Institutions; and
2). Bank of America’s diversity and inclusion practices that have involved particular attention to the distinct perspectives of millennials.
The FSP initiative anticipates becoming a platform for such continued exchanges across members in the coming year,