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Decline in hiring of Black managers in financial industry ‘unacceptable,’ says Maxine Waters

By Jeffrey McKinney,

The number of black managers in the nation’s financial services industry is seeping downward, a new report by the U.S. Government Accountability Office reveals.

Representation of African Americans at various management levels fell from 6.5% to 6.3% from 2007 through 2015. The findings are part of the GAO’s Financial Services Industry: Trends in Management Representation of Minorities and Women and Diversity Practices, 2007–2015 report.

Simultaneously, the report, done in November, showed the representation of minorities at the overall management level rose by 3.7 percentage points and representation of minorities among senior-level managers increased 1.7 percentage points over the eight years. Overall representation of women was generally unchanged from 2007 through 2015. Representation of women among first- and mid-level managers remained around 48% and senior-level managers stayed about 29% during this period.


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