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2021-11-09 -Great Cultural Revolution
Global Investment Firm Forces Executives To Snub White Men In Light Of Race Hiring Quotas
[The Federalist] State Street Global Advisors, one of the largest investment firms in the world, is forcing its executives to snub white men in favor of hiring black, Asian, and other minority candidates to the company.

The decision comes as the company, whose head Boston-located parent company State Street Corporation employs 40,000 staff worldwide, strives to meet its 2023 goal of tripling the amount of racial and ethnic minorities in senior management positions. The new policy reportedly states that white men may only be hired after a panel of four or five people made up of at least one woman and people who aren’t white have evaluated a myriad of job candidates of all different races and ethnicities first.

According to The Times, executives in middle and senior management who do not comply with the race quotas will receive cuts to their bonuses.

"This is now front and central for State Street — it’s on every senior executive’s scorecard," Jess McNicholas, the company’s head of inclusion, diversity and corporate citizenship in London told The Daily Mail. "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."

State Street denied that hiring teams needed "special approval to hire white men" but reaffirmed the company’s goal of elevating certain races and ethnicities above others and "hold ourselves accountable for strengthening black and Latinx owned businesses."

"We work to ensure a level playing field for candidates of all backgrounds and ensure that our hiring decisions are well informed and not-biased in order to select the best candidate for every job," a spokesperson said in a statement. "...State Street is committed to inclusion diversity and equity, we believe it to be a critical component of our business success, as such; we expect our hiring managers to have the best possible slate of candidates for their open positions."
Posted by Besoeker 2021-11-09 04:03|| || Front Page|| [11129 views ]  Top

#1 Following a half-century of categorical denial, I'm delighted to see someone actually writing about this insidious practice.
Posted by Besoeker 2021-11-09 04:08||   2021-11-09 04:08|| Front Page Top

#2 If your eyes are blue... this job ain't for you.
Posted by Clomons Cruth4110 2021-11-09 05:56||   2021-11-09 05:56|| Front Page Top

#3 On one hand, this is bullshit.

On the other hand, the only people affected will be global investment firm managers. The same people who wrecked our working class and made a gargantuan profit doing it.

I'm leaning towards "they deserved it."
Posted by Omomolet Phutch9064 2021-11-09 06:18||   2021-11-09 06:18|| Front Page Top

#4 The firms will comply or be strangled by regulation, litigated into extinction, or simply cancelled.

"Everything within the state, nothing outside the state, nothing against the state."
~ Benito Mussolini
Posted by Besoeker 2021-11-09 06:26||   2021-11-09 06:26|| Front Page Top

#5 And when Tamyka loses your entire retirement fund, she'll get a year-end bonus, too.
Posted by M. Murcek 2021-11-09 06:49||   2021-11-09 06:49|| Front Page Top

#6 Creating their future competition.
Posted by trailing wife 2021-11-09 08:10||   2021-11-09 08:10|| Front Page Top

#7 State Street doesn't lose anyone's money. They make their money doing the safest and most boring investment tasks -- running index funds and performing custody services, for example.

Stupid retail investors are losing their money all by themselves now.
Posted by Merrick Ferret 2021-11-09 08:18||   2021-11-09 08:18|| Front Page Top

#8 They make their money doing the safest and most boring investment tasks -- running index funds and performing custody services, for example.

That was my first job outta college - mutual fund accounting for Mass. Financial Services (the client) on 1776 Heritage Drive in good 'ol Quincy. SSGA is a whole 'nother animal.
Posted by Raj 2021-11-09 09:17||   2021-11-09 09:17|| Front Page Top

#9 Retail investors messing with their retirement funds are stupid. Like g@mbling, retail investing should be limited to what you can afford to lose.
Posted by M. Murcek 2021-11-09 09:20||   2021-11-09 09:20|| Front Page Top

#10 They might take note that here in Charlotte a recently fired white male executive just won a $10 million lawsuit on racial and sex discrimination grounds.
Posted by Tom 2021-11-09 11:39||   2021-11-09 11:39|| Front Page Top

#11 What if that white man shows up to work in a dress?
Posted by swksvolFF 2021-11-09 12:57||   2021-11-09 12:57|| Front Page Top

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