The glass ceiling thins the ranks of African-American managers in the financial services industry

The glass ceiling thins the ranks of African-American managers in the financial services industry

The proportion of African-American managers in financial services companies has actually decreased from 2007 to 20015, according to a Government Accountability Office’s (GAO) report released in November 2017. The report also outlines best practices to help combat the glass ceiling through changes to companies’ recruitment and retention efforts. HT to Joe Davidson of the Washington Post who covered … Continued

The “bamboo ceiling” and the lack of Asian-American executives in Silicon Valley

Silicon Valley map

Much attention has rightly been focused on the glass ceiling discrimination that exists in many of the most profitable industries in America, including the financial and technology sectors. One issue, however, that has not been explored as deeply is the under-representation of Asian-American employees in the executive ranks (dubbed the “bamboo ceiling”) of technology companies. The … Continued

$32.5 million class action settlement in MetLife race discrimination case

MetLife blimp

Last week, a federal court in New York gave final approval to a $32.5 million class action settlement alleging racial discrimination against African-American employees of MetLife. The settlement calls for an interesting, two-tiered approach for evaluating money damages on an individual basis, as discussed in more detail below. The plaintiffs alleged that MetLife discriminated against African-American … Continued

$35 million settlement reached in race discrimination/glass ceiling case

race discrimination in promotion; glass ceiling racial discrimination

  African-American financial advisors at Wells Fargo have reached a proposed $35 million settlement to resolve their class action lawsuit, which asserts that a racial glass ceiling for promotions and pay existed at the company.  A federal judge in the Illinois Northern District Court in Chicago must still approve the class action settlement.  If approved, the $35 million … Continued