Bosses at one of the world's biggest investment
firms State Street will need to get special
permission to hire white men as part of
new diversity drive
Daily Mail (UK),
by
Jamie Phillips
Original Article
Posted By: AltaD,
11/7/2021 7:38:02 AM
Bosses at one of the world's biggest investment firms will need to get special approval to hire white men as part of a new diversity drive.
State Street Global Advisors aims to triple the number of black, Asian and other minority staff in senior roles by 2023 as part of a drive to improve diversity within its middle and senior management.
Failure to meet the target will result in a drop in executives' bonuses, reports The Times.
State Street, which has 30 offices worldwide,(Snip) Jess McNicholas, the bank’s head of inclusion, diversity and corporate citizenship in London, said: 'This is now front and central for State Street
Hiring and promotions by melanin content. What could go wrong. Why, using this logic, any firm will just be able to say, no blacks allowed without special approval. Right?
Explain to me how, in 2021, racial quotas are still a thing?
44 people like this.
Reply 2 - Posted by:
GO3 11/7/2021 7:50:04 AM (No. 969943)
Dear State Street, you do know "Pursuit of Happyness" is just a movie, right? And actually proves an exception to the general feral subculture. You do know that, right?
17 people like this.
Reply 3 - Posted by:
KatieJo 11/7/2021 7:53:03 AM (No. 969945)
Good luck with that s/o
14 people like this.
If I had any money invested with this firm, it would be coming out immediately. I see a big bankruptcy in their future.
41 people like this.
Reply 5 - Posted by:
snowoutlaw 11/7/2021 7:53:53 AM (No. 969947)
How does one prove what color they are? A little makeup for the interview could go a long way.
22 people like this.
Reply 6 - Posted by:
Jebediah 11/7/2021 8:01:42 AM (No. 969960)
So---diversity above ability, no matter what the color or race---in this case no Whites. Why would I want to invest with such a ridiculous company!
42 people like this.
Reply 7 - Posted by:
WhamDBambam 11/7/2021 8:01:57 AM (No. 969962)
Title VII of the Civil Rights Act might have some application here.
29 people like this.
And so it begins. How could any right person think that identity politics could have ended in any other way?
22 people like this.
Reply 9 - Posted by:
Namma 11/7/2021 8:11:59 AM (No. 969974)
Have you ever heard of Green Lining? Look it up. The plan is to have people of color living better white people Check it out.
You will never believe who supports this. Start with the Clintons. So don’t hire white people. But hire all the Haitians coming illegally across the border. They are not vaccinated either. Don’t have to get the jab!
15 people like this.
Reply 10 - Posted by:
mifla 11/7/2021 8:22:03 AM (No. 969984)
When your business declines due to not hiring the best and the brightest, don't come to the taxpayers to bail you out.
27 people like this.
Reply 11 - Posted by:
voxpopuli 11/7/2021 8:30:49 AM (No. 969992)
Throw me in the briar patch. Probably 40% of their portfolio managers and analysts are already Asian
17 people like this.
Reply 12 - Posted by:
Dodge Boy 11/7/2021 8:35:28 AM (No. 969999)
State Street, looks like a discrimination case is on its way. Good luck.
14 people like this.
Reply 13 - Posted by:
bad-hair 11/7/2021 8:42:26 AM (No. 970015)
Take a look at any west African country to see where diversity gets you. If they told me I didn't get the job because I'm a white guy I'd shake their hand and say thanks. Saved me the pain of working there.
18 people like this.
Reply 14 - Posted by:
Venturer 11/7/2021 8:47:28 AM (No. 970027)
Remember when we thought affirmative action and quota's were unfair.
Here it comes again.
16 people like this.
Reply 15 - Posted by:
red1066 11/7/2021 9:05:58 AM (No. 970051)
State and federal government have been doing this for decades. Take a look at the people working in any state or federal building.
26 people like this.
Reply 16 - Posted by:
Socio 11/7/2021 9:07:56 AM (No. 970055)
Query; does this mean you can have an investment firm and make it so your executives will need to get special permission to hire anyone other than white men and it not be seen as discrimination too?
11 people like this.
Reply 17 - Posted by:
oldmagnolia 11/7/2021 9:09:19 AM (No. 970057)
#15 they have been doing that since the early 70s.
12 people like this.
Coming to an employer near you.
8 people like this.
Reply 19 - Posted by:
marbles 11/7/2021 9:16:05 AM (No. 970067)
In your face racism. But since it only against white people, shut up and sit down.
17 people like this.
Reply 20 - Posted by:
stablemoney 11/7/2021 9:27:42 AM (No. 970081)
They are doing the same thing at Vanguard. 20% of workforce goal, so all new hires will be black or maybe Afghani's and Haitians.
14 people like this.
Reply 21 - Posted by:
skacmar 11/7/2021 9:47:34 AM (No. 970097)
State Street would rather have their forced diverse workforce rather than the best and brightest who will make money for their clients. I thought State Street was an investment firm, not a social experiment.
12 people like this.
Reply 22 - Posted by:
Californian 11/7/2021 10:22:58 AM (No. 970132)
If I was a client I'd be moving my money out immediately.
The only color a serious investment client is concerned with is green.
12 people like this.
Reply 23 - Posted by:
DVC 11/7/2021 10:34:33 AM (No. 970152)
How to make your company less effective, less capable, and lose money.
Find out who this company is an make sure to move any of your investments away from their input.
5 people like this.
Reply 24 - Posted by:
bigfatslob 11/7/2021 10:41:15 AM (No. 970165)
In 1969 I was one of the last whites hired by a well known oil company when this was tried. This was of course on a field grade level not corporate. The idea was to promote people into jobs filtering into management. I had to train people to take jobs I was qualified for many times leaving me at a lower pay as an instructor and baby sitter. What happened incentives to retire early were offered it was meant for the older personal with as much as tens years more than I had. Some of the seniors took the pay as did I after 22 years of service. The company tried to tell me I was valuable and should stay, I didn't. What happened was the POC took the packages and left also leaving a void at that level. Some who were advanced to corporate all bombed never to be heard of again. The company's attempt at diversity was a huge failure losing 20 plus years on a dumb experiment. At the end the company told me it was if the company ever had a massive oil spill like Exxon encountered they could show the federal government how diverse it was in promoting POC. In the end it didn't work out at all with sub-par employees riding on the shoulders of others earning good pay. In years that followed I made sure I didn't fall into the diversity trap again having zero tolerance for people advancing because of skin color.
This investment firm is laying the ground work for failure not harvesting any talent with the exception of some by this endeavor. I wish them all the woes that come with diversity unless they are hiring all Asian overachievers then they will be successful.
10 people like this.
Reply 25 - Posted by:
paral04 11/7/2021 10:51:47 AM (No. 970180)
I hear the business climate in Costa Rica is excellent. Time to move on. I am a White woman and this is insane. You want the best no matter what race they are. This nonsense has gone to far and is racist.
11 people like this.
Reply 26 - Posted by:
ussjimmycarter 11/7/2021 10:53:27 AM (No. 970181)
New dress code allows for showing of rear crack? What a stupid firm!
6 people like this.
Reply 27 - Posted by:
davew 11/7/2021 11:01:53 AM (No. 970199)
Read the book, "Woke, Inc." by Vivek Ramaswamy and you will understand what is really going on. The financial elites are engaging in empty virtue signaling like the Fearless Girl statue to divert attention from their globalist oligarchic control of financial markets for the benefit of their clients. They have no intention of changing anything that might really impact their profits but need to gaslight the gullible public, press, and government regulators into thinking they have gotten all woke and such. The Daily Mail is one of their most loyal shills.
8 people like this.
Reply 28 - Posted by:
DVC 11/7/2021 11:19:12 AM (No. 970227)
I just sent a link to this article to my head financial advisor to see if any of my investments rely on their advise, however indirectly. I want my investment success to be as insulated as it can be from their predictable deterioration if effectiveness by racist hiring rather than hiring on merit.
6 people like this.
So how many retirees are going to lose their funds before these idiots get fired themselves? Used to be an investment firm wanted competent money managers, and they didn't care what the appearance was. This has disaster written all over it. Quota hiring needs to go the way of the buggy whips. Hiring should always be based on competence, not skin color.
5 people like this.
Reply 30 - Posted by:
DVC 11/7/2021 1:02:43 PM (No. 970349)
Actually, #29, the comeuppance might be pretty quick for these fools. In the investing world, your quarterly earnings are ranked among similar groups of mutual funds, or investment groups.
My investments are spread over about 35 or 40 different mutual funds, representing hundreds of stocks. BUT, each individual mutual fund is one of the top quartile in that category, meaning that the folks selecting which stocks to buy and sell are doing better than average (in that market sector) year in and year out.
And we rebalance the portfolio several times a year. And GENERALLY, a top quartile fund will remain so for extended periods, which how you choose your mutual funds. Mutual funds are run by an investment advisor team, and occasionally a fund suddenly drops to a middle or bottom quartile after a decade or two in the top.....and we move our funds in that market sector (say "energy") into a different mutual fund which is still outperforming the average fund in that sector. This sudden drop in effectiveness in a mutual fund is often caused by a key advisor or two, the "really smart guys", retiring or moving to another mutual fund, leaving the less skilled folks failing to exceed the average performance in that sector, and my money moving away from them, along with many other folks who have well managed portfolios.
As soon as these State Street Advisor guys stop performing at the top (assuming that they are now).....money will RAPIDLY be leaving their hands. Investors seek the best returns, and generally don't care if a purple and green person provides that return. Poor returns......people don't give you their money to invest. And the performance is measured every three months, and is there in (hah) Black and White for all to see on the page.
1 person likes this.
Reply 31 - Posted by:
lakerman1 11/7/2021 1:16:32 PM (No. 970357)
Back about three decades ago, at my state university, our graduate program needed to hire a replacement for our labor law professor, who retired.
And when our graduate department sought permission from the black woman Provost at our university to hire a replacement for the retiree, she told us this.
If you advance the application of a white man, I will deny you a replacement slot., and no one will be hired.
If you advance the application of a white woman, I will grant you a one year temporary non tenure track slot and permission to hire her.
If you advance the application of a black man or black woman, I will grant you a permanent tenure track slot.
We hired a woman, and when the Provost was pushed out for incompetence, we converted our temporary professor to tenure track.
4 people like this.
Reply 32 - Posted by:
bighambone 11/7/2021 4:36:59 PM (No. 970467)
They are bound to hire less competent personnel to handle your money when the top qualification is skin color. No doubt some investors will not take the chance in loosing big money and will hire new advisory firms.
1 person likes this.
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