On Friday, October 20, The Financial Services Pipeline (FSP) hosted more than 100 leaders from Chicago’s top financial services firms at the Federal Reserve Bank of Chicago for its 4th Annual FSP Summit. The event addressed the need to increase the representation of African Americans and Latinos in the financial services industry.
This year’s theme was Advancing Cultural Transformation. The Summit was led by the organization’s CEO Leadership Council Co-Chairs: John W. Rogers, Jr., Chairman and CEO of Ariel Investments, Matt Feldman, President and CEO of Federal Home Loan Bank of Chicago and Dr. Helene Gayle, President and CEO of the Chicago Community Trust.
Andrés Tapia, Senior Client Partner and Global Diversity & Inclusion Solutions Leader for Korn Ferry, delivered the keynote address. Attendees were engaged in the conversation as Tapia stressed the importance of cultural competency as a leading factor to continue increasing racial diversity within the sector.
New research that debuted at the FSP Summit shows that if no changes are made to hiring and retention processes within the next few years, the number of African-American and Latino talent will remain stagnant. Additional research updates showcased:
Promotion: Consistently lower promotion rates for African-American and Latino talent since 2014
Hiring: African-American and Latino talent are being hired at greater rates since last surveyed in 2014
Retention: The gap in attrition rates has narrowed, but rates remain higher for African-American and Latino talent
Note: 2017 Research report available upon request.
Events like the FSP Summit and the organization’s annual Intern Career Conference look to engage more institutions and industry leaders to continue thinking strategically as they strive to increase racial diversity within their organizations.
FSP CEO Leadership Council Co-Chairs. From L to R: Matt Feldman, President and CEO of Federal Home Loan Bank of Chicago, Dr. Helene Gayle, President and CEO of the Chicago Community Trust, and John W. Rogers, Jr., Chairman and CEO of Ariel Investments. [Photo Credit: Miguel Zuno for FSP]
Perika Sampson, Regional Diversity Officer, Morgan Stanley Wealth Management, speaks on best practices for retention of diverse employees. [Photo Credit: Miguel Zuno for FSP]
Dr. Helene Gayle of the Chicago Community Trust moderates a candid discussion between fellow FSP co-chairs Matt Feldman and John W. Rogers, Jr. on the importance of instating top-down policies on workplace diversity. [Photo Credit: Miguel Zuno for FSP]
Keynote speaker, Andrés Tapia, Global Diversity & Inclusion Solutions Leader for Korn Ferry, addresses attendees at the 4th Annual FSP Summit [Photo Credit: Miguel Zuno for FSP]
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