The Role of Banks in Closing the Racial Wealth Gap

American Banker has an in-depth piece about how banks can work to close the wealth gap; before they can do that banks need to get their own houses in order and that means more diversity in middle and upper management; this would have the effect of diversifying the flow of capital which could have a dramatic impact on the wealth gap; the racial wealth divide is stark today with black families only having 2% of the median wealth of white families; today, there is only one person of color on the executive management teams of the top four banks; Fifth Third have embarked on a multi-year initiative to increase diversity in their employee base but the CEO says they still have a lot of work to do. American Banker.

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.