The Center for Urban Research of the CUNY Graduate Research Center recently issued a report entitled Progress and Pitfalls of Diversity on Wall Street. Among the notable findings:
In ethno-racial terms, the bulk of diversity on Wall St. is due to the rapidly growing share of Asian workers, who have gone from 5 percent of older core workers in 2000 to 19 percent of younger ones in 2005-09. Latinos have increased their share as well, but African Americans have not.
The report notes two possible classes of explanations for the group disparities evident in the Wall St. workforce: minorities and women may differ in the human-capital characteristics required for career trajectories oriented towards top positions, and/or they may be excluded by discrimination, institutional or individual, from these trajectories. Census data cannot tell us which kind of explanation is more important; deciding between them requires other kinds of data, which currently do not exist.
To learn more and download a copy of the report, click on the link in the title.