Tie banker pay to diversity, says author of Diary of a Black Man on Wall Street
J Derek Penn calls on firms to hit executives in the wallet if they don’t improve on representation for minorities
The live panel took on the thorny question of improving diversity on Wall Street
Getty ImagesFirms must be more transparent around hiring practices at middle management and tie diversity goals to compensation if they want to see progress, the author of Diary of a Black Man on Wall Street said.
Speaking at a Barron’s Live panel discussion on whether Wall Street has a diversity problem, J Derek Penn — who worked on trading floors at BNY Mellon, Lehman Brothers, Merrill Lynch and Morgan Stanley over his three-decade career — said that while senior executives do believe that diversity is important, financial services...
