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Racial Equity in Financial Services

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  • Our [C-suite executive] is adamant about diversity, but those at the next level don’t make it a priority. They haven’t internalized it.

    Interviewed employee at a midsize private equity firm

    This article outlines findings about racial equity issues present in both representation and employee experience in the financial services sector. It was collaboratively produced by McKinsey & Company and the W.K. Kellogg Foundation as a result of Expanding Equity’s initial pilot Core Program cohort in 2019-2020.

    First, the article explores issues of representation across attrition, promotion, and directive versus supportive roles. Second, it examines the experiences of people of color in the workplace, highlighting the impact of relationships with colleagues and bosses, being an only, and enduring microaggressions. Ultimately, it uncovers that real transformation in this sector requires addressing both representation and experience and calls on industry leaders to advance racial equity to drive better business performance and create more equitable opportunities across society.

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