The Progress and Pitfalls of Diversity on Wall Street
More minorities and women are working on Wall Street, but white men remain very dominant when it comes to the financial rewards available there, according to a new report issued by CUNY's Center for Urban Research (CUR), which is located at the Graduate Center of the City University of New York (CUNY).
- The white-male share of the core Wall St. workforce is declining over time. For instance, white men were two-thirds of older workers (45 years and older) with high-status occupations in 2000, but they were only 46 percent of younger workers (30 and younger) in 2005-09. The shift has not been altered by the layoffs associated with the economic downturn.
- 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.
- Women are increasing only modestly their presence in the Wall St. workforce, and they remain distinctly underrepresented by comparison with their proportion of the college educated.
- White men take home the lion's share of earnings from Wall St. Especially among workers older than 30, ages when earnings can be very high, white men's median earnings exceed those of other groups by margins that frequently approach or even surpass 2-to-1.