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Financial Institutions Can Help Break the Cycle of Racial Inequality
Report

Financial Institutions Can Help Break the Cycle of Racial Inequality



Editorial Rating

9

Qualities

  • Innovative
  • Applicable
  • Eye Opening

Recommendation

In this astute action plan for addressing the significant and long-standing wealth gap in America, industry experts Veronica Chau, Adrian Mitchell and Kedra Newsom point out how financial institutions can increase inclusion to reduce racial inequity. Firms can move forward on several fronts that span research, education, public policy, hiring and collaborations with community groups, as well as by channeling capital to Black-owned businesses. This cogent argument carries important insights for financial professionals. 

Take-Aways

  • The disparity in wealth between white and Black Americans is vast.
  • From their leadership positions across many dimensions of economic activity, financial services firms can potentially drive socioeconomic change.
  • Financial institutions need a game plan that promotes inclusion and enables the generational transfer of wealth.

About the Authors

Veronica Chau, Adrian Mitchell and Kedra Newsom are partners and directors at the Boston Consulting Group.


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