Big Ups To These Companies That Are Doing Diversity The Right Way, 10 Black Legends of Wall Street, Volatile Week for Markets

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What's Up?Fam,

Happy Tuesday!

Hopefully y'all had a better weekend (and Monday) than crypto investors did.

It's a busy week for markets with some of the heavyweights reporting including Apple, Tesla and Microsoft.

The Federal Reserve FOMC meeting kicked off its 2-day meeting today with a press conference from Fed Chief, Jerome Powell, scheduled for tomorrow. With all of this volatility, I've been jumping in and out of my options positions like I'm double dutching in elementary school.

Let's jump into this week's newsletter.

-Eric

Wall Street Legends: 10 Black Leaders in Finance

Black Wall Street ain’t dead, investment companies just scared – shoutout to rapper and real estate investor Jeezy . A century after the Tulsa Massacre , Black finance professionals are still running up the bag for some of the top investment firms in the country. And when their presence isn’t celebrated, Black investors are starting their own firms. Check out how these 10 Black leaders are infusing racial equality in the stock market below:

Thasunda Brown Duckett

Thasunda Brown Duckett, founder of the Otis and Rosie Brown Foundation , directed the strategic diversity plan to increase homeownership for Black and Brown households– and that was early in her career. Now, still not one to be played with, Brown is a Wall Street boss lady leading TIAA , her company that specializes in financial inclusion and opportunity.

Carla Harris

Carla Harris, senior client advisor and vice chairwoman of wealth management at Morgan Stanley, has a passion for bridging the racial and gender wealth gap. She uses her platform to support Black entrepreneurs through the company’s Multicultural Innovation Lab – an initiative that supports women- and minority-led startups. In 2014, our forever president, Barack Obama, co-signed Harris to chair the National Women’s Business Council,?making government funds rain on women’s businesses.

Reginald Lewis

First things, first, rest in peace Reginald Lewis – Black Wall Street legend and Baltimore native. He founded one of the first Black-owned law firms on Wall Street, Lewis and Clarkson, that focused on helping drive business for minority-owned companies. In 1983, he also established TLC Group to further extend that mission. Lewis was also one of the 400 richest Black Americans with an estimated net worth of $1 billion.

John W. Rogers Jr

John W. Rogers Jr., founder, co-CEO and CIO for Ariel Investments , has over three decades of wealth building and management experience. When he steps into corporate boardrooms, he makes it known that his top priority is to raise awareness on the financial inequities burdening people of color. For the sake of Black communities, Rogers He holds his colleagues accountable to uphold the three P’s —purchasing, personnel, and philanthropy.

Suzanne Shank

As president and CEO of Siebert Williams Shank & Co. L.L.C., Suzanne Shank is a veteran in the money game, with 30 years of financial experience. She’s won numerous awards throughout her career, including the Shot Caller award presented at BET’s 2017, “Black Girls Rock!” She also founded internship program, Detroit Summer Finance Institute , that connects BIPOC students to financial careers.

Tina Byles Williams

Tina Byles Williams founded Xponance – a multi-strategy investment firm, formerly known as FIS Group – nearly 30 years ago. Now, she champions her company’s charitable initiative, A Good Measure Foundation , which partners with programs to empower impoverished women and children, and engages inner-city youth in financial literacy.

Mellody Hobson

Mellody Hobson, president of Ariel Investments L.L.C , co-founded a private investment firm, Ariel Alternatives and launched Project Black last February. The initiative prioritizes investing in Black and Brown-owned businesses, positioning them as suppliers of choice to Fortune 500 companies. Hobson has been an advocate and advisor for closing the racial wealth gap since foreva-eva and continues to use her influence in the finance industry. There, she?uplifts BIPOC communities by promoting equity in traditional labor jobs such as construction and manufacturing.

Roger Ferguson

Roger Ferguson, an investment mogul, stepped down as CEO of TIAA in March 2021 with an investment network from roughly $435 billion to $1.2 trillion in assets for the firm. A longtime advocate against the racial and economic divide in our country, Fergson was among several candidates that President Joe Biden considered for Treasury secretary. Ultimately, the Biden administration chose Janet Yellen . (So much for that Black agenda).

Trevor Rozier-Byrd

Founder and CEO of digital investment firm Stackwell , Trevor Rozier-Byrd launched the company to reframe the conversation around Black wealth by building equity and ownership in the Black community. Stackwell’s purpose is to provide financial inclusion by targeting underinvestment in Black businesses and empowering Black investors.

JoAnn Price

JoAnn Price, co-founder and managing partner of Fairview Capital Partners Inc. – the largest Black-owned private equity firm – has pioneered raising capital for minority businesses for over 30 years. When she was president of the National Association of Investment Cos., she raised millions in capital for Black entrepreneurs.

Y'all Doing the Damn Thing: 10 Companies Fostering Inclusive Pay, Leadership & Legislation??

The pulse on diversity, equity and inclusion (DE&I) in corporate America is beating, but it’s pumping slowly and Black people are very, very tired. While companies continue to make DE&I pledges and commitments, progress reports reveal that the percentage of Black executives at the 50 largest companies in the U.S. are less than two percent. Below, we’ve highlighted companies that are leading in supplier diversity, nonprofit support, pay equality, diverse leadership and all the good things:

Marriott

As a hospitality leader, Marriott has valued diversity since 1927 and continues to expand its corporate and global diversity initiatives. Marriott’s supplier diversity program, EXCHANGE , creates space for partnerships with minority, women, LGBT, disabled and veteran-owned businesses, and drives economic empowerment around the world. In the last decade, they’ve spent $5 billion with companies that are at least 51% owned, managed and/or operated by a diverse entity. ?

AT&T

AT&T is killing it in DE&I from supplier diversity to funding future Black leaders. Their inclusive supply chain advocates for businesses around the world by increasing their visibility while addressing environmental, social and economic issues. Last October the tech company awarded five racks to select HBCU students that are positively impacting their communities as part of their Black Rising Future Makers initiative .

Walmart

Knowing how many people of color spend their coins at Walmart, it’s great to know that their employee demographics reflect the communities they serve. Walmart’s U.S. associates are nearly 21% Black and women make up 30% of their leadership team. Their commitment to diversity hiring includes $14.3 million in grants to16 nonprofit organizations that address racial disparities in industries such as health, education and philanthropy. Side bar: We’ll address the company’s involvement with private prisons at another time, chile.

Salesforce

Salesforce implemented a Racial Equality and Justice task force to hold themselves accountable as they roll out their DE&I initiatives that target the four P’s – people, philanthropy, purchasing and policy. Part of their mission includes donating $10 million to software, training and certifications that empower changemakers to address the inequalities Black communities endure.

Slack

Slack makes sure their employees believe they can fly! Their Diversity, Engagement, and Belonging (DEB) and Rising Tides programs speak to their dedication to diversity and inclusion within their company. Both programs are designed to empower their employees by investing in their professional development centered around education, introspection, opportunity, and growth.

General Motors

General Motors is one of the very few S&P 500 companies that don’t have any pay gap amongst employees in equal positions regardless of race or gender. They offer employees flexibility in when and where they work, allowing employees with demanding schedules such as mothers and college students to better manage a work-life balance.

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Apple

Apple is easin’ on down the DE&I road. Currently, 43% of their leadership roles are filled by people from BIPOC communities. The tech powerhouse has diversity and inclusion accountability measures embedded in their annual review process as they grow their diverse leadership.

Mastercard

Mastercard is banking on Black with their pledge to offer $500 million in grants to Black communities, helping to close the racial pay gap. Mastercard is helping Black founders by expanding their city programs, providing affordable financial tools, services and resources to grow their businesses.

Accenture

Accenture’s mission to sustain a culture of equality starts with an annual pay equity review. In 2021 they reached a dollar-for-dollar, 100% racial and gender pay equity in the countries they operate in, such as the United Kingdom and South Africa.

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Netflix

As culture makers, Netflix has an innovative approach to DE&I. In response to the #OscarsSoWhite shade, Netflix’s sub-brand, Strong Black Lead was developed as a media and marketing initiative to amplify Black creatives – and their content is LIT. In addition to the diversity in their content, 42% of their leadership team is Black.?

Tweet Of The Week

Black Twitter is uplifting, educational, entertaining and always on point. Enjoy our favorite Tweet of the week below and make sure to take care of yourselves today and everyday, fam.

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