Recognizing that the lack of diversity in the Chicago-area financial services sector has a negative impact on the competitiveness and equity of the region, and on the organizational cultures and financial firms’ “bottom lines,” a group of Chicago-based financial institutions joined forces with The Chicago Community Trust—the region’s community foundation—to form the Financial Services Pipeline (FSP) Initiative in 2013. Founding members of the FSP include Ariel Investments, BMO Financial Group, the Federal Reserve Bank of Chicago (FRBC), Holland Capital Management, Loop Capital, Northern Trust, and Urban Partnership Bank. A number of financial institutions core to Chicago’s financial and civic life have since joined the group; Bank of America, CME Group, Discover, Federal Home Loan Bank of Chicago, the Illinois State Treasurer’s Office, Madison Dearborn Partners, Mesirow Financial, Morgan Stanley, U.S. Bank, The PrivateBank, William Blair, and Wintrust. Today, the FSP Initiative members represent collectively more than 30,000 leaders and professionals in Chicagoland’s financial industry – close to 50 percent of the total Chicagoland financial industry population.
The FSP Initiative is governed by a CEO Leadership Council co-chaired by Terry Mazany, President and CEO of The Chicago Community Trust (CCT); Rick Waddell, Chairman and CEO of Northern Trust; and Monica Walker, CEO and CIO of Holland Capital Management. It is also governed by a Steering Committee co-chaired by Valerie Van Meter, Senior VP and Chief Diversity Officer at the FRBC, and May Pelz, Director of Data Governance and Analytics at CCT. Jia Osiel of the FRBC acts as the Senior Project Manager for the Initiative.