Increasing Representation in Chicago’s Financial Services Sector
The Financial Services Pipeline (FSP) Initiative was formed in 2013 by a group of Chicago-based financial institutions and The Chicago Community Trust (CCT) after recognizing the lack of diversity’s negative impact on regional competitiveness and equity, organizational cultures, and firms’ “bottom lines” within the Chicago-area financial services sector.
Since then, a number of financial institutions central to Chicago’s financial and civic life have joined the ranks. Today, these members represent collectively more than 30,000 leaders and professionals in Chicagoland’s financial industry – close to 50 percent of the total industry population.
FSP is governed by a CEO Leadership Council and Steering Committee.
Two key goals of the FSP Initiative are:
- Increasing the representation of Latinos and African-Americans, at all levels, within the Chicago area financial services industry
- Improving the overall cultural competency within the Chicago area financial services industry
Take a look below at some relevant data below:
- Comparative research highlighting the experiences of Black and Latinx members of the industry
- Review the latest report by McKinsey on “Closing the gender and race gaps in North American financial services.”
i The FSP Initiative focuses on the following EEOC categories: (1) “Executive/Senior Level Officials and Managers:” these individuals reside in the highest levels of organizations and direct or coordinate activities with the support of subordinate executive and staff managers, e.g. chief executive officers, chief operating officers, managing partners, etc.; (2) “First/Mid-Level Officials and Managers:” these individuals serve as managers and receive directions from the Executive/Senior Level Officials and Managers, including those who report to middle managers, e.g. regional vice presidents, information system managers, branch managers, etc.; (3) “Professionals:” Most jobs in this category require bachelor or graduate degrees, and/or professional certification, such as accountant, economist, auditor, etc; (4) “Technicians:” these jobs include activities that require applied scientific skills, usually obtained by post-secondary education; and (5) “Sales Workers:” these jobs include non-managerial activities that wholly and primarily involve direct sales; e.g. brokers, sales agents, etc. For the purposes of this Index, “Professionals,” “Technicians” and “Sales Workers” have been aggregated under one category that combines the three of them. When considered as a whole, the financial services industry includes all EEOC job categories within it, i.e., the five mentioned above plus the following: “Administrative Support,” “Craft Workers,” “Operatives,” “Laborers and Helpers,” and “Service Workers.” Detailed classification of EEOC job categories can be found at Detailed classification of EEOC job categories.
ii Equal Employment Opportunity Commission and Government Accountability Office, 2010 and 2013