In 2018, JPMorgan Chase & Co. agreed to pay $24 million to settle a discrimination suit brought by Black financial advisers. Morgan Stanley settled a lawsuit by a Black financial adviser in January for an undisclosed sum.
In the wake of the Floyd protests, Gorman announced that a commitment to diversity and inclusion would become one of Morgan Stanley’s five core values. He also named Carol Greene-Vincent, the bank’s global audit head, to its operating committee, the most senior leadership board, and current diversity head Susan Reid to the management committee.
According to Booker, prior to Greene-Vincent’s promotion, 14 of the firm’s 16 operating committee members were White and 14 were men.
This article was provided by Bloomberg News.