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Tie banker pay to diversity, says author of Diary of a Black Man on Wall Street
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Firms must be more transparent around hiring practices at middle management and tie diversity goals to compensation if they want to see progress, the author of Diary of a Black Man on Wall Street said.
Speaking at a Barron’s Live panel discussion on whether Wall Street has a diversity problem, J Derek Penn — who worked on trading floors at BNY Mellon, Lehman Brothers, Merrill Lynch and Morgan Stanley over his three-decade career — said that while senior executives do believe that diversity is important, financial services...
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