Another day, and yet another headline that seems like it is straight from a satire website.
State Street Global Advisors — among the world’s top investment companies — has announced that from now on, its leaders will need express permission to hire any white man as part of the company’s new diversity hiring program.
“This is now the focus for State Street; it is on every top executive’s scorecard,” stated Jess McNicholas, the company’s leader of diversity and what they call “corporate citizenship.”
State Street Global Advisors is the investment sector of the State Street Corporation, the world’s fourth-largest asset company, with almost $3.59 trillion in total assets under their management as of March this year. The company has almost 40,000 employees and over 30 offices globally.
“All of our executives must demonstrate at their yearly appraisals what they have accomplished to help females get more representation and what they did to boost the total amount of colleagues who are from ethnic-minority groups,” the company stated, according to Fox News. Nope, that is not anti-white or sexist at all.
The company plans to triple the amount of Asian, Black and anyone else who isn’t white to top positions by 2023, the Sunday Times has reported. If executives do not meet the target, they will face less bonuses.
But wait, it gets even more insane.
Recruiters will now be forced to create panels of four or five workers, according to The Sunday Times, which must have at least one minority person and one woman, when hiring middle management. While the investment firm will continue to hire white men, recruiters will now be forced to show that minority and women applicants were interviewed too.
McNichols — who is the company’s inclusion and diversity leader — said State Street is promising to “hold ourselves accountable for strengthening Latinx and black owned businesses.”
Does this mean the company will give out loans to black and hispanic businesses over white businesses? It sure seems like it.
State Street made news in 2017, as reported by Fox News, when it paid for the statue of a girl staring at Wall Street’s well-known “Charging Bull” sculpture during International Women’s Day.
The sculpture, called “Fearless Girl Statue,” was eventually moved to the NY Stock Exchange building after getting complaints from the artist who created the Charging Bull statue.
The asset mgmt co SSGA commissioned the installation of the Fearless Girl statue a few years ago to celebrate and advertise its gender diversity index fund. Netflix, Salesforce, Nike inc, PayPal, Visa are some of the top companies in this fund. pic.twitter.com/BEbiXdmTnn
— ND (@navdhad) November 1, 2021
Author: Steven Sinclaire
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