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 had not improved its record since he started his journey.
