Audioburst Search

A new story from Bloomberg Businessweek

Automatic TRANSCRIPT

Man eight maybe changing it could be the end of an era the white all male board decent go figure could be coming to an end the operative word you used in that lead in was man exactly all mail often all white male irate to this store is among our most read I gotta say Jason I've been talking about a lot in the newsroom Jeff green wrote it the one and only Jeff green he's managing diversity reporter at Bloomberg news is on the phone from the trade love this story Jeff green what's going on just another day in paradise so in the crowd during the crowd no but this is important because wait all the research out there about the importance of having diversity and boards having more women on your boards and yet you look at corporate boards and they're still consistently tending to be all male yeah and the knee jerk reaction here is just to say Goldman's just doing a publicity stunt but it to say it I mean to look at their reaction on Twitter and an link in in other places they're taken a lot of heat for saying this is not something you just casually toss out there this is one of those things have come out recently worse like they've said something that no one said before and remind us what they said okay so what they said was in the future we will not under right any IPOs where the board doesn't include at least one the first member and starting next year it needs to and they define the versus being a woman a person of color or somebody who is L. G. B. T. cell which is also new and I've never really seen anyone sort of expand that that definition to include LGBT I do feel like David Solomon's Goldman Sachs is going to be a very different solar brothers we've already seen it I'm sorry do it is a Lee said Solomon colors at every name I would also be ball that's a blast from the past forgive me David sell but of course of Goldman Sachs but I do think Jeff he really is you know trying to push for change in a big way when it comes to not only is firm but maybe much more broadly in terms of Wall Street yeah and I mean this is the kind of thing when you know when they first sought out those but that's you know I wasn't really sure like how many IPOs that they do we're clear you know no women are no people of color but they did do some I mean they have they said less than ten percent of the IPOs they have done in the last two years meet that criteria but that means that they would be giving up at least something if they move forward with this so it's not a it's not a nothing burger kind of announcement and it definitely got a lot of attention like you said on the terminal and on the web I just have to say something because I remember somebody bringing this to my attention we work initially it was an all male down of directors I don't know if it change at some point but it was just fascinated here it is kind of an innovative company you know and you think okay they're gonna think differently indentation well you know this gets too and Jeff and I feel like this is becoming a bigger subject you know kind of where the rubber meets the road a lot of greenwashing and we'll see ultimately you know that the golden lives up to kind of its promise here and whether others follow suit that they actually do it's not just talk it's a lot more significant than that well I mean I predict that what will actually happen is the B. companies to come forward and they'll be sure to have a diverse board but you know it's not going to be the company is going to say you know what we don't need the old man in a help under right it's going to be the paper's going to change there's one interesting thing is they did not include Asia in this pledge it is it is kind of complicated when you look at the world and you say we want a diverse board in the U. S. that means racial and ethnic and gender in the rest of the world it typically means gender as if you were to use our criteria in Asia you know and all Asian male board which still meet the criteria in the US as a diverse board it gets complicated when you try to take like a one size fits all diversity and spread it around the planet in Asia is the furthest behind so they said they were they were they will consider extending it there so the so even there now losing the difficulty of this this sort of pledge and so how soon or do you expect that other banks will follow suit mean Goldman is a not a not insignificant player in all of this the biggest underwriter in in many by many measures is this something that the Morgan Stanley's the JP Morgan's and you know others the bank of America is the world just they're gonna have to do this what's your rate yeah I don't know I mean I reached out to JP Morgan and Morgan Stanley JP Morgan pointed out that they try to help companies being the more diverse but they don't have such a pledge and Morgan Stanley didn't really have didn't have a comment and you can look at what's happened Intel just said we're gonna release like three thousand fields of data that we gave the EEOC this the most detailed pain raced at anyone's ever released with the hope that other people would follow them city group said we're going to give our you know our pay gap in a in the way that they have been in the past and neither of those companies have elicited a whole bunch of of of copycat either so you know we stick your neck out the first time it's it is a question how long can people resist right now it's great and now we know that you follow this so closely so having you yeah put together this story with the a lot of contacts was really useful so we'll put it out on Twitter check it out because it's going to be a story certainly that folks related to Wall Street are gonna be talking about at their cocktail parties this weekend the ski slopes fine back from diverse wherever they may be playing HealthSouth a club down as a line in DC yeah what are you going to die what are you going to do bro yeah would you do for me okay got it hi Jeff green managing diversity report of one of our phase joining us on the phone from Detroit talk in gold men we're gonna be talking.

Coming up next

A new story from Bloomberg Businessweek

Bloomberg Businessweek 4 months ago

Violent protests, fires erupt in Minneapolis over George Floyd death

Morning Edition 1 hr ago

U.S. death toll from coronavirus tops 100,000

Charlie Parker 2 hrs ago

Manhunt for fugitive UConn student expands to Washington, DC-area

WTOP 24 Hour News 10 hrs ago

Disney and SeaWorld theme parks unveil plans to reopen in Florida

Jay Talking 7 hrs ago

AIDS activist and "The Normal Heart" playwright Larry Kramer dies at 84

News, Traffic and Weather 8 hrs ago

Miami Commissioners To Discuss 19-Million-Dollar Budget Crunch

South Florida's First News with Jimmy Cefalo 2 hrs ago

Boeing slashes over 12,000 jobs — most of those in the Seattle area

America in the Morning 2 hrs ago

Maine high school plans to hold graduation at local drive-in movie theater

WTOP 24 Hour News 13 hrs ago

States focus on mail-in voting access, despite Trump's objections

Tom and Curley 13 hrs ago

Historic SpaceX Crew Dragon launch postponed due to bad weather

Mark Levin 14 hrs ago

Pompeo says Hong Kong is no longer autonomous from China

The World 14 hrs ago