13 state attorneys general just warned the F100 that hiring based on racial quotas, even to counteract historical bias is against the law. Do you think this will affect internships that specify only certain races can apply? https://www.wsj.com/articles/attorneys-general-le…
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My take is that this won't impact diversity programs and diversity recruiting overall for a couple reasons.
1) Many HR/legal execs already understand that they can't directly say that only women can apply to X program or only Hispanic-identifying students can apply. Many of these programs already have language that says essentially everyone can apply to these programs. When these banks are literally getting thousands of resumes for 15? spots it would be challenging to prove in court that there was different treatment of specific applicants solely based on race, gender, ethnicity, or perceptions of that. This was also a group of right-leaning AGs. My guess would be left-leaning AGs would have a different take. My other guess would also be that many firms see value (whether actual or performative) of diversity programs and will not want to get rid of them just because 13 AGs were mad. A lot of people claim a lot of different things now.
3) Maybe some banks will roll multiple types of diversity recruiting into one program with language along the lines of wanting to introduce many types of students to finance, not just one race/ethnicity or under the LGBTQ+ umbrella for instance.
4) Banks and other companies may choose to eliminate diversity programs officially, but seek out diverse applicants by looking at cover letters or more phone screens/Hirevues with questions geared towards unique experiences/experiences that shared you/identities you hold. While it is illegal to ask questions like this outright, it is voluntary for candidates to disclose info like this in a cover letter and/or Hirevue if given an opportunity.
Just my 2 cents.
It’s just going to take one Chad, Brad, or Ryan to file a lawsuit with daddy’s money since he didn’t get the sophomore diversity internship at that BB bank for a case to be made.
except if his daddy actually had money, then he wouldn't need to file a lawsuit
that’s the unfortunate reality of this…anyone with the resources to change it doesn’t give a fuck because they’re gonna get the offer anyways given their wealth and connections. And at that point, it’s better for them to be surrounded by less talented competition because they look better in comparison. There’s a reason the ivies are full of hyper wealthy liberals; those policies are great for them (another great example of this is the correlation between grade inflation and affirmative action, which has effectively made it such that the gentleman’s C is now a gentleman’s B)
Point #2 is missing, pls fix
I think the diversity programs are still gonna exist, they’re just going to be a lot quieter about them. Firms like RBC and MS have explicit programs that literally say they’re for only minorities and LGBT, versus at Goldman you just put your resume into the blackbox and magically only the ones that check the diversity box get pulled out. I think we will see these explicit minority-only programs start to fade, but diverse candidates will still have an advantage all the way through the process. They’ll get their resume pulled without networking, HR will be more lenient on their hirevues, and then they’ll get easier technicals in their superday. Just my two cents.
I'm not condoning lying, but do they really look in depth? I know multiple people who are half Hispanic and half white, have a (non-Spanish) white last name and look white, but they somehow count as 'oppressed' for the purposes of DEI.
I think that I may have some Portuguese heritage (this is actually legit - one of my parents has heard their side of the family was there at one point) and if I claim to be bi they can't exactly force me to 'prove it'. How strict are they in verifying?
Portuguese isn’t Hispanic lol but yeah check the box no one will say shit
Bro - there are FULLY white ppl like Eastern Europeans with exotic lastnames putting down hispanic as diversity candidates and no one says anything lol
This is such a low quality fucking move. If I ever interview you, you're for sure getting blacklisted.
Instead of pursuing an IB job in liberal hotbeds of NY and SF (which also are expensive and unsafe and just bad places to be), why don’t you just pursue a high finance career in states such as TN, AR, KS, AL, IN, NE, IA, SC, KY, WV, MS, MO, MT who will look out for fair treatment? They’ll take you with an open arm.
Wait why did even FL, TX or GA not sign? So can’t even do O&G or work for RayJ/Truist? Sad.
https://www.tn.gov/content/dam/tn/attorneygeneral/documents/pr/2023/pr2…
Tell me more about pursuing a "high finance" career in Kansas or West Virginia.
75 year old grandmothers swagger around the upper east side. they'd be surprised to learn the city is unsafe. perhaps you're just a bitc....coward?
Think you missed the part but basically was making fun of the fact we had 13 most non-important finance state AGs making a statement that should have no impact to hiring policies. If someone feel so aligned to them they should try doing investment banking in Montana
I'm probably graduating at the worst possible time in history (bar maybe 2008) from the perspective of a poor white male. In the middle of a terrible hiring market and decline in deal flow. After the george floyd riots where banks massively ramped up diversity hiring quotas and then right before they get banned.
yup
Yeah but have you acknowledged your white privilege and the abuses of a patriarchal society?
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