They raise the billions of dollars needed to build schools, repair bridges and improve the infrastructure of cities from San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden to Atlanta. Their deal-making drives the mergers, acquisitions, expansions and divestitures that define the evolution of international business.
They are the “25 Hottest Blacks on Wall Street,” a compilation of the best and brightest investment bankers, traders and analysts in America. Responsible for deals and transactions for hundreds of millions and even billions of dollars here and abroad, these men and women are at the top of their profession.
Although BLACK ENTERPRISE has covered African-Americans on Wall Street for more than 20 years, this is the first time the publication has developed a list of this nature. Of course, not all the individuals listed actually work on Wall Street. These money mavens can be found in cities across the country: Atlanta, Chicago, Philadelphia and San Francisco.
The good news: Finding these bankers and traders wasn’t as difficult as one might think. African-Americans can be found at the highest levels of responsibility at several of the nation’s most prestigious Wall Street firms. And black finance professionals have also built impressive track records with their own investment firms.
The bad news: African-Americans at the nation’s leading investment banks The following is a list of investment banks Financial conglomerates
Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. remain few in number, especially black women. There also is little indication that there are enough black finance professionals coming through the pipeline to improve the statistics. AfricanAmericans are a small percentage of the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. industry. In 1991, the Bureau of Labor Statistics Bureau of Labor Statistics (BLS)
A research agency of the U.S. Department of Labor; it compiles statistics on hours of work, average hourly earnings, employment and unemployment, consumer prices and many other variables. reported there were 1.6 million people working in the industry. Five percent, or 77,000, were black. Surprisingly, 8.6% of the 766,000 financial managers, underwriters and other financial officers in the industry were black.
All the bankers interviewed were extremely concerned about the lack of AfricanAmericans in the industry. That’s why most of the individuals, like William Lewis William Lewis may be:
William Lewis (scientist) (fl. 1754), British scientist
William Lewis (politician) (1868–1959), American politician from Kentucky
William Lewis (athlete) (fl.
at Morgan Stanley To comply with Wikipedia’s , the introduction of this article needs a complete rewrite. , are aggressively pushing their companies to seriously implement programs designed specifically to recruit and hire talented and highly qualified black MBAs and lawyers. “This is not an industry that is traditionally known in the African-American community,” says William Hayden, senior managing director at Bear, Stearns & Co. Inc. and former chairman of the National Association of Securities Professionals (NASP NASP National Association of School Psychologists
NASP National Aerospace Plane
NASP National Association of Safety Professionals
NASP National Application Service Provider
NASP National Association for Shoplifting Prevention
NASP National Airport System Plan ). “We didn’t have brothers, sisters, mothers and fathers who worked for these firms like many of our peers. And because investment bankers tend not to get a lot of publicity, African-Americans in this industry need to reach out to the community.”
Change also will be required of Wall Street itself. For far too long it has been a club stooped stoop 1
v. stooped, stoop·ing, stoops
1. To bend forward and down from the waist or the middle of the back: had to stoop in order to fit into the cave. in exclusivity. Needless to say, seeking out qualified African-Americans for membership has never been a priority of chief executives of the major investment banks. However, there have been encouraging signs. For example, Morgan Stanley has contracted with James H, Lowerylow·er·y also lour·y
….. Click the link for more information. & Associates, a Chicago-based consulting firm Noun 1. consulting firm – a firm of experts providing professional advice to an organization for a fee
business firm, firm, house – the members of a business organization that owns or operates one or more establishments; “he worked for a , to set up and implement a program to recruit, retain and develop more minorities for the investment bank. Consultant Lowery credits Morgan Stanley with including key decision makers, such as Vice Chairman Barton Biggs Barton M. Biggs, well-known in the investment world, runs Traxis Partners, a hedge fund based in Greenwich, Connecticut. He formerly held the title of “chief global strategist” for Morgan Stanley and was with that firm for 30 years. , Lewis and Managing Director Eugene Flood, on the firm’s Minority Development Task Force. “In past efforts of this nature,” Lowery explains, “the task forces have been composed of lower-level executives and nondecision makers. Because key decision makers were not a part of the process, they didn’t buy in, so the task force’s recommendations just gathered dust.”
Organizations such as NASP have also worked to foment fo·ment
tr.v. fo·ment·ed, fo·ment·ing, fo·ments
1. To promote the growth of; incite.
2. To treat (the skin, for example) by fomentation. change. Founded in 1985, NASP represents minority investment bankers, bond lawyers, commercial underwriters, investors and brokers, among others, Its goal as a nonprofit organization Nonprofit Organization
An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well.
Examples of non-profit organizations are charities, hospitals and schools. is to promote professional excellence and equal opportunity for access in careers and business transactions in public and corporate finance. Its current chairman, Malcolmn Pryor of Pryor, McClendon, Counts & Co. is on BLACK ENTERPRISE’S Wall Street all-star list. To contact the National Association of Securities Professionals, call or write: c/o Pryor, McClendon, Counts & Co., 1360 Peachtree St. NE, Suite 880, Atlanta, GA 30309; 404-875-1545.
After three months of investigation, BLACK ENTERPRISE editors and reporters were able to gather a list of about 60 names of senior-level individuals who roughly met our requirements. Interviewing dozens of investment professionals, we realized just how small the universe really was as we kept hearing the same names over and over. Once the eligibility requirements were established, it was clear which 25 would make the cut.
To be eligible for the list, a candidate must work for a domestic investment firm as an investment banker, trader or analyst. Portfolio managers, asset managers and retail brokers were not included in our search. Individuals had to have annual compensation packages (including salary, bonus, stock options and pension plans) starting at $300,000. This figure is higher than the requirements for two other similar lists that BLACK ENTERPRISE has compiled over the last five years. The minimum compensation package for “The 25 Hottest Black Managers in Corporate America” was $250,000 (See February 1988) and for the “21 Women of Power and Influence in Corporate America”, it was $100,000 (see August 1991 .) Read More FULL ARTICLE