Many Parents May Have To Stop Working Entirely If Schools Don’t Reopen, Goldman Sachs Says

Posted on August 4th, 2020 | By Anneken Tappe

New York (CNN Business)

The new school year is just around the corner and parents and teachers are fretting about returning to the classroom during the pandemic. Economists are worried, too, because a lack of childcare could damage America’s recovery.

 

Single parents, parents with young children and parents who can’t work from home are the groups most at risk to stop working entirely because they have no child care, said Goldman Sachs (GS) economists David Choi and Joseph Briggs in a note to clients on Tuesday.

 

Nearly a third of the pre-pandemic US labor force has kids at home, and about 15% of the work force falls into at least two of those three risk categories above, Choi and Briggs said. That totals about 24 million people.

 

Since May, some 7 million people per week have not worked because they didn’t have access to childcare, according to data from the Census Household Pulse Survey, a number that accounts for about 14% of virus-related reasons for missing working.

 

Historically, childcare policies have affected people’s participation in the labor force and, unfortunately, women are more affected by it than men. While the gender split in the US labor force was roughly 50:50 women and men late last year, Covid could tilt the scales back in favor of men.

 

Long story short, it’s bad for the recovery if parents are forced to stop working to care for their kids. America lost more than 20 million jobs in March and April due to the pandemic lockdown, but the labor market has been recovering since hitting that trough. Reopening schools is also about more than childcare.

 

While the employment of teachers is back to its pre-Covid levels, schools employ plenty of additional staff, such as cafeteria and custodial workers, who can only return to their jobs once schools reopen. And if support staff don’t, that could drag the unemployment rate by some 0.2 percentage points, the Goldman economists said.

 

The spring shutdown in the education sector alone shaved 2.2 percentage points off annualized economic growth in the second quarter of the year, Choi and Briggs added.

 

For students, learning from home may also have plenty of long-run effects, including lower-quality education, a lack of development in social skills and food insecurity for kids reliant on school lunches. All of that can translate into worsening income and educational inequality later in life.

 

All that considered, the argument to reopen schools seems strong, especially because preliminary evidence suggests younger children are less likely to transmit Covid-19. That is why some countries have managed to reopen schools without triggering a spike in infections.

 

But the countries that have succeeded at that so far also had less virus spread to begin with, the Goldman economists cautioned. The lesson seems to be that the reopening of schools has to be done with a lot of caution and discipline.

 

States across the US are currently experiencing the virus at different rates. While cases the Northeast peaked early, Southern states, for example, are battling very high infection rates now, making it much riskier there to reopen schools.

 

Health Illiteracy Is Nothing New in America. But the Pandemic Magnifies How Troubling It Is

Posted on August 3rd, 2020 | By Eve Glicksman

nurse showing a tablet to an older woman

 

A Michigan library had to ask patrons to stop microwaving books to kill the coronavirus after noticing returned books with scorched pages. The Cleveland Clinic issued a public warning about the danger of using vodka concoctions as a hand sanitizer when recipes started to circulate.

Then came the surge of calls to poison control centers about bleach. The Centers for Disease Control and Prevention had to double-down on warnings not to drink it or rinse food in it.

Fear of covid-19 is exposing a lack of health literacy in this country that is not new. The confusion is amplified during a health emergency, however, by half-truths swirling in social media and misinformed statements by people in the public eye.

One in five people struggle with health information, says Michael S. Wolf, director of the Center for Applied Health Research on Aging at the Feinberg School of Medicine at Northwestern University.

“It’s easy to misunderstand [medical information],” says Wolf, who is also founding director of the medical school’s Health Literacy and Learning Program. Some will be too ashamed to say so while others won’t realize they missed a critical detail.

The people most likely to have low health literacy include those dying in greater numbers from covid-19: older adults, racial and ethnic minorities, nonnative English speakers, and people with low income and education levels.

“Covid has brought to fore the vast inequities in society,” says cardiologist Jared W. Magnani, associate professor of medicine at the University of Pittsburgh School of Medicine. If you don’t understand words such as “immunocompromised” or “comorbidity,” for instance, you miss cautionary information that could save your life.

But low health literacy cuts across all demographics, stresses Alison Caballero, director of the Center for Health Literacy at the University of Arkansas for Medical Sciences. “Given the right headache or stress about a sick child, [gaps in comprehension] can happen to anyone. When you don’t feel well, you don’t think as clearly.”

Health literacy is not about reading skills or having a college degree. It means you know how to ask a doctor the right questions, read a food label, understand what you’re signing on a consent form, and have the numeric ability to analyze relative risks when making treatment decisions.

“None of this is intuitive,” Wolf says.

Magnani has patients who don’t believe they have high blood pressure because their lives aren’t stressful. Or respond with “Great news!” when he tells them a test result was “positive.” He was lead author of a statement from the American Heart Association about overcoming health literacy barriers to improve patient outcomes.

“Most health care doesn’t occur in the exam room,” Magnani says. Misunderstandings over hospital discharge or medication instructions can undo the best medical care. Yet, nearly 1 in 3 of the 17,309 people in a study by researchers from the Agency for Healthcare Research and Quality (AHRQ) responded that instructions from a health provider were “not easy to understand.”

Wolf says he was surprised during a study on reading prescription labels by how many high school graduates could not follow medication instructions. “Being able to read the label doesn’t mean you can interpret it,” he says. “Take two pills, twice daily” was frequently misunderstood. Replacing the awkward wording with “Take two in the morning and two at bedtime” would solve that, Wolf says. Health-care professionals “need to meet people where they’re at.”

Health literacy is the best predictor of someone’s health status, some physicians maintain. Decades of research consistently link low health literacy to poorer medical outcomes, more hospitalizations and emergency room visits, and higher health-care costs. The less literate often experience higher mortality rates for heart disease and more foot amputations if diabetic. And you are less likely to wear sunscreen, maintain an optimal weight and take other health-preventive measures if your health literacy is low.

Anatomy knowledge is another gap.

To avoid misdiagnosis, Philadelphia internist Melissa G. Schiffman says she has to weigh each patient’s comprehension when they discuss symptoms. They may tell her they have kidney pain but the discomfort is lower in their back and more consistent with back strain, she says. Or a patient may be embarrassed to say “testicles” and complains of groin pain, she says.

Explaining medical risk and probability is another challenge.

“ ‘Why did you prescribe this? It says it hurts your kidneys,’ ” Schiffman will hear from a patient. “They may not understand that only a very small percentage of people may get a stated side effect.” Then there are people with heart attack symptoms who don’t go to the ER because they think covid-19 risk is worse, she says.

Over 3,000 studies found that health education materials far exceed the eighth-grade reading level of the average American, too. Beyond not using plain language (“joint pain,” not “arthritis”), texts assume the patient knows more than they do. Telling people to sanitize surfaces to kill the coronavirus means little if you don’t tell them what to use and how to do it, Caballero says. “What does it mean to practice good respiratory hygiene?” she asks. “These are not actionable instructions.”

“People don’t want to look dumb, but patients should never feel embarrassed to ask any question,” Schiffman says. “It’s not in anyone’s interest.”

Poor health literacy is no longer viewed as just the patient’s problem. The AHRQ created the Health Literacy Universal Precautions Toolkit to help physicians communicate more clearly. The American Medical Association and the National Institutes of Health recommend that patient education materials be written at no higher than a sixth-grade level. More instruction materials are using pictures and diagrams that can be easier to follow than text.

Doctors are encouraged to employ the teach-back technique, meaning the doctor asks the patient to repeat what they’ve heard rather than simply asking, “Do you understand?”

Magnani goes a step further to try to identify patients who need help. When teaching, he says, “I tell trainees that when they ask a patient if they have questions and there are none, it may be an indication that the patient doesn’t know how to ask questions.”

In addition, “health care is becoming a harder test,” Wolf says. Health billing and insurance options can be impossible to navigate. We have an aging populationwith more chronic conditions and cognitive decline. And more is being asked of patients such as testing their own blood sugar or blood pressure.

“The health-care system has not done its job for diverse stakeholders,” says Wolf about providing health information within everyone’s grasp. “We can’t put this [burden] in the lap of the patient.”

Is Telework’s Recent Success Proof That Agencies Should Be Moved Out of Washington?

Posted on August 3rd, 2020 | By Ian Smith

One Senator said recently that the fact that many federal employees have been doing their jobs successfully during the COVID-19 pandemic via telework is clear evidence that federal agencies do not need to be located in Washington, DC.

Senator Joni Ernst (R-IA) said in a recent hearing, “During the COVID-19 pandemic, many of our federal workers have successfully done their jobs remotely, showing us that they don’t necessarily need to be in Washington to do their jobs. I think this bolsters my argument that we can and should move more jobs out of Washington…”

She was making a pitch for a bill that she introduced last year which would facilitate moving federal agencies out of Washington, DC. The Strategic Withdrawal of Agencies for Meaningful Placement (SWAMP) Act (S. 2269) would create a competitive bidding process that allows states, cities, and towns across the country to compete to be an agency’s new home.

Specifically, the bill would:

  • Repeal the section of the U.S. Code that requires federal agencies and departments to be located in Washington, D.C.
  • Prohibit agencies currently headquartered in the Washington, D.C. area from entering into new lease agreements, making significant renovations to their existing locations, or beginning construction on new facilities in the area.
  • Exempt the Executive Office of the President, the Department of Defense, and all other national security-related agencies that must be in close proximity to Congress and the White House.

Ernst said that the bill would distribute future agency headquarters over geographically diverse areas of the nation to help ensure agencies focus on the stakeholders.

In a statement about the bill, Ernst said, “Instead of housing federal agencies in swampy D.C., let’s move them outside the Beltway and closer to the folks who know the needs of their states, farms, and businesses best. And in the process, we will see more job creation and greater opportunities for communities across the country—not just in D.C.”

Ernst’s bill is not the first to propose moving federal agencies out of Washington. Perhaps the most aggressive legislation introduced recently would move most federal agencies outside of the DC area. Introduced by Senator Josh Hawley (R-MO), the Helping Infrastructure Restore the Economy (HIRE) Act (S. 2672) would move 90% of the positions in 10 executive departments to other states.

The efforts to relocate federal agencies were emboldened in Congress when the Agriculture Department relocated two of its agencies to Kansas City, MO.

“We’re excited to announce ERS and NIFA’s new, permanent home in downtown Kansas City, Missouri and provide clarity on commute times and work-life balance for our employees,” USDA Secretary Sonny Perdue said in a statement last October.

Whether or not any of these other efforts in Congress to relocate agencies will come to fruition remains to be seen.

© 2020 Ian Smith. All rights reserved. This article may not be reproduced without express written consent from Ian Smith.

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McDonald’s, Marriott franchises didn’t pay COVID-19 sick leave. That was illegal. – Center for Public Integrity

Posted on August 3rd | By Alexia Fernández Campbell 

Lucie Joseph started to feel sick on April 28 as she rang up customers at a Shell gas station in Delray Beach, Florida.

Joseph said her boss wouldn’t give her time off without a doctor’s note. But the owner of the gas station, Sun Gas Marketing and Petroleum, didn’t offer her health insurance, so she didn’t go to the doctor. Joseph, a single mother with a 10-year-old son, kept working — seven more shifts over 10 days.

Joseph’s symptoms worsened, so she decided to get tested for COVID-19. On May 9, Joseph learned she had tested positive, and a nurse told her to quarantine. Over the next six weeks Joseph tested positive twice more and texted the results to a manager. As instructed, she didn’t return to work until she had two consecutive negative tests. On June 15, however, she was fired.

“I was stunned,” said Joseph, who showed the Center for Public Integrity images of the text messages with her employer and a document indicating she’d tested positive for COVID-19.

Joseph, who earned $13 an hour, didn’t realize she had a legal right to job protection. She eventually was paid two weeks’ wages, but even this violated the law: She should have been paid as soon as she went into quarantine.

Two months before Joseph was fired, President Donald Trump signed the Families First Coronavirus Response Act, which requires certain small- and medium-sized businesses to pay a worker’s full salary for two weeks if they become infected with COVID-19 and prohibits businesses from firing employees for taking leave.

But Joseph didn’t know about the law until she consulted a lawyer. Many other workers are equally uninformed.

Meanwhile, hundreds of U.S. businesses have been cited for illegally denying paid leave to workers during the pandemic, according to documents Public Integrity obtained through a Freedom of Information Act request. As of June 12, nearly 700 companies had violated the law’s paid-leave provisions and owed back wages to hundreds of employees, according to Labor Department records. Violators include six McDonald’s franchises and the owners of Comfort Suites, Courtyard by Marriott and Red Roof Inn franchises.

In all, the businesses owe $690,000 in unpaid wages to 527 employees, who are not identified in the documents. Most of the workers are low-wage earners in the construction, hotel and food industries. It’s likely many more companies have broken the law because workers such as Joseph aren’t aware of their rights and therefore haven’t filed complaints. The Trump administration hasn’t made a point of educating them.

“Workers with low wages are most in need of paid leave,” said Tanya Goldman, a former Labor Department policy advisor who’s now an attorney at the Center for Law and Social Policy, a nonprofit focused on advancing anti-poverty policies. “They literally cannot afford to stay home and take a sick day if they get COVID.”

Eileen Arslan, comptroller for the Courtyard by Marriott franchise in Fort Walton Beach, Florida, which was cited for a violation, said hotel staff members were confused at first about who was covered under the new law. But as soon as they heard from the Labor Department, they paid the employee the wages owed. Red Roof Inn’s corporate office said they were trying to track down the employee involved, but didn’t give further comment. The corporate office for Comfort Suites did not respond to request for comment.

Joseph is now receiving unemployment pay while looking for work. She’s preparing to sue Sun Gas, claiming it broke the paid-leave law. “Bosses need to know that we’re human, that we have family too,” Joseph said.

Sun Gas owner Richard Vogel did not respond to requests for comment about why Joseph was fired.

Congress is considering another stimulus bill that would extend paid sick days to workers not covered under the current law, such as health-care workers, first responders and employees at companies with more than 500 workers. Establishments with fewer than 50 workers are exempt if they show paid leave would seriously hurt their businesses.

But the bill is tied up in the Senate as Republicans and Democrats fight about how much aid to give workers.

‘I need to eat’

About a third of U.S. workers don’t receive paid time off from their employers. Most of them work in low-wage jobs. Others, such as Joseph, get only one or two days of paid time off a year. Others get a bit more, such as Angely Rodriguez.

Rodriguez, who works as a cashier at a McDonald’s restaurant in Oakland, California, gets up to five sick days a year under state law. But that wasn’t enough to pay her bills while she recovered from COVID-19.

Rodriguez was one of 11 employees at the McDonald’s in the East Bay neighborhood of Temescal who tested positive for the coronavirus in late May. Forced to quarantine, Rodriguez asked if she could get paid while she recovered at home. Probably not, her boss said, adding that she would check with her supervisor. Rodriguez said she never got a response.

Rodriguez, who earns $14.14 an hour, didn’t realize she had the right to get paid for two weeks during quarantine.

“Imagine living here without any money,” Rodriguez said in Spanish. “I can’t stay in my home if I don’t pay the rent, and I need to eat and send money to my family.”

Click here to download the document obtained by the Center for Public Integrity through a Freedom of Information Act request.

Rodriguez and five co-workers are suing the franchise owner, VES McDonald’s, for allegedly breaking local labor laws, including a temporary Oakland ordinance that requires employers to give workers two paid weeks off if they get sick during the pandemic.

Rodriguez said she eventually was paid for 60 hours but is owed another 20. The company said it eventually paid all workers in mid-June who asked for leave, according to court records.

Rodriguez’s employer, McDonald’s franchise owner Valerie Smith, did not respond to a request for comment. In court documents, her lawyers said the franchise has complied with the law.

A spokesperson for McDonald’s Corp. said the company asks employees who are sick to stay home.

“We’re confident the vast majority of restaurant employees impacted by COVID-19 are getting paid sick leave through existing franchisee and corporate policies, the Families First Coronavirus Response Act, CARES Act and state and local regulations, and McDonald’s USA requires its franchisees to comply with all applicable laws and regulations,” the spokesperson wrote.

Angely Rodriguez Lambert, center, strikes with her fellow co-workers at a McDonald’s restaurant in Oakland, California. The group was demanding two-weeks of paid quarantine for sick workers and personal protective equipment for those who continued on the job. (Courtesy of Fight for $15 and a Union)

Rodriguez and Joseph are the types of workers the Families First law was supposed to help: low-income earners who aren’t paid if they are sick or don’t get enough paid leave to quarantine for at least two weeks.

The law also guarantees working parents 10 weeks off at two-thirds pay if a worker’s child-care provider closes because of the pandemic. Employers get a tax credit to cover the cost.

Data from the Labor Department’s Wage and Hour Division, which enforces the paid-leave law, shows that businesses with a large number of low-wage workers are breaking the law more often than others.

Most of the violators are construction and renovation companies, hotels, restaurants, grocery stores and manufacturers. According to the Labor Department, about a dozen companies are repeat violators, including a McDonald’s restaurant in Salem, New Jersey, and the Broward Children’s Center near Fort Lauderdale, Florida. The owner of the McDonald’s in Salem did not respond to a request for comment. The child-care center said it’s complying with the law and declined to comment further.

The U.S. Postal Service has the most violations — 57. It owes workers nearly $100,000, Labor Department records show.

Workers fight for sick leave

Sandra Capkovic, who delivers mail in the Tampa, Florida, area, told Public Integrity a supervisor denied her request for 10 weeks of paid leave to take care of her 7-year-old son, whose babysitters have been unavailable during the pandemic. Capkovic said her supervisor told her the paid-leave law covers only parents whose children’s schools and day-care facilities are closed, and she would have to use the 10 days of annual leave she had accumulated. The Families First law covers working parents whose “child care provider” is unavailable, but doesn’t specify whether that includes babysitters.

Capkovic said she didn’t file a formal complaint because she didn’t know if her supervisor had violated the law.

A spokesperson for the postal service said the agency began educating employees about their rights as soon as the law was signed by the president.

“Significantly, the number of violations cited (57) is a very small fraction of the Postal Service workforce, which is comprised of more than 630,000 employees,” she wrote.

Two former Labor Department officials said the 692 paid-leave records obtained by Public Integrity likely reflect only a fraction of employers who are breaking the law.

“It’s very challenging for an employee, in a time of increasingly high unemployment and instability in the labor market, to have the courage to make a complaint,” said Michael Hancock, an employment lawyer at the firm Cohen Milstein in Washington, D.C., and an assistant administrator for policy in the Wage and Hour Division during the Obama administration.

‘Irresponsible’ enforcement

The Wage and Hour Division has fielded more than 250,000 calls since the paid-leave law went into effect, and about 25 million people have visited its website. The division did not respond to questions about the number of complaints filed or investigations that remain open.

Violation data obtained by Public Integrity suggests investigators are not conducting companywide audits, Hancock and Goldman said. All but a dozen of the 692 violations involved just one employee at one company. Labor experts say that’s a sign federal investigators are not checking to see if other workers at a company were illegally denied leave.

“They literally cannot afford to stay home and take a sick day if they get COVID.”

Tanya Goldman, attorney at the Center for Law and Social Policy

Hancock called this one-off enforcement strategy “irresponsible.”

Goldman said the division should do more to educate workers and employers about the law because many may not know about the temporary paid-leave benefit.

Congress set aside $15 million for the Labor Department to spend on advertising and program administration. But the agency didn’t launch a major outreach campaign until mid-July — more than three months after the law was signed.

Of the six workers who spoke to Public Integrity, only one was aware of the law at the time it could have been of help.

The Labor Department has defended its enforcement of the paid-leave benefits. Investigating individual complaints — instead of conducting companywide audits — allows staff to quickly resolve cases that could otherwise take months, said Edwin Nieves, a spokesperson for the Wage and Hour Division (WHD).

“[The division’s] response has been swift and comprehensive,” he wrote in a statement to Public Integrity. “WHD has simultaneously addressed the need to provide information to the American workforce about their rights and benefits available under the Families First Coronavirus Response Act (FFCRA) and the need to enforce the new law to ensure workers get the protections they need and deserve.”

Fighting paid-sick leave

The coronavirus aid bill introduced by the House of Representatives in March would have created the nation’s first paid sick-leave program. The bill would have allowed paid time off to anyone who earned income in the previous 30 days before becoming sick with coronavirus or needing to take care of a family member.

Then the lobbying began.

On March 12, a day after the bill was introduced, the U.S. Chamber of Commerce warned lawmakers not to pass a universal paid-leave program.

Later that evening, the National Association of Manufacturers sent Congress a similar message.

The International Franchise Association said the paid-leave measures would force chain stores to lay off workers.

In the end, more than 800 companies and organizations lobbied Congress and the Trump administration on the Families First bill, according to the Center for Responsive Politics.

By the time the legislation passed the House on March 14, it looked much different than the bill introduced three days earlier. The paid-leave program excluded employees of companies with more than 500 workers, or about half the U.S. workforce. It also excluded health-care workers and emergency responders, and gave the Labor Department authority to exclude businesses with fewer than 50 employees.

After the federal paid-leave program went into effect in April, the Labor Department further narrowed the group of workers eligible for the benefit. It ruled, for example, that hospital janitors and cafeteria workers were also unprotected because of the law’s exclusion of health-care providers.

The interpretation incensed former Obama Labor Department officials, who charged the Trump administration in an op-ed with “undermining the health and welfare of workers and their families.”

It’s unclear if the coronavirus legislation lawmakers are negotiating will restrict, expand or leave the program untouched.

In the meantime, Joseph is looking for work. Her dream of owning a home seems farther away than ever.

“This is a big hit,” she said. “It’s hurting me, not being able to work.”

Peter Newbatt-Smith and Kristine Villanueva contributed to this report.

COVID-19 update: New counselling service launched to manage mental health

A new on-site counseling service has launched for 6000 Sodexo healthcare employees to help them deal with the pressures of working through the COVID-19 pandemic. The service has been designed to support frontline keyworkers, predominantly based at acute hospitals, and improve their quality of life.

Posted on August 3rd, 2020 | By Neil Nixon

glass building

It was launched at Manchester University NHS Foundation Trust by an experienced counsellor and psychotherapist in June. A team of dedicated counsellors will be available for face to face sessions with staff who request an appointment.

Stuart Winters, Sodexo Healthcare UK and Ireland CEO, said: “Our staff perform their jobs at the highest level in the face of an unprecedented situation. Our on-site HR and learning and development teams recognised the negative impact COVID-19 was and continues to have on both the psychological and emotional health of our employees. This new service, along with our existing range of health and wellbeing tools, should help to alleviate some of the pressure of working through a global pandemic.”

The counselling approach was developed following a review into the global pandemic response of Sodexo. It has been designed to respond to the needs of frontline, supervisory and management employees. The service will be available at all large and medium acute hospitals, as well as a select number of smaller contracts, alongside Sodexo’s existing suite of wellbeing tools. Initially launching on a three-month trial, the new counselling provision will be evaluated and expanded depending on its success.

The Only One in the Room

On Wall Street, being Black often means being alone, held back, deprived of the best opportunities. Here, Black men and women tell their stories.

Posted August 3rd, 2020 | By Max Abelson, Sonali Basak, Kelsey Butler, Matthew Leising, Jenny Surane, and Gillian Tan. Illustration by Alexis Eke

 

It might seem impossible to tell the history of Black people on Wall Street. That’s because the finance industry shut African Americans out of its executive suites and banking partnerships and off trading floors for decades. Even now, despite diversity programs and pledges to do better, Wall Street’s highest echelons lack Black faces, with rare exceptions.

 

Another challenge to telling the story of African Americans in finance is that the people who’ve lived it blazed wildly different paths. There is no one definitive experience.

 

But all their stories matter. What happens inside this industry ripples out into American wallets, homes, neighborhoods, corporations, and government. Outright racism and institutional failings on Wall Street have limited Black wealth and dreams. But African-American bankers have also sometimes helped pave the way for others to succeed.

 

Cover image for the Bloomberg Markets August / September 2020 issue.
▲ Featured in the August / September 2020 issue of Bloomberg Markets
Illustration: Tiffany Alfonseca

 

This year’s corporate avowals, workplace statistics, and diversity benchmarks have risen in a cacophony that risks drowning out the very voices they’re meant to spotlight.

 

Some of those voices, edited for brevity and clarity, speak out on these pages. They reflect decades of a Black presence on Wall Street, from just a few years after Martin Luther King Jr.’s assassination to today, amid fury over George Floyd’s death at the knee of a Minneapolis police officer.

 

Some made it to the top, some left disenchanted. Some became rich, some were so marginalized they had to sue.

 

Some think Wall Street is hopeless, some are more optimistic than ever. —Kelsey Butler and Max Abelson

 

Racquel Oden, 47, is northeast divisional director for the consumer bank and wealth management business at JPMorgan Chase & Co., overseeing 10,000 employees. She began her career in 1997 as an equity trader at Morgan Stanley and has also held roles at Merrill Lynch and UBS Group AG.

 

Racquel Oden, 47, is northeast divisional director for the consumer bank and wealth management business at JPMorgan Chase & Co., overseeing 10,000 employees. She began her career in 1997 as an equity trader at Morgan Stanley and has also held roles at Merrill Lynch and UBS Group AG.

▲ Oden

Photographer: Elias Williams for Bloomberg Markets

 

I didn’t have any family who ever worked on Wall Street, so it wasn’t anything I knew. I had an unusual career in that I graduated with my MBA from Hampton University, an HBCU [historically Black college or university], which is very different, and was recruited to Morgan Stanley and joined the equity division, which started my career on Wall Street.

 

Both my parents were immigrants to this country, and I was the first to attend college and experience life here in the United States. With that, I was definitely taught to have a strong work ethic: Focus on your education. Did I ever feel [I had] to be twice as good? A hundred percent. I was a Black woman on Wall Street, so I knew that was par for the course.

 

Tessie Petion was an intern at Citigroup Inc. before she took a job at Deutsche Bank AG following graduation. After heading environmental, social, and governance (ESG) research at HSBC Holdings Plc, she left in May to join Amazon.com Inc. as head of ESG engagement.

 

I was a junior in college [in the late 1990s]. I did an internship with Sponsors for Educational Opportunity [a nonprofit that offers educational and career support to young people from underserved communities]. I went down to New York for the interview. I had interviewed before but had never had a very corporate job before. I expressed a preference for consulting. SEO actually gave me an offer for investment banking. The great thing about SEO is that you had essentially 200 interns who were people of color—Asian, Black, Latino, East Asian, and South Asian, a bunch of kids who were from all over the place.

 

I never, ever thought that I would be in banking, never considered it. I had an information systems background. Banking seemed very much like, you know, the movie Wall Street. I didn’t see a lot of me in the movie Wall Street.

 

And so when I got the internship [at Citi] I was like, OK, well, let’s give this a shot. Definitely not a world I considered.

 

Jared Johnson, 30, is the co-founder of the apparel brand Season Three Inc. He became a JPMorgan Chase & Co. associate in 2015 but decided to leave in 2017. This year he graduated with master’s degrees from Harvard’s John F. Kennedy School of Government and MIT’s Sloan School of Management.

 

I’m originally from St. Louis. I went to college at Purdue. I was paying a ton of money to go there, and I was going to have a ton of debt. I took this accounting class that was notorious for being the weed-out class. I did incredibly well in it. And afterward, I felt, maybe this just comes naturally to me. I was hyperdetermined and hyperfocused in a way that I’d be shocked if I could ever get back there again in life. I made everything about landing that job. I read every book. I did everything. So when I finally was placed [through SEO] in JPMorgan, I was very excited. I was like, This is my opportunity.

 

I had a few suits at the time. I remember having this gray suit, a light gray suit, and then I probably had this black suit. And I remember showing up to JPMorgan, and everyone wears a dark blue suit. I didn’t know that was the Wall Street look. Dark blue suit, white shirt, black shoes.

 

I’m remembering a room, 10 to 12 people, all the Black interns. This one [older Black colleague] would invite everybody to this meeting. He basically would explain the fact that you were highly visible as a Black employee in the bank. And everything you did, good or bad, would be magnified: “So if you’re really good here, and you shine during the summer, a lot of people will notice it. And if you’re really bad, or you mess up here and there, a lot of people will take notice of that.”

One of the things he would say is that on the private-banking side “your career trajectory was limited as a Black person. And the reason why was at a certain point it becomes about who you know. It’s all personal relationships that matter. If you grew up in Greenwich, Conn., and you just happen to know a lot of people who have money, you could be successful, because you could call on your friends’ parents and hopefully get some of them to become clients.”

His argument was, you don’t have that. You don’t have that luxury. So you probably won’t be able to generate business. You basically have a ceiling on your career in the private bank [and should] find roles in investment management.

I get a phone call from someone in HR. If you were doing a movie, it was one of those highlights. You get the call, and you jump with joy. I made my entire college experience about getting this job. Now I had it.

I invested in a closet full of dark blue suits and white shirts.

Anré Williams, 55, is group president of American Express Co.’s global merchant and network services unit, which handles relationships with banks and merchants that accept AmEx around the world. Williams joined AmEx’s marketing division full time in 1990 after interning at the company.

Anré Williams, 55, is group president of American Express Co.’s global merchant and network services unit, which handles relationships with banks and merchants that accept AmEx around the world. Williams joined AmEx’s marketing division full time in 1990 after interning at the company.

▲ Williams

Photographer: Schaun Champion for Bloomberg Markets

I was the first person in my family to go to college, so I kind of learned as I went. [At Stanford,] I majored in economics, and I decided when I was an undergrad I wanted to work in business in some capacity. I wasn’t sure what industry. I didn’t know if it would be in accounting or in finance or in marketing or in sales or manufacturing. I wasn’t sure, but I knew I wanted to work in business.

I knew that at some point I may have to get an MBA if I wanted to be able to be equipped to excel at the highest levels of business.

At the time, I would often look for information, for inspiration, or for role models or people who had charted a path. I would look for books, or biographies, or newspaper articles, or magazine articles. One magazine I used to read often—cover to cover—was Black Enterprise, because it highlighted African-American executives or entrepreneurs who were successful in business.

I read about Reginald Lewis, an entrepreneur who did one of the largest leveraged buyouts of the time. Or Barry Rand, who was an executive at Xerox in the late ’80s and ’90s. Or Ken Chenault, who was at American Express. Reading about people to inspire me, to see what their paths were. Where did they go to school? Where did they work before? What industries were they in? What did they major in? Those types of things. To get a sense of how they charted their path.

I ended up working for a couple of years after undergrad and went to business school at Wharton. I majored in marketing when I was there and [minored in] real estate finance. I wasn’t sure what company to join or what industry, but I knew [Wharton] would be great training. I wanted to work in product management and marketing for the summer, and American Express was one of the companies that offered me a summer internship. I joined for the summer and had a fantastic experience and ended up coming back to American Express full time, and I’ve been in the company ever since.

Chris White, 45, has worked for Salomon Smith Barney, MarketAxess, Barclays, and Goldman Sachs Group. He is the chief executive officer of advisory firm Viable Mkts LLC and BondCliQ, a centralized bond trading platform. (Bloomberg LP, the parent of Bloomberg News, competes with BondCliQ in providing bond-price information.)

I often say to people, “I’m the least-educated person in my family.” My parents both have master’s degrees. My father had an MBA from Columbia that he got in the early ’70s, and my mother has probably about four master’s degrees in childhood education and in special education. So really, really well-educated.

I went to [Phillips Academy] Andover for high school, and then I went to Brown University. I played basketball there. I didn’t pursue graduate school or anything like that. I found my way to Wall Street because, you know, there’s sort of a steady pipeline of Wall Street executives who played sports. I [took] the traditional Ivy League route: One of the basketball-playing alumni got me a job at Bear Stearns the summer after my freshman year. I was a horrible employee, because I’d never worked in an office before.

Then my junior year, I got a summer job at Smith Barney. And it was just a magical summer. I really enjoyed the work. I was working in mortgage-backed support. The head of fixed income at that time was a Brown alumnus who’d played basketball and actually remains one of my mentors.

One of the things at the time—it was a huge thing: There was a Black trader working on the trading desk, a guy named Mike Baker. And so to me, it was like, well, if he can become a mortgage trader, then I can. You have to imagine going into an industry where you are so often the only one. That already sends a signal as to what’s possible.

There’s not a person today on Wall Street that is successful because they just came in and rocked it. It’s not the way Wall Street works. You come into Wall Street, and then someone takes a vested interest in your success, and they help you.

Racquel Oden: Women don’t apply for jobs unless they feel like they have every qualification. Being a Black woman, I was committed to ensure there was no box I didn’t check. I could do asset management, I could do wealth management, I could do investment banking, I could do retail, I could lead large organizations, I could run strategy, I could handle a P&L [profit and loss statement], I could focus on product distribution. I was going to have all the licenses, I was going to have all the degrees. And I think that was important to me to feel like I could be successful on Wall Street.

I became chief of staff to the president of a pretty large organization at UBS. It happened based on me presenting at a meeting and someone seeing the work that I did and asking me if I would join their team.

It was just a normal executive update, and that day the president showed up—no one even knew he was going to be in the meeting. So it was never intentionally planned that way. But [I] was prepared for my topic, asked three or four very pointed questions, knew my numbers, knew how to respond, and he had heard about the reputation that I had and got to see it in action based on that meeting.

So does that happen often? No. But I think what’s critical and important was that you had a senior person—a White male—who saw something in some way that said, “I want that person on my team.”

You need to be prepared at all moments, because you never know when “that moment” is. I wouldn’t have known that that meeting was going to be “the moment.” I always bring 110%. I’m always overprepared, and I always want to make sure it’s that level of quality at all times.

[That job] gave me exposure at a very senior level to understanding large organizations and running them at the executive committee level. Today, leading an organization of 10,000 people, I obviously get to leverage [that].

Tessie Petion was an intern at Citigroup Inc. before she took a job at Deutsche Bank AG following graduation. After heading environmental, social, and governance (ESG) research at HSBC Holdings Plc, she left in May to join Amazon.com Inc. as head of ESG engagement.

▲ Petion

Photographer: Elias Williams for Bloomberg Markets

Tessie Petion: At my internship at Citi, the MD [managing director] of the group was a woman, but six months into my career at Deutsche Bank, I moved to London where I worked on the trading floor, and quite consistently, I was the woman of color—rather, I should say, I was the Black woman. To everyone’s credit, no one was blatantly racist to me.

At one of the banks I worked at there was a forum on diversity, and there was a presentation. They pulled together all of the diverse members of the team. It was divisionwide. Literally, I’m not exaggerating when I say it was me made to look like a collage of pictures. You could spot me in the class, several times. There was me, [and] an East Asian woman—she’s actually Brazilian but of East Asian descent—and a South Asian man.

We played “spot each other” [on the] huge collage. I was on it at least three times, if not four. The East Asian woman was on it twice. The South Asian man was on it three times. And we said, “OK, if you’re thinking about putting together a diversity panel and you find yourself having to repeat the picture of someone, take a step back and think, OK, we might have a problem.”

It was like, this is a celebration of diversity? And I just remember thinking, Do you not see the irony here? No. OK, great. Awesome.

[SEO was] very good about putting us in front of senior people on Wall Street. There was a woman [Carla Harris], she works at Morgan Stanley. I think when I first met her, she was a director, and now she’s an MD, and she’s on the board of Walmart. They were very good about showing us that there are people who make it at senior levels. But at my firm, I didn’t see that. I saw that it existed. I didn’t see it every day.

Franklin Raines, 71, served in President Jimmy Carter’s administration before joining Lazard Frères & Co. in 1979, where he became Wall Street’s first Black partner in 1985. He became chief executive officer of the Federal National Mortgage Association in 1999. In 2004 he left Fannie Mae amid accusations of improper accounting. (In a 2012 civil suit ruling, a judge found no evidence of wrongdoing by Raines.) Raines has sat on the boards of several companies, including Pfizer Inc. and Boeing Co.

Franklin Raines, 71, served in President Jimmy Carter’s administration before joining Lazard Frères & Co. in 1979, where he became Wall Street’s first Black partner in 1985.
Photographer: Schaun Champion for Bloomberg Markets

Franklin Raines: “Don’t Just Talk About It”

 

People assume a lot about me because I am Black. I have a friend who has worked on Wall Street for the last 17 years, does very well for himself. But people assume because he’s Black he has a disadvantaged background or he’s from some disadvantaged home in the area. None of that is true, but that’s the assumption that’s made. I think that people assume that they know everything there is to know about me because I’m a Black woman from Brooklyn, and I’m pleasantly surprised when that is not the case.

Part of the moral of the story is that I am very, very, very used to being the only Black woman in places. At my first grad school, I was the only Black woman in my year—actually in both grad schools, I was the only Black woman. That’s something that’s not uncommon for the folks that end up sticking around on Wall Street.

We have to be supercareful about everything, because if it goes badly with me, then maybe the next time they look at a person of color then they’re like, “Well, we tried that one, right?”

The thing that I say all the time to juniors [in the office] is it doesn’t mean that you can’t have a career, but you do have to know that [being supercareful] is the case all the time. I am being candid, but, I guess, to me, being Black on Wall Street is [being] someone who’s a resilient person, who knows that they might get left out of some conversations but will find a way to get in that conversation anyway, right?

Something that I actually thought was weird: You know, on all these [PowerPoint] decks, here’s my picture everywhere. But it probably helped in some ways socialize the idea that I’m the one coming in, that I’m the one that’s leading the meeting, that I’m the one that sets the pace. A big part of that was who I worked with. My bosses at the end at HSBC, if we had a meeting in the U.S., it was my meeting. If someone tried to talk to them because they were men or non-Black, they’d be like, “This is Tessie’s meeting.”

Jared Johnson, 30, is the co-founder of the apparel brand Season Three Inc. He became a JPMorgan Chase & Co. associate in 2015 but decided to leave in 2017. This year he graduated with master’s degrees from Harvard’s John F. Kennedy School of Government and MIT’s Sloan School of Management.

▲ Johnson

Photographer: Elias Williams for Bloomberg Markets

Jared Johnson: I had no connections to Wall Street. I didn’t know anyone who worked for a bank. Outside of TV shows, movies, it really was just a figment of my imagination. When I was in college, I was reading the Wall Street Journal, reading the Financial Times, trying to educate myself as much as I could.

I built this construct in my mind of what it was like to work on Wall Street. That construct really was that all of my colleagues, everybody I worked with, would be exceptionally smart, because the bar to get into the door was so high. I had a concept of all the forces that would work in the opposite direction of that: structural racism, unconscious bias, nepotism in some cases. I think I had a loose idea of how those things factor into a workplace like JPMorgan.

But I still expected a level of excellence and a level of intelligence. I would ask myself, Who interviewed this person? How did they get here? Because frankly they weren’t that bright. Some people wouldn’t even pass the test in my mind that they would be able to convince someone else of their brightness. And that flat-out surprised me.

[But] you can’t skate by at the same level of your White colleagues. You have to be excellent in order to succeed.

My expectation working there the whole time was if I’m going to walk into a room with 10 people, I’m probably going to be the only Black person there.

I moved to a role that was more of a sales support role. I worked mainly with this one guy. He dressed very well, I guess, in a cheesy Wall-Street-guy way. He had nice watches and drove a Porsche. Slicked-back hair. I never liked him. And the feedback he would always give me was to be more vocal or more emotional. I would never have raised my voice, or showed any emotion, or cried at the office. His remark was, “I can’t even tell if you are enjoying what you’re doing, or if you’re happy, or celebrating.”

“Fit” was this subjective idea about what JPMorgan’s culture is currently like. JPMorgan is very proud of the culture it has.

What they were doing was almost training you to learn the language, learn the customs. We were taught and groomed how to operate in a White corporate world. People are very resistant to give up any elements, traditions of the White corporate American culture to make room for something that looks different.

I landed on this team that called on independent investment advisers and ended up having a really great experience. My standing and stature grew, because I was in a position where I was highly valued. I felt I was in a space where I was given a lot of autonomy. I was respected and valued by the members on my team, and felt I was in this zone of growth.

By the time I left, I had a full beard, and my hair was much longer, and I was much more comfortable being closer to what I felt was myself at the office. I felt that was something I had to earn. I certainly felt I carved out more space to be myself and built a reputation with people that gave me more latitude to take risks and bring more of my full self to work. But I don’t think, even at the end, I would be able to tell you that I felt at home.

Anré Williams: Seeing people who you feel are like you or are similar to you—that you feel have done what you aspire to do—shows you that it can happen for you. It’s a physical demonstration that it can be done. And I always say that if you can see it and you believe it, then you can achieve it.

That’s, in a way, what Ken [Chenault, AmEx CEO from 2001 to 2018] was to me.

Just imagine being 19 or 20 years old and reading about people that I didn’t know that I thought did something amazing that I aspired to. Seeing Ken, among others, on the cover of Black Enterprise magazine at that age, it was really inspiring to me, because that told me that it was possible. It was hard. It would be difficult. But it was possible. And that’s what it was.

It just so happens that I was placed in the same business unit as a marketing summer intern where Ken was. And knowing that the senior leaders in our business unit reported up to him and that I was working on PowerPoint presentations that he would ultimately review and decide on with them was something that was inspiring to me.

I wanted to work in a company where I felt that I would get a fair shot. And some of the other companies I interviewed at—they were top-notch companies—but I wasn’t convinced that they had enough diversity within the executive and senior ranks to make me feel that if I was there I would get a fair chance. Having Ken and others like him at American Express made me feel more comfortable joining the firm.

Dick Parsons, 72, is a senior adviser at asset management firm Providence Equity. He worked for Vice President Nelson Rockefeller and President Gerald Ford before joining the law firm Patterson Belknap Webb & Tyler. He ran Dime Bancorp Inc., then Time Warner Inc. from 2002 to 2007. As chairman of Citigroup Inc. from 2009 to 2012, he was one of the most powerful African Americans in Wall Street history.

Dick Parsons, 72, is a senior adviser at asset management firm Providence Equity. As chairman of Citigroup Inc. from 2009 to 2012, he was one of the most powerful African Americans in Wall Street history.
Photographer: Lorenzo Pesce/contrasto/Redux

Dick Parsons: “A Part of Our Society”

 

Unfortunately, there have been injustices in the world and racial problems in America for hundreds of years. It’s not anything new. And as someone who’s African American and in the Black community, the way that my generation was taught was don’t let those things get in the way of you trying to produce and excel and succeed. You can’t let outside influences deter you, because it’s a burden to carry. It’s a lot to think about.

And that’s the part that’s difficult, because you’re taught to compartmentalize, to not let outside influences deter you from the path that you had inside of your corporate environment. And because of that, sometimes people don’t bring their whole self to work. Over the years, you might not want to talk about how you truly feel about things going on, because you don’t want to get into a divisive racial conversation with people in the workplace.

You just want to focus on the content—the content of whatever it is that you’re doing. And it’s difficult to do that. It’s who you are and how you were born, and you’re not able to ignore it, but then you’re told to try to minimize it in some ways to try to make sure that you make people feel comfortable, that you’re not consistent with whatever their stereotypes are. So you can try to focus on performance. And that’s really the thing.

So these things come up like, you know, the Rodney King beating [by Los Angeles police in 1991]. It’s not a topic that you look forward to discussing at work at all, because it gets you into a conversation with a lot of people who may not be well-informed, who may ask a lot of questions which are full of bias. It takes your energy away from the positivity you’re trying to keep to excel in your business career.

That sometimes is unavoidable, because you’re in a group discussion, and it comes up, and you have to deal with it. But it’s not something that anybody that I knew, back in the early ’90s, looked forward to discussing at work, because it was just a negative reminder about how unfair things are, and how they work, and unfortunately how they still are in America.

O.J. Simpson and the Bronco chase and his trial—that was another difficult time, when in America every poll said that there was a difference in the way that White Americans saw that whole episode and the way Black Americans saw it. You didn’t really want to talk about it at work in a group of people, unless you had to, because there were very different views about it.

Chris White, 45, has worked for Salomon Smith Barney, MarketAxess, Barclays, and Goldman Sachs Group. He is the chief executive officer of advisory firm Viable Mkts LLC and BondCliQ, a centralized bond trading platform.

▲ White

Photographer: Elias Williams for Bloomberg Markets

Chris White: There’s a theme here to the problems with being Black on Wall Street. It’s a problem of perception. You’re perceived in ways that are unrecognizable from how you perceive yourself. That’s where the problem really starts.

That manifests itself in two very clear ways: It manifests itself in benefit of the doubt, and it manifests itself in terms of leadership opportunities. Two people could be saying the exact same thing. In one case, someone’s given the benefit of the doubt. They’re believed. They’re trusted. In another case, they’re doubted. They’re not listened to. They’re not heard. And it’s painfully obvious to you when you’re not.

[At Smith Barney] it was all great until there was a merger with Salomon Brothers, and everybody I knew from that mortgage desk got fired. And then they moved me. I wanted to stay in fixed income, so I ended up landing on the municipal side of the business.

By the way, a lot of Black people get put into munis.

It’s the sort of unwritten rule on Wall Street, because there are minority mandates around new deals for munis. That’s always been an area of the market where you have more Black representation.

So that’s where I really started to get my first taste of what it’s like to be Black on Wall Street. I was on the institutional sales desk, and I’m not blameless. I was a young kid. There’s also quite a bit of hazing sometimes, especially when I was coming up in the late ’90s. One day I responded back to someone hazing. I don’t know what I said. I probably snapped back and said something.

I got pulled into a room the next day by the head of the desk, [who] told me that the person I responded to felt physically threatened by me. I’ve never been in a fistfight in my life, so to hear that somebody felt physically threatened—this is what I mean by benefit of the doubt.

Physically threatened? I guess because it was coming from me, the head of the desk deemed it important to actually have a one-on-one conversation with me about it. And the messaging I got from that wasn’t, “Hey, you were physically threatening to someone.” The message I got was, “Watch the way you stand up for yourself.”

It was so shocking for me. It really soured me, too. I left soon after that, because I got a job to trade at a hedge fund. That was sort of short-lived, because the dot-com bubble burst, and Sept. 11 happened, and the market became something totally different.

Electronic trading and innovation in the bond market became something that I was obsessed with. I worked for a startup that then became public, and from there, I ended up moving over to the sell side, going back to traditional Wall Street. But I was going back not as a salesperson or trader. I was going back as someone who was supposed to be leading innovation.

Sometimes you’re in the room, and you might be invisible. One time, I was in the room, and we were talking about a vendor, and the head of sales didn’t like the CEO of this vendor, and he said, “I wouldn’t trust that brown fork-tongued devil farther than I could throw him.” Now, I’m there, so I can’t imagine what’s being said when I’m not in the room. And it just sends a message to you. There’s locker room talk, and we all get it. But it definitely, definitely sends a message.

I was lucky enough to eventually, through another major merger, work for a guy who was really well-respected on Wall Street. The business at the time had asked him to write a plan around modernization of the global credit desk. I ended up writing probably about 80% of that plan. He presented it. He ended up leaving, but before he left, he went to the business, and he said, “Listen, Chris White wrote that plan. I didn’t really write it.”

He did something very kind. He actually validated my contribution. See, that’s something that is very frustrating, that some people don’t recognize about the perception issue. I needed a White guy to validate me with other White guys, because there’s no way I could have been validated just on my contribution alone.

There comes a time in any job when you want to be valued as an employee. You’ve got to take your boss aside, and you’ve got to say, “This is what my expectation is. How do I get there?” So, I took my new boss aside: “This all has to do with perception of value. I wrote the plan. I’m implementing the plan.” My ask isn’t outrageous, and [yet] he’s telling me I should probably look for another job.

If I stay in a place where my boss says something like that to me, whose responsibility is it? Whose problem is it? That’s my fault.

I was incredibly optimistic about the next place I was going to, because here was a big quote-unquote important dealer. They’d hired me to do a job that was on the cutting edge. I was one of the few people in the world that could do it. And I’m sitting there, and I’m saying, This is going to be great. I’m going to have a fantastic career. I’m starting out as a VP, I’ll go to MD, and who knows what’s after that.

I remember saying to my wife, “This new place that I work at, I think they have more Black traders and Black salespeople than all of the other Tier 1 dealers combined.”

We’re not quota people on Wall Street, [but] we are consistently viewed that way.

George and Elaine McReynolds photographed in Nashville. George McReynolds, 75, joined Merrill Lynch in 1983. He was one of just a few Black brokers for the company in Tennessee. In 2005 he brought a racial discrimination lawsuit that was later allowed to be a class action. In 2013, after Bank of America Corp. bought Merrill, the company reached a settlement for $160 million, then a Wall Street record, which covered about 1,400 Black brokers. McReynolds retired last year. Elaine McReynolds, his wife, was an insurance commissioner for the state of Tennessee and an administrator for the Federal Emergency Management Agency.

George McReynolds, 75, joined Merrill Lynch in 1983. In 2005 he brought a racial discrimination lawsuit that was later allowed to be a class action. In 2013, after Bank of America Corp. bought Merrill, the company reached a settlement for $160 million. Elaine McReynolds, his wife, was an insurance commissioner for the state of Tennessee and an administrator for the Federal Emergency Management Agency.
Photographer: Joseph Ross Smith for Bloomberg Markets

Elaine McReynolds: “This Is Not Going to Stop Him”

 

One time, I had my boss speaking to me, and I just was drifting off because of the way he was speaking to me. I was thinking to myself, “You know what? If we matched résumés right now, in terms of just academic accomplishments and all of those things, I would trump yours. In fact, I bet you if we matched our parents’ résumés, my parents would trump your parents. And I bet you if we matched our grandparents’ résumés—because my grandfather was an appellate court judge—it would probably trump your grandparents. But you’re speaking to me as if somehow, I snuck my way in here.”

There is something really maddening where people seem to judge whether or not you’re worthy of being there without ever looking at you with objectivity. If you wanted to look at me objectively, I was just like all those guys are on the floor. I was a boarding school guy. I was an Ivy League guy. There’s only one thing different [about] me [and] anybody else.

I really hit my stride there. And I ended up building some really cool stuff. Not once was I ever considered for promotion or for leadership.

There was a seminal moment that made me realize that no matter what I did at this bank, I was never going to move forward. This is what happened. Because of what I have built in the bond market, I developed a bit of a name. One day my phone rings, and it’s someone representing the European Union, [from] a regulatory body out of Brussels. They say, “Hey, we’ve heard about you. We know that you are an expert in bond market liquidity. We would love for you to come to Brussels and give a talk on this to our group.”

Can you imagine how hard it is to become recognized to the point where you get a cold call from the head of a f—ing European regulatory body? You’ve got to really be doing some stuff.

Anyway, I bring it to whatever sort of organization internally [is required] to evaluate these things. They’re like, “This is awesome—we love doing favors for regulators, which is always good relationship building. Let’s have a meeting.” In the meeting, I’m explaining what the problem is. I’m leading the meeting. And then it seems that at the end of the meeting, the takeaway is: Chris White, can you please write up the talking points?

At that time, there’s nobody in the bank on this topic of bond market liquidity that would be more informed than me. I don’t care what their title was. I don’t care how long they have been there.

I write the talking points.

They sent someone else. If I can’t represent this bank on a topic that not only in this bank, but probably worldwide I’m a recognized expert in, then when can I represent the bank? But it’s really f—ing hard, man, to explain to me why I didn’t get the look to go.

W. Don Cornwell, 72, joined Goldman Sachs & Co.’s investment banking department in 1971 from Harvard Business School before leaving in 1988 to found Granite Broadcasting Corp. Today he’s on the boards of American International Group Inc. and Natura & Co. He is scheduled to leave the Pfizer Inc. board soon. His son, K. Don Cornwell, 49, joined investment bank PJT Partners Inc. as a partner in 2015 after an 18-year career at Morgan Stanley, where he was head of global sports investment banking. He previously worked as a consultant at McKinsey & Co. and in corporate development for the NFL.

When W. Don Cornwell joined Goldman Sachs & Co.’s investment banking department in 1971, he was a pioneer for Black men on Wall Street. His son, K. Don Cornwell, 49, worked as a consultant at McKinsey & Co. and in corporate development for the National Football League before following his parents to Wall Street.
Photographer: Elias Williams for Bloomberg Markets

W. Don Cornwell: “My Son Is a Star Banker, But He’s Relatively Lonely”

Wall Street has a problem with Black excellence. And what I mean by Black excellence is most supersuccessful people in Wall Street or in industry are just really excellent at stuff. That’s how they got there, right? That’s how they did it. But when someone’s excellent as a Black person, as a trader, or as a salesperson, or in my role as a strategist, as an inventor, it’s not embraced.

I’m randomly walking on the floor about two weeks later, and one of the few Black partners pulls me aside. I don’t know this guy. I know him by name. But I don’t really know him. And he says, “Chris, your bosses wanted me to speak to you. I actually don’t understand what the problem is. I’ve observed you being a really capable guy. I thought that maybe you would lean on me for how to navigate here as a Black person. You never seem to need me. I’ve actually found that quite refreshing. And I saw that you knew your s—. And I was like, I thought that they would love you. For some reason, they don’t like you.”

Now, that said two things to me. One, it told me that my bosses perceived my issue as being a Black issue. Why? Because they sent a Black guy to randomly talk to me. Why didn’t they send one of the partners in the business that I worked in every day? They sent him. Imagine you were the only Jewish guy at a firm. Imagine you were the only gay person at a firm or the only woman at a firm. And the random person that comes to talk to you about what’s going on happens to be Jewish, or gay, or a woman.

The other thing that it told me—this was a very profound thing—they don’t like me. And what they don’t like about me is the way that I make them feel. The only thing I can imagine is what they did not like from me is the level of confidence I have around my content and my natural desire and leadership abilities. They didn’t like that. Now, what’s amazing about that is like other people, depending on what they look like, those are the intangibles that they make you a partner. And so, again, I’m responsible for my own career, so I know I got to go.

Racquel Oden: I call this moment hopeful. And I am superhopeful. I believe, truly believe, that this is a moment that feels so different this time, and that it can be different. I’m committed to making it real, personally. And I think that’s what we all have to say, right? We’ve got to hope and believe, and then we have to be committed to making it real.

I would probably push a little further on mentors and sponsors. A mentor is that person that you can bounce an idea [off of], get some advocacy from. But what’s really critical is sponsorship—that senior executive that’s going to be your advocate whether you are in the room or not and who is looking at you as the next talent.

If you can’t find yourself in your organization, that’s why outside networks are extremely important. Certainly [that’s the case] in my own personal cabinet of senior executives that look like me, other Black females and Black males. You’ve got to be able to speak to others who understand the things that you’re going through that are specific to what they’re experiencing as well. You can’t look in one place for it. I think you have to have that circle of trust.

If we think about where we were as Blacks on Wall Street, that number hasn’t improved. If you think about where we are as Black females on Wall Street, that number certainly hasn’t improved. So statistically it hasn’t changed.

Brigette Lumpkins, 46, A director of business development at EisnerAmper LLC. Formerly at Lehman and Goldman Sachs Group Inc.

Brigette Lumpkins, 46, started her Wall Street career at Lehman Brothers in the fall of 2006. Today she is a Miami-based director of business development for EisnerAmper, an advisory and accounting firm.
Photographer: Jeffery Salter for Bloomberg Markets

Brigette Lumpkins: “I Was Perceived as a Diversity Hire”

 

But is the conversation different, and do we feel this could be a turning point where we can finally change the statistics? I think that’s what’s different. And I think that’s what’s going to be really critical as we think about this moment. How do we make this moment more than a moment, where we actually have what I call sustainable change and real impact, so we’re not repeating statistics again?

I would tell my younger self, “You’re going to find it harder, you’re going to work harder, you’re going to experience more obstacles, but your persistence and drive and faith are going to allow you to have a journey that will make it better for your daughter and girls that are coming behind you.” And I’d end it with, “I see you. I see you.” —Kelsey Butler

Tessie Petion: Wall Street is not doing a good enough job thinking about why people fall out. We expect juniors to fall out, but midcareer? That’s the vulnerability for many people. Why are people falling out midcareer? I think that 100% can be improved. If you’re midcareer, it either means you were a junior and kept at it, or it means you came in post-business school. But either way, that’s the point in your career where you’re likely to stay somewhere for maybe five, six years.

Post-financial crisis, if you are a junior and you have offers from an investment bank and a tech company, I think at this point you’re more likely to pick the tech company. Amazon is 26 years old, and nothing we do is “because we did this 20 years ago.”

The whole point of diversity—the proof case of diversity—is that you have people that come to the table with different experiences. I think about systemic inequality, because maybe it’s something I might have experienced. So I push you to think about it differently. It’s hard, though. I didn’t sense the pushback was because I was a Black woman. I think the pushback is because Wall Street doesn’t historically think deeply.

That’s what ESG tries to change. But 20 years ago, if I tried to have that [ESG] conversation at an investment bank, they would have laughed me out of the room. I don’t think it’s different because of who I am. I think it is because status quo works, right?

Obviously, I got hired at a very senior level at Amazon. Now I am [a mentor]. And to be fair, I was that person for several people at HSBC. I can say that I think that there were lots of juniors who saw me there and thought, OK, maybe I can do this, right? Yes. And so I did think about that a lot when I left. I’m the person, and I’m leaving. What does that mean? How did they interpret that?

The VP of customer fulfillment—obviously that’s a big deal for Amazon—is a Black woman. I looked at the person who does transportation, and that’s a Black man. Anyone who is a VP at Amazon is someone who could be a CEO of a smaller company. I looked and said, Can I see myself on that trajectory? I think I can. But I was really conscious of the fact that by leaving the bank, I was one less person that modeled, “This is how you can do Wall Street at HSBC.”

I was lucky to only sort of bookend my career [in finance]. I was a junior, and then I came back in supersenior. And so that’s really specific to my career. For sure there have been people that have been allies that have been really helpful.

At the bank, there have been people that have said, “I’m looking out for you and making sure that you have all of the [opportunities] possible.” One hundred percent that happened to me at HSBC. It’s what put me into the room. I guess my expertise did it. But also you had people that said, “Hey, I want to make sure you find this person.” You always need that first opportunity in order to get the rest of them. —Gillian Tan

Jared Johnson: The summer at the bank would look different than the winter at the bank, because there were a lot more young Black people [interning]. [But they] didn’t get offers.

I did internalize a lot of those messages to be a nonthreatening Black person to White people. As traditional as they come: That’s the idea. Wear a suit. Present yourself this way, so people don’t feel a sense that this is uncomfortable. You don’t want to look like you’re overindulging.

It was all of these rules. The way I would describe it is “respectability strategy.” It’s this idea of, if you can show up and show proof that you’re more professional, more buttoned-up, more polished, than your peers, then you’ll overcome whatever challenges are thrown your way. Because you don’t fit the stereotypes of what people think about Black people. —Max Abelson

Anré Williams: People still say in the workplace, “Don’t talk about race, don’t talk about religion, don’t talk about politics.” And people try to do that. But I think what’s happened now in [the aftermath of George Floyd’s death] is that we’ve gotten to a point where people know they can’t remain silent.

Remaining silent in a way is almost an implicit acknowledgment that you’re OK with the way things are and you’re just going to ignore it. And people aren’t comfortable ignoring it anymore or allowing it to be ignored. And that’s what’s different right now, I think.

You want people to feel comfortable being who they are at work and being comfortable doing that. I think as the years have gone by, more and more people are encouraged to do that. Whether it’s someone’s sexual preference or orientation, whether it’s gender, whether it’s religion—I mean, people are encouraged to be a little bit more open and forthright about who they are and what their needs or expectations are. And I think that’s a good thing, because that’s a big part of their life. It’s who they are, and that shouldn’t take away from the talent and what they can produce.

Carla Harris, 57, is vice chairman of global wealth management and a senior client adviser at Morgan Stanley in New York, which she joined in 1987.

Over the years, I was involved in campus recruiting and making sure that—if I wanted the company to have diversity—I should be one of the people to go on campus. With what happened [this year], it just struck a chord with me that things were really, really bad. And I just didn’t feel that I could remain silent. I wanted to be able to say something to all of our Black employees [1,400 or so] in our network in the United States. And I wanted them to hear from me directly.

A few people reached out to me and said they were going through a lot, and they thought it was really difficult. And so I just wanted them to hear from me. I want to share my feelings. I want them to know that I found the recent instance to be horrific, to be inexcusable, and to be maddening.

But I also wanted to share personally that at times I feel terrified about the things that could happen to me or to my friends or to my relatives or to my son in a world which sometimes is completely unpredictable. You just don’t know how things can go sideways sometimes when they shouldn’t. The point I was trying to make to all of them [in an internal video] is that everybody is going through a lot emotionally, but they need to remain positive.

The video ended up being shared internally by other leaders with their teams. I think people were surprised that it was personally coming from me and it was a personal perspective, because usually I stay focused on the business side and this was really how I feel about this personally.

It’s not like this has never happened before, as if there’s no one that’s ever lost their life as a result of law enforcement being too forceful. It happened with Eric Garner here in New York City. It happened with Philando Castile [in Falcon Heights, Minn.]. It’s happened before. But I think the difference this time is that you’re in the middle of a global health crisis, a global pandemic where everyone in most large cities around the world was required to shelter at home.

So, parents are having to be at home with their kids in the house, sheltering, not sure what’s next. In that environment, we have a lot of emotion, a lot of anxiety, a lot of stress, a lot of uncertainty. Everyone’s watching television, watching the news, on social media and online.

And then we see these incidents that are happening, and they just get people really upset. It just reminds you that there is racial inequality. That was where I think people finally said enough is enough. And the demonstrations and the protests didn’t just happen in Minneapolis where it started. They had gone global. And when you look at the images of the people who were demonstrating, they weren’t just Black Americans, right? That was the key to me.

The key was it wasn’t just Black Americans. It was all races, all ages. And it wasn’t just U.S. It was global. And to me, that’s so different than anything we’ve ever experienced before. This time just felt very, very different. —Jenny Surane

Chris White: It’s 2020, and you’re like, “Wait, how many Black MDs are there at this global investment bank?” And you’re shocked by the number. That’s because during ’08 or ’09—or any year you can pick that wasn’t such a good year—we definitely feel more susceptible to being let go.

I’ll tell you something I observed. One of the biggest accounts on Wall Street for fixed income as a salesperson is an annuity, because they’re just so big in the volume that they do that you always look like a big producer. Most of the people who are running sales desks or are MDs and things like that, they’re people who cover those accounts.

This young African-American guy wasn’t young—he was like 26, 27—he was the backup coverage on this account. The lead coverage got moved to a different desk. And so they hadn’t figured out who the new coverage was going to be. As the backup coverage, he’s doing all of the work.

And here’s the thing: This is what I mean about when the leadership opportunities come. Here, through natural circumstance, [is] a leadership opportunity where this 27-, 28-year-old kid could be covering this account. That would make him the biggest producer on the desk. Do they let him cover the account? No. They pulled [in] some partner, like out of semiretirement, and that partner covers the account with him remaining as the backup.

Anjelica Watson, 32, and her husband, John Watson, 36, are executive directors at Morgan Stanley in New York, which they both joined in 2013.

Here’s how the story would have been different: They let him cover the account. He knocks the cover off the ball. He then gets fast-tracked to MD. He then becomes the head of the desk at 33 or 34, because he looks like such a frickin’ superstar.

It’s a little butterfly effect, things like that. When people ask me, how come there’s so few desk heads or MDs in this space that are Black? It’s stuff like that.

Why everyone’s interested in this topic right now is George Floyd and police brutality. That’s a perception issue, too. That’s perceiving someone as a threat or being violent or as a criminal just on sight.

On Wall Street, it’s being perceived as not being competent or being too aggressive or not being worthy of leadership based on sight, not on any of the other evidence around you. As a Black professional on Wall Street, you have to figure out how to deal with that.

Here’s the last thing: So I’m very happy with my career. I’m not angry about any of this. Are there times where it makes me slightly frustrated hearing some of the bulls—? Yes, of course. But this is not isolated within Wall Street.

So now I’m a tech entrepreneur. Look at my résumé. I worked for one of the most successful fixed-income startups in the history of fixed-income startups. I worked at some of the most prestigious dealers. I have patents in my name for platforms that I’ve built as the lead inventor.

The problems with perception definitely impact my ability to raise money. No question about it. You have to ask yourself a question, and this is a real question: If Mark Zuckerberg was Jamal Zuckerberg, would Facebook exist?

It goes back to that benefit of the doubt. Is it possible that someone could have seen a Black kid who didn’t graduate from Harvard in a hoodie and sneakers and jeans and looked at him and said, “I believe that he’s really onto something here”? —Matthew Leising

Butler covers private credit in New York. Tan, Abelson, Surane, and Basak cover finance in New York. Leising covers market structure in Los Angeles.

Debate Begins for Who’s First in Line for COVID-19 Vaccine

Posted on August 2, 2020 | By Lauran Neergaard

(AP) — Who gets to be first in line for a COVID-19 vaccine? U.S. health authorities hope by late next month to have some draft guidance on how to ration initial doses, but it’s a vexing decision.

“Not everybody’s going to like the answer,” Dr. Francis Collins, director of the National Institutes of Health, recently told one of the advisory groups the government asked to help decide. “There will be many people who feel that they should have been at the top of the list.”

Traditionally, first in line for a scarce vaccine are health workers and the people most vulnerable to the targeted infection.

But Collins tossed new ideas into the mix: Consider geography and give priority to people where an outbreak is hitting hardest.

And don’t forget volunteers in the final stage of vaccine testing who get dummy shots, the comparison group needed to tell if the real shots truly work.

“We owe them … some special priority,” Collins said.

Huge studies this summer aim to prove which of several experimental COVID-19 vaccines are safe and effective. Moderna Inc. and Pfizer Inc. began tests last week that eventually will include 30,000 volunteers each; in the next few months, equally large calls for volunteers will go out to test shots made by AstraZeneca, Johnson & Johnson and Novavax. And some vaccines made in China are in smaller late-stage studies in other countries.

For all the promises of the U.S. stockpiling millions of doses, the hard truth: Even if a vaccine is declared safe and effective by year’s end, there won’t be enough for everyone who wants it right away — especially as most potential vaccines require two doses.

It’s a global dilemma. The World Health Organization is grappling with the same who-goes-first question as it tries to ensure vaccines are fairly distributed to poor countries — decisions made even harder as wealthy nations corner the market for the first doses.

In the U.S., the Advisory Committee on Immunization Practices, a group established by the Centers for Disease Control and Prevention, is supposed to recommend who to vaccinate and when — advice that the government almost always follows.

But a COVID-19 vaccine decision is so tricky that this time around, ethicists and vaccine experts from the National Academy of Medicine, chartered by Congress to advise the government, are being asked to weigh in, too.

Setting priorities will require “creative, moral common sense,” said Bill Foege, who devised the vaccination strategy that led to global eradication of smallpox. Foege is co-leading the academy’s deliberations, calling it “both this opportunity and this burden.”

With vaccine misinformation abounding and fears that politics might intrude, CDC Director Robert Redfield said the public must see vaccine allocation as “equitable, fair and transparent.”

How to decide? The CDC’s opening suggestion: First vaccinate 12 million of the most critical health, national security and other essential workers. Next would be 110 million people at high risk from the coronavirus — those over 65 who live in long-term care facilities, or those of any age who are in poor health — or who also are deemed essential workers. The general population would come later.

CDC’s vaccine advisers wanted to know who’s really essential. “I wouldn’t consider myself a critical health care worker,” admitted Dr. Peter Szilagyi, a pediatrician at the University of California, Los Angeles.

This March 16, 2020 file photo shows vials used by pharmacists to prepare syringes used on the first day of a first-stage safety study clinical trial of the potential vaccine for COVID-19 at the Kaiser Permanente Washington Health Research Institute in Seattle. (AP Photo/Ted S. Warren, File)

 

Indeed, the risks for health workers today are far different than in the pandemic’s early days. Now, health workers in COVID-19 treatment units often are the best protected; others may be more at risk, committee members noted.

Beyond the health and security fields, does “essential” mean poultry plant workers or schoolteachers? And what if the vaccine doesn’t work as well among vulnerable populations as among younger, healthier people? It’s a real worry, given that older people’s immune systems don’t rev up as well to flu vaccine.

With Black, Latino and Native American populations disproportionately hit by the coronavirus, failing to address that diversity means “whatever comes out of our group will be looked at very suspiciously,” said ACIP chairman Dr. Jose Romero, Arkansas’ interim health secretary.

Consider the urban poor who live in crowded conditions, have less access to health care and can’t work from home like more privileged Americans, added Dr. Sharon Frey of St. Louis University.

And it may be worth vaccinating entire families rather than trying to single out just one high-risk person in a household, said Dr. Henry Bernstein of Northwell Health.

Whoever gets to go first, a mass vaccination campaign while people are supposed to be keeping their distance is a tall order. During the 2009 swine flu pandemic, families waited in long lines in parking lots and at health departments when their turn came up, crowding that authorities know they must avoid this time around.

Operation Warp Speed, the Trump administration’s effort to speed vaccine manufacturing and distribution, is working out how to rapidly transport the right number of doses to wherever vaccinations are set to occur.

Drive-through vaccinations, pop-up clinics and other innovative ideas are all on the table, said CDC’s Dr. Nancy Messonnier.

As soon as a vaccine is declared effective, “we want to be able the next day, frankly, to start these programs,” Messonnier said. “It’s a long road.”

___

The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education. The AP is solely responsible for all content.

IKEA Donates 100 Gift Boxes to Senior Centers During Pandemic

Arabella Thornhill

 

IKEA in Woodbridge donated 100 gift boxes to area senior care centers with residents affected by the coronavirus pandemic.

More in a press release:

“IKEA Woodbridge is excited to share the “Christmas in July” donation for residence at the Envoy of Woodbridge-Consulate Health Care.

IKEA is committed to being a good neighbor in the community. When we found out that the residence at Envoy of Woodbridge have had a hard time during this COVID 19 pandemic, missing their families, we decided to give them presents and provide the residence with a “Christmas in July” along with Santa’s helpers.

The 100 residence received a plastic container filled with a blanket and slippers to keep them warm. As well as a package of markers to bring out the artist in each of them.

The staff received bags of Swedish chocolates for all that they do to provide a wonderful stay at the Envoy.
For more information, please contact: IKEA Woodbridge, 2901 Potomac Mills Circle, Woodbridge, VA 22192 wendy.rogers@ingka.ikea.com [or by cell] (703)492-1222 x1336.”

 

If you are looking for ways you can help out your community like IKEA during the pandemic, please check out Potomac Local News’ Call to Action posts where you can find local volunteer organizations looking for your help.

CDC Tool Helps Parents Weigh Risks of Returning Kids to School Amid Coronavirus Pandemic

It’s a tough and unprecedented decision for any guardian at this time, deciding if it’s safe for students to return to the classroom despite the virus risk.

Posted on August 2nd, 2020 | By Douglas Jones

WASHINGTON — The decision to return children to school has been a contentious one with state, local and federal levels of government seemingly unsure, and in many cases, in disagreement.

Back-to-school is fast approaching and the coronavirus pandemic in the United States is still a major concern.

An informational tool to try and help the parents and guardians of students weigh their options and prepare to take the safest step forward possible has been released by the Centers for Disease Control and Prevention.

90% Of parents Have Concerns About Reopening Schools Amid Pandemic

The CDC says expect class sizes to be smaller and the format of teaching to change.

However, there are options for families.

Expect to see many students in virtual learning if there is wariness about in-person study. And many suggest a hybrid of both, so there is at least a mitigation of the risk of coronavirus exposure as students would be going to in-person instruction fewer days per week.

The CDC says parents will need to assess if their child is at increased risk of severe illness. The federal agency warns that there are more cases of COVID-19 among children with intellectual and developmental disabilities than those without. The parents of children with certain underlying medical issues also need to seriously weigh the risks of in-person learning where COVID-19 exposure can be higher.

Parents must review a school’s plan to reduce the risk of exposure to the coronavirus. The CDC says schools must promote behaviors that reduce the spread, like social distancing.

Cleaning and disinfecting need to be a top priority for schools. They should also be staggering schedules and keeping students in small groups, the agency says. And schools must be prepared in the event that someone gets sick.

The CDC is offering their “Back to School Decision Making Tool” as a downloadable PDF so that parents can be better informed to make a decision that best works for them.