Reflecting…

A insightful factual comment today from Mr. Robert Shoffner, one of the founders of the Urban Financial Services Coalition SF Chapter:
Great to see the recognition of women business leaders at this year’s economic summit. Women led/owned businesses in the United States now number 9.4 million accounting for 1.5 trillion dollars in revenue and employing 7.9 million people. In the early 1980’s UFSC partnered with Dr. Edward Irons (Mills B. Lane Professor in Banking and Finance at Atlanta University and Dean of the Business School at Clark Atlanta University) on the book “Black Managers – The Case of The Banking Industry. Dr. Iron was led to write the book after attending an UFSC annual conference where members shared with him their career challenges in the industry. He reflected upon the numerous young people he had sent into the industry that had not progressed in their careers, not due to talent or motivation but perhaps the environment itself. At the time of the publication of the book 58% of all managers in the banking industry were white with Black males representing 1.9%. Black females represented 2.4%. Clearly there was room for improvement that was accomplished throughout the remainder of the 80’s and 90’s in large part due to the work of the UFSC. However our work is not done as I just read a report published in 2014 “The Financial Industry Doesn’t Want You To Know About its Lack of Diversity. by 2011 after the “Great Recession”, 81% or management in the financial services industry is white with African American’s accounting 2.7%. I say this not discouraged but in recognition of the fact that now more than ever the UFSC and its programs focused on Economic Empowerment, Professional Development and Educational Advancement for our youth and communities is more important than ever. Congratulations on this event and keep up the good work. 

 

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