How 7 payments industry leaders vowed to promote racial diversity
Facing Wall Street analysts for the first time after the murder of George Floyd, CEOs of major payment companies joined other financial services firms in promising to improve fairness and opportunities for Black people and other underrepresented groups.
Most of the plans outlined during recent quarterly earnings calls lacked granular details, but leaders gave high priority to addressing racial inequities, with most characterizing their moves as first steps.
What remains to be seen is how much attention these companies pay to Black concerns in the coming months, as the spotlight increasingly focuses on Silicon Valley’s often glaring lack of diversity, especially among Black communities and women.
According to Republic, a firm with offices in New York and San Francisco that aims to expand and diversify venture capital investment opportunities, 87% of VC-backed CEOs are white, 12% and Latinx and only 1% are Black.
Overall 97% of VC-backed CEOs are men, and California is the home base for more than half, or 57% of VC-backed companies.
Following are the statements from CEOs of major payments companies to Wall Street in late July and early August: