One in a series of uncomfortable conversations amidst a national reckoning with systemic racism, creating true equity and building a more just world.
The U.S. banking and financial services industry plays an instrumental role in fueling the U.S. economy. Despite this involvement, it’s historically failed to reflect the depth and breadth of the businesses, communities and people it serves. The history of redlining and other practices whose adverse impacts still reverberate today as Black Americans trail their White counterparts in home ownership, wages and wealth accumulation. The net worth of a typical American White family is 10-times higher than Black families, $171,000 vs. $17,000, respectively, according to 2016 estimates.
Lack of diverse representation in senior leadership may be part of the problem. Black and Latinx executives hold four percent or less of executive or senior roles in financial services, according to a recent Congressional report. What concrete steps is the industry taking to combat systemic racism in business and personal lending? What are the strategies for creating sustainable practices that can lead to long-lasting impact and change? Which initiatives and programs are working to attract, develop and retain top diverse talent in the industry? How are the biggest banks revamping their succession plans to prepare more Black and Latinx executives for the path to the c-suite? We’ll discuss how the financial services industry can wield its influence to combat racial economic inequality in the midst of an unprecedented global pandemic.
SPEAKERS
Richard Parsons
Senior Advisor
Providence Equity Partners, LLC
Richard Parsons is a Senior Advisor at Providence Equity Partners, Inc., a leading private equity investment firm specializing in media, communications and information companies. He is the former Chairman of the Board of Citigroup, Inc. Prior to serving in those roles, he was the Chairman of the Board and CEO of Time Warner Inc., the world’s largest media and entertainment company, from 2002 to 2008. In its January 2005 edition of America’s Best CEOs, Institutional Investor magazine named Mr. Parsons the top CEO in the entertainment industry. From May through September, 2014, Mr. Parsons served as the Interim CEO of the Los Angeles Clippers. Before joining Time Warner, in 1995, Mr. Parsons was Chairman and Chief Executive Officer of Dime Bancorp, Inc., one of the largest thrift institutions in the United States. Previously, he was the managing partner of the New York law firm Patterson, Belknap, Webb and Tyler. Prior to that, he held various positions in state and federal government, as counsel for Nelson Rockefeller and as a senior White House aide under President Gerald Ford. Mr. Parsons received his undergraduate education at the University of Hawaii and his legal training at Albany Law School. In 2008, Mr. Parsons served as a member of then President-Elect Barack Obama’s Economic Transition Team. He also served as a member of President Obama’s President’s Council on Jobs and Competitiveness. More recently, he served as the Chairman of Governor Andrew Cuomo’s New NY Education Reform Commission. His other civic and non-profit commitments include Chairman Emeritus of the Partnership for New York City; Chairman of the Apollo Theater Foundation; Chairman of the Jazz Foundation of America, and Chairman of the Rockefeller Foundation. He also serves on the boards of Teach for America and the Commission on Presidential Debates. Mr. Parsons is a member of the boards of the Estee Lauder Companies, Inc., Lazard Frères and Company, and Madison Square Garden, Inc.
Anilu Vazquez-Ubarri
Chief Human Resources Officer
TPG
Anilu Vazquez-Ubarri is a Partner and the Chief Human Resources Officer at TPG, based in San Francisco. Prior to joining TPG in August 2018, Anilu was with Goldman Sachs for more than 11 years, where she most recently was the firm’s Global Head of Talent and Chief Diversity Officer. Prior to Goldman Sachs, Anilu was an associate at Shearman & Sterling LLP in the Executive Compensation & Employee Benefits group from 2002 to 2007. Anilu received an AB in History and Latin American Studies, cum laude, from Princeton University and a JD from Fordham University School of Law. Anilu currently serves on the Board of LatinoJustice PRLDEF, the Fordham University School of Law Alumni Board, and has recently joined as a board member for Teach for America Bay Area regional board based in San Francisco.
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