The median U.S. household income is less than $35,000; the average Wall Street salary is close to $400,000. The securities, commodity contracts and other financial investments industry (NAICS Industry 523) is heavily concentrated in New York City with 90% of the state’s jobs in this industry located here. Nationally, there are more than five million young adults without access to opportunities connecting them to the economic mainstream. Wall Street Bound provides training and social capital to diverse young adults from the most disproportionately affected communities, preparing them for internships and lucrative jobs in the financial services industry while reducing unemployment.
The stock market and investment knowledge in general provide a powerful opportunity for wealth accumulation. Generational wealth — inheritances in particular — perpetuate the Black-White wealth gap to the tune of $40,000 vs $150,000+, respectively. 30% of black households in the US have retirement accounts, compared with approx 60% of whites. Almost half of all American households and two out of three households of color do not possess enough savings to sustain themselves for three months if their income were disrupted. One-third of African Americans and Latinos have no financial assets at all. Wall Street Bound helps combat the wealth gap by funneling diverse talent into positions on Wall Street which is the first rung on the ladder to building generational wealth.
Moreso, diversity is good for our employer partners. However, the lack of diversity in the world’s top finance companies is outstanding; less than 20% of Goldman Sachs, Citibank, and JPMC’s executive staff are people of color. Wall Street Bound offers the finance industry a robust, reliable pipeline of hungry, savvy talent who simply lack the social capital necessary to secure choice positions on Wall Street, but more than make up for it with ability and hunger. Multicultural workplaces can expect to generate 19% more revenue and outperform competitors by 35%, compared to their less diverse counterparts.
Recognizing it will take alignment of all our organizations to scale impact globally, we invite you to join the movement as a Steward of Inclusive Capitalism. Together, the collective action of Council members will contribute to a fairer, more inclusive and sustainable future for all people and our planet.