An asset management division of your bank promotes gender diversity on corporate boards. It runs a high-profile campaign by dropping a statue into Wall Street to challenge the iconic “Charging Bull.” And then the U.S. Office of Federal Contract Compliance Programs (OFCCP) fines the bank $5 million for paying white men more than women and minorities in similar positions.
The question: Is this called irony or an unfortunately ugly coincidence?
Bloomberg yesterday broke the story that $2.6 trillion asset manager State Street Corp. agreed to a settlement over government charges. The OFCCP claimed that “since at least December 1, 2010, and continuing thereafter, State Street discriminated against Females employed“as senior vice presidents, managing directors, and vice presidents “by paying them less, in base salary, bonus pay and total compensation, than similarly-situated Males employed in the same positions.”
The settlement also alleged that State Street had paid black vice presidents less than their white counterparts.