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BlackRock Has Hard Time Retaining Black, Latinx Leaders  

BlackRock acknowledges in an audit of itself that the number of senior Black leaders hired last year was nearly the same as those who left the firm. So reports Bloomberg.

BlackrockDespite the world’s biggest asset manager’s commitment in 2020 to diversify its employee ranks, retention remains one of its thorniest challenges, according to law firm Covington & Burling, which BlackRock hired to do the audit. Latinx employees at BlackRock grew their ranks just 0.5% after factoring attrition and retention numbers for this group. The challenges facing the firm are similar to the wider financial-services sector, according to the report.

BlackRock’s first racial audit did report some good news in that the firm has already reached a 2024 goal of increasing overall Black and Latinx employee numbers by 30% in the U.S. Black employees at BlackRock now comprise 7.8% of its workforce, while Latinx workers stand at 7.7%.

BlackRock still has yet to reach its 2024 goal of increasing its Black and Latinx senior leaders by two-fold, to 280. It was short of reaching that number by about 77 as of end-2022.

Over the next year about 10 racial audit reports are expected, including from State Street, McDonald’s and Apple. Others like Citigroup, JPMorgan Chase & Co. and Google parent Alphabet have already done their respective audits.

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