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A new Black Wall Street

Bloomberg Equality
Bloomberg

Wall Street has tried to make up for systematically leaving minorities out of leadership positions with diversity pledges and programs, especially in the last few months. But being Black on Wall Street often means being the only person of color in the room, according to Bloomberg Markets magazine's oral history of the Black experience in finance. There are success stories—people who've made it to the top or got rich—but others left the industry disenchanted or sued. 

Black business leaders have carved out their own space in finance and other industries, but face challenges outside of Wall Street, too. Half of Black-owned banks in the U.S. disappeared in the last two decades. The #BankBlack movement aims to reverse that trend, with rapper and activist Killer Mike leading the charge. These companies are still minuscule compared with Wall Street, but the campaign is working: OneUnited Bank, the largest Black-owned bank, recently received $50 million of new deposits. —Marin Wolf

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Democrats proposed requiring the Federal Reserve to track and try to reduce racial inequality in the U.S. economy. The agency has been criticized for not targeting the Black unemployment rate specifically.

France does not track its residents' race and ethnicity and mostly bans employers from doing so in their diversity initiatives. The trouble is, that didn't end discrimination; it just made it hard to show and address.

Black workers in the U.S. are five times as likely as White employees to say their workplaces have racial inequity.

A U.S. Supreme Court ruling that protects LGBTQ people at work still allows other forms of discrimination that keeps them out of work.

The income slump in Japan is disproportionately hurting women.

Yes, you're working more now. The pandemic workday is 48.5 minutes longer, researchers found. 

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Discrimination is a glitch that Silicon Valley has never patched. The problem starts long before hiring: White and Asian American teenagers are over-represented in Advanced Placement classes for science and math, while Latinx and Black students are under-represented.

Sustenance for restaurants and residents

With the Covid-19 pandemic shuttering many small businesses, an all-star team joined forces in Newark, New Jersey, to both help struggling restaurants and feed vulnerable residents. Newark Working Kitchens, started by audiobook maker Audible Inc., chef Marcus Samuelsson and chef Jose Andres's World Central Kitchen, is paying local restaurants to make meals for residents and front-line workers. Famous donors, like actor Michael B. Jordan, and organizations like Twitter Inc. and Rihanna's Clara Lionel Foundation have helped raise enough money to keep the program going indefinitely.

 

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