Now that he’s in, Donald Trump saying it’s time to “bind the wounds of division” across America. Trump has, however, built his campaign around preying on prejudice, and no group in the U.S. has been targeted more than the Hispanic community.
On Wall Street, Hispanics remain a minority. Investment banks in the U.S. have diversity programmes encouraging more Hispanic recruits to apply, but the fact remains that most people getting jobs on Wall Street are white and male. Our own stats also suggest that the vast majority of people working across all functions in investment banking are American. Then British people make up the next largest group, followed by Hispanics then Chinese.
But more Hispanics work in front office positions – which includes M&A, capital markets and sales and trading functions – than any other part of the business. Our stats, based on the resumes of New York-based finance professionals uploaded to eFinancialCareers over the past year, suggest that 17% of front office employees have a Hispanic background, compared to 14% in both middle and back office functions. Specifically, Hispanics on Wall Street are more likely to end up in M&A than anywhere else – 20% of total employees in this sector have this background.
Trump’s election suggests a new era of intolerance across America and, much like Brexit’s effect on the City, employers on Wall Street should worry about its impact on hiring foreign talent. However, while the City of London is heavily reliant on international employees – perhaps because of the free movement of people into the UK from Europe, Wall Street appears much less diverse.
At least 59% of all people on our database working in any sector of the financial services industry are American. British people also feature highly, but few other European nations get a look in.
Photo: Getty Images