Father and Son Investment Bankers Describe Wall Street Regrets

as a partner in 2015. Like his father, he says he’s been disappointed that Black men and women remain so rare on Wall Street.about their experiences and proposed some solutions. The interviews were conducted separately. Their comments have been combined and edited for length and clarity.W. Don Cornwell:

When my mom and dad were on Wall Street they were pioneers, but by the time I got to Morgan Stanley in 1998 there were actually quite a few Black people I could look to as role models. There were a decent number of Black professionals who were in the prime of their careers that seemed to be thriving. I just assumed that things would continue to get better, but that didn’t happen.

When I left in 1988, I wasn’t a partner but I had a lot of responsibility, including the authority to do consequential things such as in hiring. And when I walked out the door there were a decent number of young African Americans who had been recruited into the firm on my watch in different parts of investment banking who I thought should have a shot at having constructive and rewarding careers at the firm.

One thing I always joke about is that working in the sports world I have the advantage that when I walk into a room with a team owner, I’m generally not the first person of color they have done real business with. They deal with Black players and agents all of the time so they are very comfortable doing business with somebody of color. That’s not necessarily the case in most industries.

Creating successful African-American professionals is only going to happen if it’s intentional and it’s from the top. Firms and corporations set performance measures for top management and should meaningfully incorporate diversity in those measures as advancement, pay, and rewards are determined. Boards and CEO’s have to measure management’s success in developing people and insist on investment in talent to achieve excellent outcomes. People respect what you inspect.

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