black…MYstory

Is Bank of America offering equal opportunity to its black brokers? Five black current and former employees of the corporation are suing it for discrimination. They allege that Bank of America teams black bankers and brokers together and assigns them to predominately minority, low-wealth neighborhoods. These employees also allege that, conversely, high-net worth clients are steered to white employees.

The employees said that, when they complained, they were told that clients are more “comfortable” dealing with people of their own race. In other words, “our rich, white clients wouldn’t be comfortable doing business with blacks.”

I imagine that BOA is far from being the only bank being accused of this practice but, I would definitely be interested to see how this turns out and how it will affect how other banks do business.

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