National Association of Securities Professionals award honors organizations that promote diversity in the financial services industry
The New York chapter of the National Association of Securities Professionals (NASP) recognized BNY Mellon’s leadership and commitment to diversity in the financial services field during its recent symposium. The Big Apple Institutional Investment Award was presented in recognition of more than 15 years of sponsorship and support, including mentorship, participation in NASP’s financial literacy education program and providing scholarships for students.
In remarks opening the symposium, Brian Shea, BNY Mellon Vice Chairman and CEO of Investment Services, reflected on the changes he’s witnessed during 34 years in the industry.
“I graduated from St. John’s University in New York,” Shea said, “which today is one of the most diverse universities in the U.S. In fact, our student population represents the demographics of Queens [a borough of New York City] one of the most diverse counties in the country. When I graduated from St. John’s and entered the securities industry it was very white, and very male. I’m so pleased to have witnessed real progress since then.
“But I have no illusions about the progress that hasn’t been made in the industry,” Shea continued. “We’ve all seen the numbers. It is still too difficult for women and people of color to get started in the industry, and to advance once they are in. Pay gaps still exist. There is still so much work to do. But I’m optimistic.”
Shea noted that his optimism is rooted in the progress he’s witnessed first-hand at BNY Mellon, where women make up 42 percent of the global workforce, 32 percent of the technology team and nearly 40 percent of all new hires. People from diverse racial and ethnic backgrounds comprise 32 percent of the U.S.-based workforce and 39 percent of all new hires. In addition, last year the company added three women directors to its corporate board.
“Our commitment to advancing diversity and inclusion in the financial services industry is unwavering,” remarked Lee Stephens, BNY Mellon Executive Vice President and Public Sector Client Executive in Global Client Management, as he accepted the award. “NASP’s work in educating plan sponsor trustees and investment staff, providing professional and leadership development opportunities for its members and providing mentorship and sponsorship to the next generation of diverse industry professionals is quite simply invaluable.
“In addition to thanking you for this award,” Stephens continued, “I want to thank NASP for continuing to lead the charge in encouraging economic empowerment for people of color and women on Wall Street.”