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June 4 - 17, 2021
wilmingtonbiz.com
Greater Wilmington Business Journal
| BANKING & FINANCE |
Calling for diversity in financial services I “ n a time when companies of all sizes are taking a close look at the makeup of their workforce and leadership, how are banks – traditionally white and male at the top – doing with this assessment? In an article published last September, the management consulting firm McKinsey & Co. applauded the growing presence of women in corporate leadership, including in the financial services industry, but noted there is “significant work to do” JENNY to ensure equal opportunities for people of color. “The financial services talent pipeline shows a lack of representation of people of color, most acutely at senior levels,” the article stated. “Representation in financial services is especially effective for achieving
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equity, since the sector has control over capital and assets that yield outsize power and influence over markets, the business landscape, and entrepreneurship.” Of course, diversity, equity and inclusion (DEI) goes further than male/female gender, race and ethnicity. It includes gender identity, age, and cultural background. So, what measures are financial institutions in the Wilmington market doing to ensure that their companies are diverse, equitable and inclusive? “We are committed to having diverse backgrounds and perspectives at all levels within our company, and our work is still in progress,” said Courtney Spencer, chief administrative officer at Live Oak Bank. “Our overall makeup is evenly divided from a gender perspective but there is still work to do at the leadership level. We are taking intentional steps to drive awareness and create equitable opportunities across Live Oak including our board, leadership teams, middle management, new
hires and interns.” Spencer noted that this work will take time. Indeed, of Live Oak’s 21-member leadership team shown on its website, there are six women and no African Americans. Its nine-member board of directors includes two women, one of whom is Black. The bank is setting internal DEI goals and has committed to the HBCU Challenge to increase recruiting efforts at historically Black colleges and universities in North Carolina, Spencer said. Live Oak has also formalized a DEI committee, launched affinity groups, held forums on race relations and created a team to focus on underserved communities. In March, Live Oak spinoff nCino tapped one of its existing managers to head up its DEI efforts as well as its community engagement and philanthropy. In his new capacity, Zedrick Applin continues work begun more than a year ago at the financial technology firm that
Bad things happen.
We are committed to having diverse backgrounds and perspectives at all levels within our company, and our work is still in progress.” COURTNEY SPENCER chief administrative officer Live Oak Bank
now employs about 1,100 people across its Wilmington headquarters, its office in Salt Lake City and four international locations. “We have a company kickoff every February to talk about the goals of what the company does for the year,” Applin said. “So back in 2020 when we had our company kickoff our CEO expressed the importance of
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