State Street Corp., the $2.6 trillion asset manager that installed the Fearless Girl statue on Wall Street, and promotes diversity, agreed to settle U.S. allegations of discrimination against women and minorities.
The U.S. Office of Federal Contract Compliance Programs (OFCCP) fined the bank $5 million for paying white men more than women and minorities in similar positions.
How ironic, some might say, typical.
The custody bank will pay $5 million to more than 300 women, following a U.S. Department of Labor audit that uncovered the alleged discrepancies, according to a settlement agreement disclosed Wednesday.
The women in leadership position were paid less than white men in the same position.
“State Street is committed to equal pay practices and evaluates on an ongoing basis our internal processes to be sure our compensation, hiring and promotions programs are nondiscriminatory,” the company told Bloomberg.
They’re always pushing other companies to add women to their boards.
State Street has even voted against gender pay shareholder proposals, according to Fund Votes.
Next week we should have the bull run over this fearless girl and get rid of her for good. To heck with taking down Columbus, take this thing down.