STATE STREET FUNDS FEARLESS GIRL FROM MONEY THEY DIDN’T PAY WOMEN
The State Street Corporation which just happens to be the parent company who funded Wall Street’s iconic Fearless Girl statue, agreed to pay a gender discrimination settlement of 5 million dollars to more than 300 women and 15 black employees who were paid less than their white male counterparts according to an audit from a federal court. A recent filing issued by the U.S. Department of Labor audited the bank starting in November 2012 based on the years 2010 and 2011. In March of 2017 (the same month Fearless Girl debuted on Wall Street), the government informed the State Street corporation of “corrective actions required”, to right the gender and racial pay inequity charges.
PAID LESS THAN WHITE MALES SINCE 2010, MAYBE LONGER
Apparently, since December 1, 2010 the company has discriminated against women in more senior level roles like Vice President, Senior Vice President, and Managing Director by paying them a lower base salaries, a lower bonus and lower total compensation than their male colleagues. Shocking to find out that State Street did the same to 15 black employees at the Vice President level.
While State Street denies the claims, but they agreed to a 5 million dollar settlement which includes approximately $4.5 million in back pay and $500,000 in interest.
SPOKESPERSON SAY BLAH, BLAH, BLAH. DISAGREES WITH OFCCP, BUT THEY STILL PAY
“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,” said a State Street spokesperson in a statement today. “While we disagreed with the OFCCP analysis and findings, we have cooperated fully with them, and made a decision to bring this six-year-old matter to resolution and move forward.”
The company is subject to regular audits from the Department of Labor, so we will have to wait and see if this happens again. The settlement also requires the company to conduct compensation analysis for all employees for the next three years.
NOT JUST GENDER DISCRIMINATION DID WE MENTION RACIAL PAY INEQUITY AS WELL?
State Street’s large payout over allegations of gender and racial pay inequality comes at an especially sensitive time, whose Fearless Girl campaign has dominated advertising awards shows since debuting in March. The Fearless Girl statue, created by agency McCann New York, faces down Wall Street’s famed Charging Bull statue. It was a symbol created by State Street apparently to celebrate women in leadership and encourage investment in corporations with women in higher positions. It quickly became the financial world’s 2nd most iconic symbol.