Harold Butler, Head of Diverse Financial Institutions at Citigroup, discusses the need for black banks and the challenges they face. The podcast explores the impact of George Floyd's murder on corporate investments, the importance of diversity, and City Group's efforts in supporting minority deposit institutions.
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Quick takeaways
Diversifying the finance sector, including through initiatives like Alt Finance and City Group, can contribute to a more diverse and financially inclusive landscape.
Relaxation and reducing societal stress can help address biases and foster a more inclusive society, as seen in European countries.
Deep dives
Promoting Diversity in the Financial Space
The podcast episode discusses the importance of diversifying the finance sector, highlighting efforts by Alt Finance and City Group to increase representation. Alt Finance celebrated its first graduating class of HBCU students who are now entering the investment world, contributing to a more diverse financial landscape. City Group's Diverse Financial Institutions Group aims to support underrepresented communities by attracting investment and addressing issues like food deserts. The episode emphasizes the financial benefits of diversity, as diverse teams can generate higher revenue and better margins.
The Need to Relax and Overcome Bias
The podcast delves into the current state of social issues and biases in the U.S. The hosts express their frustration with ongoing racial and equality challenges. The guest, Harold Butler, suggests that relaxation can improve the situation by fostering a more balanced and less tense society. They compare this with European countries where people take breaks, reset themselves, and prioritize personal and family time. The discussion suggests that reducing societal stress could help address biases and create a more inclusive environment.
Historically Black Banks and Access to Capital
The episode also touches on historically black banks and their struggle for growth and access to capital. It highlights the challenges they have faced due to historical discrimination, which restricted their ability to play in capital markets and expand their assets. However, the episode notes that things are changing, as black financial institutions now have more capital and resources to serve their communities. The podcast emphasizes the importance of these institutions in offering services and addressing the financial needs of underrepresented communities. It also recognizes the role of major banks, like City Group, in supporting and collaborating with minority deposit institutions to foster financial growth and equality.
Harold Butler, Citigroup Global Markets Head of Diverse Financial Institutions Group, discusses whether Black banks are still needed or is it a question of the preservation of history. Hosts: Carol Massar and Matt Miller: Paul Brennan.