Dear reader,
Welcome to the latest edition of The Forum File. In this edition, we are highlighting our firms’ work to increase women’s participation in investing and other ways they are supporting a more gender-inclusive investment world.
We hope you enjoy reading this edition and please do not hesitate to share your feedback.
Kevin Fromer, President and CEO, Financial Services Forum
Penny For Your Thoughts
“Asset managers and advisors who go further in explaining the wider benefits of investing to a new generation of investors will be better placed to capture the significant transfer of wealth expected over the next decade. Our research shows that increasing women’s participation in investing is critical not only for their personal prosperity, but also for the prosperity of society at large, as women are more inclined to make responsible investments with positive outcomes.” – Hanneke Smits, CEO of Investment Management at BNY Mellon.
Tell us about BNY Mellon Investment Management’s Pathway to Inclusive Investment.
The Pathway to Inclusive Investment study is one of the world’s largest independent studies to better assess how gender-inclusive the investment world is. It set out to explore some of the key drivers behind the persistent gender-investment gap from the perspective of those who currently invest, those who don’t, and the investment industry itself. Unlike previous research into this topic, our aim was to look at the key drivers on what would effect change.
What are some of the key findings from the research?
Women generally want to invest, but globally they don’t feel confident enough. As an industry, we need to do more to engage and connect with women. Women also believe they don’t earn enough to even consider investing and see it as too risky. Importantly, our research revealed that women are more likely to allocate to investments that align with their personal values. In fact, it would equate to an extra $3.22 trillion of assets under management from private individuals today, with $1.87 trillion of that going into responsible investments that have a positive societal impact.
What is BNY Mellon’s commitment to change?
We know women would feel more confident about investing and careers in finance if they have conversations earlier in their lives. That’s why BNY Mellon is collaborating with Inspiring Girls International, a global charity dedicated to raising the aspirations of young girls around the world, to promote early education on money and finance. We are also working with our Diversity, Equity, & Inclusion (DEI) councils and employee business groups to increase engagement within our own organization. Finally, we plan to update our own communications to clients, in light of the research, and work with our peers in the industry to help engage and connect with women.
Where can our readers go to learn more about the report?
We encourage everyone to read the full report and share it with your networks to prompt conversation on how our industry can better engage not only women – but all genders – to encourage investment and boost diversity.
Is there anything else you’d like to share?
BNY Mellon is committed to collaborating with our colleagues across the industry to help create a more inclusive investment world. We firmly believe that through working together we can make a real difference to women’s prosperity and the face of the industry.
Value Add
Investing with Impact: Announcing BOLDSM Shares
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Recognizing that more of our clients are focused on making a positive impact with their investments, Dreyfus, BNY Mellon Investment Management’s cash and liquidity investment manager, launched the BOLDSM share class for its largest money market fund, which gives clients a direct opportunity to help support students of Howard University in their educational journeys.
Shares of BOLDSM, which stands for Black Opportunity for Learning and Development, support Howard University’s Graduation Retention Access to Continued Excellence (GRACE) Grant, which was created in 2014 to decrease the financial burden on students and increase on-time graduation rates.
As part of this initiative, BNY Mellon makes an annual donation of 10% of its BOLDSM shares revenue to the GRACE grant, including a minimum of $300,000 per year. The BOLD shares offering builds upon BNY Mellon’s ongoing commitment to diversity, equity and inclusion by helping to remove financial barriers and improving graduation rates for students of Howard University.
Dreyfus chose Howard University, a leading Historically Black College and University (HBCU), due to its commitment to underrepresented minorities and dedication to affordable education.
Capital Gains
What we’re doing in Washington
Industry leaders, policy experts, and government officials gathered Monday for the inaugural Financial Services Forum Summit, featuring discussions on the future of banking, today’s global economy, regulation, the climate transition, and digital innovation. In a wide-ranging conversation with Forum President and CEO Kevin Fromer, Undersecretary of the Treasury for Domestic Finance, Nellie Liang, remarked on the need for a broad government strategy to address climate change, stating “it’s not something the financial sector can take on its own, but it’s important that it contributes to this.” Liang also observed that the pandemic served as a real-world stress test for banks and noted that “amidst all this, the banking sector has looked pretty resilient,” and that “the banking sector is showing itself, as it should be and can be, to be supporting the economy and supporting credit.” Click here to see key moments and full recordings of each panel.
The Forum issued a statement noting that the Federal Reserve Board’s 2022 stress test results underscored the strength and resiliency of the nation’s largest banks and that Forum members again showed they can act as a bulwark for the economy even in the face of significant economic headwinds.
The Forum submitted comments to the Securities and Exchange Commission regarding the agency’s proposed climate disclosure requirements. The Forum encouraged the agency to revise its proposal to be more qualitative and principles-based, rooted in traditional materiality, and deferential to prudential requirements for banks. The Forum also noted that the U.S. Global Systemically Important Banks (GSIB) believe in providing investors with decision-useful disclosures regarding climate-related financial risks and already voluntarily disclose much of the information investors have requested, specifically as it relates to their governance, strategy, risk management, and metrics and targets.
Responding to a proposal from the Federal Deposit Insurance Corporation, the Forum welcomed the agency’s efforts to provide guidance for banks to address climate-related financial risk and provided specific recommendations on how the proposal could be adjusted to further reflect its stated goals.
Commenting on a discussion paper from the Federal Reserve Board (FRB) regarding a central bank digital currency (CBDC), the Forum urged the FRB to continue to examine the potential risks of a CBDC, as well as alternative ways to achieve the goals associated with a CBDC and an enhanced payments system. The Forum further encouraged the FRB to consider the appropriate legal and regulatory development that is necessary to support payment system innovation before adopting any CBDC.
Our Two Cents
Research from the Forum
The BankNotes Blog Spotlighted:
- Recently announced changes to the GSIB score methodology for EU-based GSIBs further weakens the competitive standing of large U.S. banks relative to their foreign competitors.
- The need for the Federal Reserve and other parts of the U.S. government to work closely with the private sector to fully understand and document the potential costs and benefits of a central bank digital currency to the U.S. economy.
Checking the Balance
Members in the news
Bank of America, along with leading public health organizations – the American Heart Association, the American Diabetes Association, the American Cancer Society and the University of Michigan School of Public Health – announced the launch of a signature initiative to advance health outcomes for Black, Hispanic/Latino, Asian American and Native American communities. This $25 million, four-year initiative will initially launch in 11 U.S. cities.
Five leaders from BNY Mellon were recognized for their efforts to champion diversity and inclusion in the financial community on the 2022 Empower Role Model List. “Through their outstanding dedication to driving positive change, (the honorees) truly have gone above and beyond to deliver on BNY Mellon’s commitment to building a better, more inclusive financial services community,” said Jolen Anderson, Global Head of Human Resources.
Citi was named one of the Top 5 Companies Leading on Board Gender Diversity by JUSTCapital. The firm earned the number one rank among banks for its climate commitments and human rights policies. Citi’s prioritization of diversity is not exclusive to its board – the company has also met a three-year goal to increase diversity within its firm, with 40% of women in leadership roles globally.
Supported by a $3.6 million contribution from Goldman Sachs, Welcome.US. has launched an initiative to mobilize 100,000 Americans to sponsor people fleeing the war in Ukraine and seeking refuge in the United States. To date, Goldman Sachs Gives has provided $7.6 million to support Ukrainian relief efforts.
JPMorgan Chase announced a $20 million, five-year philanthropic commitment to support summer youth employment programs in 24 U.S. markets. Building on the success and lessons learned from the firm’s previous Summer Youth commitments, this initiative will continue to help young people, particularly those from under-resourced communities, enter the workforce and gain meaningful experience.
The Morgan Stanley Institute for Sustainable Investing announced the second cohort of its Sustainable Solutions Collaborative. The collaborative, launched in 2020, aims to identify innovations that support a sustainable future. The second cohort of five winners will join a yearlong strategic collaboration with the institute in which they will tap into the full range of Morgan Stanley’s expertise, networks and resources to help them achieve scale. Each winner will also receive $250,000.
State Street Vice President Natasha Persad was named to the Top 100 Empower Future Leaders list. Persad is part of a State Street initiative focused on increasing representation of ethnic minorities in financial services. The initiative partners with industry associations for speaking and thought leadership engagements, job board creations, and efforts to build awareness of and address inequalities and disparities.
The Wells Fargo Foundation awarded $1.3 million in grants to Rebuilding Together to provide critical home repairs to nearly 100 homes in 45 communities across the U.S. As part of the Wells Fargo Builds program, neighbors in need will receive essential home repairs at no cost, allowing residents to remain safe and healthy in their homes.