Boston’s State Street, one of the country’s largest financial institutions, agrees to pay $5 million to settle a federal complaint about pay discrimination against female and black executives (Boston Globe)
The sum is peanuts for a major bank, but it gives the company a black-eye in an area it has staked out: larger roles for women.
The settlement comes only months after the financial giant received plaudits for sponsoring the “Fearless Girl” statue near Wall Street in Manhattan as part of its effort to get more women placed on the boards of public companies.
In March, an office within the Department of Labor found that State Street had discriminated against women at the senior vice president, managing director, and vice president levels by paying them less than men in similar positions. The agency also claims the company paid black employees less than similarly positioned white employees.
The pay practices covered a two-year period and affected 305 female executives and 15 black vice presidents, the government said. –Boston Globe