Business - Page 18

Google faces scrutiny for recruiting algorithm, claims of discrimination

A college ranking system has driven Google’s recruiting strategy for onboarding engineers. According to several former Google employees, Historically Black Colleges and Universities (HBCUs) are missing from the hiring algorithm, despite the company’s promise of racial diversity and inclusion.  Although there was an alleged push for diversity in recent years, since 2014 the number of Black technical workers at Facebook, Google and Microsoft hasn’t even increased by a single percentage point, and still sits below 4% for all three companies. Google’s University Program’s recruiting division called HBCUs “long tail” schools, meaning that it could take a substantial amount of time

Nation’s largest Black mortgage lender, Legacy Home Loans, partners with HBCU Career Marketplace

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As the first Black realtor with 55 years of experience, LEGACY Home Loans’ Founder & CEO Ben Slayton is all too familiar with the challenges African Americans face while working in mortgage and real estate.  Slayton and other leaders at LEGACY are determined to open the door for future generations by equipping them with the tools needed to succeed. LEGACY Home Loans is the nation’s largest Black mortgage lender, and it has partnered with the HBCU Career Development Marketplace to increase the representation of African Americans in the mortgage industry. Currently, only 3% of the mortgage industry’s loan originators are

Killer Mike’s Greenwood banking platform raises nearly $40 million in Series A funding

By Chauncey Alcorn Some of the biggest names in finance are betting big on the success of Greenwood, the digital banking platform introduced last year by co-founders Ryan Glover and rapper/activist Michael “Killer Mike” Render. The burgeoning fintech startup — named for the early 20th century African-American business district in Tulsa, Oklahoma, that earned the nickname “Black Wall Street” — has raised more than $40 million in Series A funding since its website launched in October, according to a joint announcement unveiled Thursday. “The challenge of the racial wealth gap can only be effectively addressed by a coalition focused on

Evangeline Mitchell declared one of the top 10 most influential black lawyers

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Evangeline M. Mitchell, a graduate of Prairie View A&M University in Texas, the University of Iowa College of Law, and the Harvard University Graduate School of Education K, was selected by Lawyers of Color, a nonprofit devoted to promoting diversity in the legal profession, as one of the Top 10 Most Influential Black Lawyers of the Decade. Recognized for her dedication to making strides in legal education, Ms. Mitchell has earned substantial recognition over the years for her impact on fostering Black students and college graduates to pursue law school. Ms. Mitchell, the founder of the 17th annual National Black

Florida A&M’s athletic department inks a six-year deal with Nike

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Starting July 1, Nike will be the official athletic wear provider for all Florida A&M University sports apparel, equipment and footwear, lengthening a relationship that started more than two decades ago. “FAMU is an elite institution with rich traditions, and our student-athletes deserve an experience that is second to none,” said Kortne Gosha, the Vice President and Director of Athletics. “As we transition into a new athletic conference and the opportunity to engage apparel partners, the 23-year relationship with Nike and their commitment to culture, diversity, inclusion, and innovation has never been clearer. This partnership has allowed us to reimagine

New reasons to think the work-from-home revolution is overblown

By Julia Horowitz One year after the Covid-19 pandemic forced millions of workers to start clocking in from home, many companies are thinking about how to bring their employees back into the office. A number of firms think the past 12 months have proven the merits of remote work, and have pledged more flexible schedules. But increasingly, there are signs the work-from-home revolution could have its limits. What’s happening: Most major global companies no longer intend to trim their physical footprint after the pandemic, according to a KPMG survey of 500 CEOs published Tuesday. Only 17% of CEOs expect to

‘Racial bias runs deep’ at America’s largest banks, study says

By Chauncey Alcorn, CNN Business The banking industry has a race problem, and a new study is putting a spotlight on the inequalities within the nation’s largest financial institutions. For people of color, the chances of getting promoted to the highest levels of management or senior and executive leadership at some of the nation’s most powerful consumer banks are much lower compared with their White peers, according to the report, which was conducted by the Committee for Better Banks and obtained by CNN Business. “Racial bias runs deep,” the report concluded. That’s true for much of Corporate America. The tech

Rosalind Brewer officially takes the helm at Walgreens, becoming the only Black woman Fortune 500 CEO

By Chauncey Alcorn, CNN Business Former Starbucks executive Rosalind “Roz” Brewer assumed her new role as CEO of Walgreens on Monday, officially making her the only Black woman currently serving as the head of a Fortune 500 company and just the third in history to achieve the career milestone. Former Xerox chief executive Ursula Burns became the first in 2007 before stepping down in 2017. Ex-Bed, Bath and Beyond chief executive Mary Winston’s interim tenure only lasted about six months in 2019 before she was replaced by former Target chief merchandising officer Mark Tritton. Today, there are only four total

Congress eyes extending PPP deadline for businesses, as billions sit untouched

By Katie Lobosco, CNN Lawmakers are rushing to extend the federal government’s key relief program for small business owners as the deadline to apply for a loan from the Paycheck Protection Program approaches with more than $110 billion still untouched. With about 40% of the funds allocated by Congress in December remaining, lawmakers approved another $7 billion for the fund in the $1.9 trillion Covid relief bill that was signed into law last week. But the additional funds are of little use if the March 31 deadline isn’t pushed back. There’s bipartisan support for legislation that would extend the program

The wage gap between White and Black workers keeps getting worse. Here’s one solution

Opinion by Gad Levanon for CNN Business Perspectives Despite heightened awareness, the wage gap between Black and White workers continued to widen rapidly over the last decade. But the pandemic has created a potential opportunity to help shrink the divide: remote work. Much of the racial wage gap stems from the fact that Black workers with a bachelor’s degree are underrepresented in high-paying occupations and industries, such as the tech sector, and they are over-represented in relatively low-paying jobs, such as counselors and social workers, or jobs that do not require a college degree, such as drivers and security guards.

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