Diversity is something that BBs have been pushing in recent years, but how well has it actually been executed? How diverse is your group and do you feel like diversity recruits are treated the same?

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Honestly, our diversity recruits (those recruited solely on the basis of diversity) have generally been of a much lower caliber despite a lot of mentorship and guidance, to the point where it's detrimental to their career to be in a situation where they don't have enough ability to succeed. At a certain point if we are investing a ton of time in people and they still aren't "getting it," that's an ability deficiency.

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I think you guys are misinterpreting what I'm saying. I'm NOT saying they are bad BECAUSE they are diversity hires, I'm simply saying they are diversity hires AND they are bad, and that I think it's because we are not being considerate of skill set when we hire.

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Btw I don't think Asians are really considered as diversity hires in this industry.

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I don't think their diverse nature has anything to do with them "getting it" or not. I'm sure there are Caucasians at your firm who also don't get it. I'm not sure if I was hired based on my skin color or not, but I do know that I'm in the top 10% of the Analysts at my firm. Ps. I'm brown :)

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@VP1 People are either stupid, or they aren't. Don't blame the rest of us brown people for the few dumb ones you guys got.

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Nah I'm a woman and a minority but I agree with @VP1. vp1 is just telling you what he/she has experienced over the years.

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The issue is the depth of the respective recruiting pools. There are straight white males who would literally suck dick 7 days a week for this job and they would all have 3.75+ GPA. The number of women/minorities/LGBTetc that have 3.75+ GPA and are interested in working like a slave are not as plentiful. So the firms have to start reaching to 3.5 GPA women/minority crowd. Then to the 3.5-... And of course GPA isn't the defining metric for competence in this job or intelligence. I'm just using it as a reference point.

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@IBA2 this is a true story: I was interviewing candidates for a new hire in my current office. I selected three from our interview pool that I thought had the best resumes and were eager to work with the team. Another colleague agreed and upon confirmation of the candidates, we submitted our selection to management. All three were rejected without explanation and two new analysts were hired that weren't on the initial interview roster. Why? One of the more consequential MDs in the office goes to church with one of the kids, and the other got a job because he played b-ball at the local college and was a super star. I've worked with both, neither are idiots for sure, but neither were as qualified as those candidates I selected.

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How many straight, white, Ivy League frat boys got their job because of their fraternity connections or because their dad knows someone in the building? Diversity hires are necessary so every team on Wall Street doesn't become an extension of the country clubs in Long Island. I could turn the first comment around 100% and instead of "diversity hire" use "fraternity hire". PS I'm a brown kid from a regional school so I'm ready to debate this one...

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Yeah tbh, for every underperforming diversity hire there seems to be a white rower dude who can't walk down an income statement and ends up on logo moving, cred updating duty. Underperformers everywhere and not really tied to race tbh, at least in my view over two years in banking

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And by "in the door", I mean it would get them an interview. They'd still need to know what investment banking is when interviewed

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^Not sure I agree. there are tons of people that will do this job, across race and gender.

They've sucked real bad in my experience

I'm in a quant group so my team is hella diverse. A few Europeans, Indians, Chinese and a middle eastern

Yeah there are certain my some success stories but the majority are flops. Like can't figure out a SUMIF on their own...

@associate2 none of those count as diverse. Maybe middle eastern. BBs are only including women, minorities (black/Latino definitely not Asian of any variety or European), LGBT in their diversity measurements.

^didnt get the joke 🤕

Haha right over my head

Thats weird cause there are precisely 0 people in my group of 30 who knew an MD / Got their job through a frat. Trying to equivocate the two is a weak argument, because none of those kids would get hired solely on the basis of their connections. That would just get them in the door. And no one here has made an argument about race- we are talking about diversity hires, where that one defining feature (race, gender, or sexual orientation) gets them the job and other factors (knowledge, interview performance, internship performance) are not considered anywhere close to the same way they are for non diversity candidates.

Then your group is special or different. Race wasn't the correct term, but I think it is definitely possible to equivocate leveraging of connections with "diversity" factors as both lead to placement of individuals within groups that can at times lack the knowledge to do the job. I have had MD referrals that ended up working in the investment bank initially say that "investment banking" = managing money for wealthy clients so they definitely lacked requisite knowledge (work at a top BB). But that's just a logical sequence...if you are taking factors that are separate from skill and knowledge into hiring decisions (which most groups do for both diversity AND connections - perhaps you're in a group that just does it for diversity) - then yes naturally you're going to stumble into people who lack the skills and knowledge. Simply means that the firm / group has prioritized having people with traits (diversity items or connections / networks) over those that can do the job. More of an issue with the firm / group than anything else.

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