Diversity and equality

The Federal Reserve could ease capital rules, foster the creation of special-purppose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.

A decision by some banks to replace in-person campus visits with video interviews is intended to increase diversity by reaching beyond the handful of elite business schools and Ivy League universities long associated with the finance industry.

Jo Jagadish, who joined TD Bank in April as head of commercial products and payments innovation, spent her childhood moving country to country, so she's used to a world without borders — the kind world emerging from the capabilities of fintech and demands of the pandemic.

Institutions large and small are either creating new positions or elevating existing diversity heads to C-suite roles. Will the moves help banks improve equality within their ranks and better serve their communities?

Highlighting its commitment to hiring and promoting more minorities, the company has promoted Greg Cunningham to senior vice president and appointed him to CEO Andy Cecere’s leadership team.