$9 billion Wall Street heavyweight, Tracy Maitland, talks racism and how to build a better society
Maitland is also outspoken, willing to speak his mind after the United States was roiled by a racist incident in Central Park in late May. Then, protests swept the nation into June after an unarmed black man was killed by police in Minnesota during an arrest.
Since, the police officers involved have been charged criminally and the country has been swept in protests. The vast majority were peaceful. However, some turned violent, and cities like New York and Los Angeles have seen looting. Police have reportedly been injured, thousands have reportedly been arrested nationwide. Some mayors and governors instituted curfews in response.
Maitland broke through on Wall Street in the early 1980s interning at firms like Bear Stearns while studying at Columbia, and then was trained in Merrill Lynch’s analyst program. After becoming a top salesperson at Merrill, Maitland founded Advent in 1995 and built it into one of the largest minority-owned investment firms in the world. For most of his career, Maitland says he’s seen opportunity for minorities recede at the highest rungs of finance.
Corporations need to begin laying out specific targets for diversity in their workforce, their managerial ranks, and their boardrooms, he argues, and it’s crucial that bonuses, stock options, and other compensation are tied to actually hitting them. “Companies need to be measured on whether they are making progress,” Maitland says, “It’s good for business, and it’s good for this country.”
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