Discrimination at Merrill Lynch
The recent complaint by a long time Merrill Lynch broker that the company doesn’t hire enough blacks has the management concerned, especially since the chief executive is black. If Merrill Lynch meets the industry average, this does not strike me as discrimination but just hiring the best brokers they can whether they’re black or white. If Merrill Lynch tries to hire more than the industrial average, it is probably reverse discrimination. The Wall Street Journal article explores the complaint that African American brokers are typically given minorities and low net worth clients. I think business is tough, and it doesn’t mater your color only your drive to succeed.