$39 Million Later – Another Bias Settlement for Merrill Lynch

Two weeks ago, Merrill Lynch, the owners of Bank of America, just settled a massive racial bias case. Now, they’re paying up again for another huge discrimination case, this time to the tune of $39 million. The women in the case were workers for the bank who have complained that they were denied promotions and favorable benefits in favor of other workers who were men. Merrill Lynch paid up again, and the terms of the agreement stated that they were required to change business policies to give women a better chance. They would also hire a corporate psychologist who will study the formation of brokerage teams to determine why the teams are being created as mostly-male groups. This bank has been attacked numerous times, some very recently, and others farther back. One may wonder how it keeps happening, and how the company hasn’t either changed their practices or went broke refusing to. Many have cited a major reason for the attacks against this company is the freedom that they give their high level senior financial advisors. Senior financial advisors are allowed to choose their junior partners, and many of them choose junior partners who were a lot like them when they were younger – thus, older white men favoring younger white men.

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