Fearless Girls is supposed to be some sort of feminist left wing statement on Wall Street. Now the bank behind the statue is in trouble for gender discrimination. You couldn’t make this up.
Bank Behind Fearless Girl Statue Settles U.S. Gender Pay Dispute
State Street Corp., the $2.6 trillion asset manager that installed the Fearless Girl statue on Wall Street, agreed to settle U.S. allegations that it discriminated against hundreds of female executives by paying them less than male colleagues.
The custody bank will pay $5 million to more than 300 women, following a U.S. Department of Labor audit that uncovered the alleged discrepancies, according to a settlement agreement disclosed Wednesday.
The Labor Department alleged that women in senior leadership positions at Boston-based State Street received lower base salaries, bonus pay and total compensation since at least December 2010. The company said it has cooperated fully with the agency and that it disagreed with the findings of the audit, which was done in 2012.
“State Street is committed to equal pay practices and evaluates on an ongoing basis our internal processes to be sure our compensation, hiring and promotions programs are nondiscriminatory,” the company told Bloomberg BNA.
Maybe they should put up another statue as a tribute to gender equality or something.