20 Best Investment Banks for Diversity

This past Friday, Vault unveiled its 2012 Banking Diversity Rankings in Midtown Manhattan at the inaugural Vault Diversity Recruiting Expo—an event that gave minority, female, GLBT, and disabled candidates the opportunity to meet and network with recruiters from some of the country’s top financial services companies and government agencies.

Along with a couple hundred candidates, on hand at the Eventi Hotel on Sixth Avenue and 30th Street were representatives from J.P. Morgan, Lazard, Houlihan Lokey, BBVA, Macquarie, Peter J. Solomon, PNC, Royal Bank of Scotland, RBC Capital Markets, and the Federal Reserve Bank of New York, among others. After a morning networking session, the Diversity Rankings were unveiled during an hour-long luncheon.

The rankings are based on our most recent Banking Survey, in which banking professionals were asked to rank their own firms’ recruiting and retention efforts in regards to three diversity categories: women, minorities, and GLBT (gay, lesbian, bisexual, and transgender) individuals. Based on the survey results, Vault ranked the top 20 firms in each category, as well as in one additional category that combined all of the results: overall diversity.

This year, dominating the diversity rankings was J.P. Morgan Investment Bank. J.P. Morgan ranked No. 1 in diversity with respect to women, diversity with respect to GLBT individuals, and overall diversity. Centerview Partners, a New York-based M&A boutique, ranked No. 1 in diversity with respect to minorities. At the unveiling of the rankings, J.P. Morgan Chase’s Patricia David, a managing director at the bank and its global head of diversity, accepted the overall diversity award on the firm’s behalf.

Below are the top three banks in each category (along with a quote from an insider from each respective top-ranked bank).

Diversity with respect to women

(1) J.P. Morgan Investment Bank (“At a more junior level, women are at least equally represented among the employee population. And I think the firm is very supportive of in terms of providing women with flexible work options. The vast majority of my experience as a woman here has been very positive.”)

(2) Centerview Partners

(3) Goldman Sachs

Diversity with respect to minorities

(1) Centerview Partners (“We’re very accepting, and believe that a diverse group of professionals creates value from a business perspective. We seek diversity, and highly encourage such candidates to apply and join.”)

(2) J.P. Morgan Investment Bank

(3) Houlihan Lokey

Diversity with respect to GLBT individuals

(1) J.P. Morgan Investment Bank (“Although GLBT individuals might be less represented at J.P. Morgan than they are in the general U.S. population, the firm is making a concerted effort to speak to new groups of people to encourage them to work here. There are a number of recruiting programs targeted at under-represented groups, and many networking opportunities to help people make the transition to working on Wall Street and at J.P. Morgan specifically.”)

(2) Centerview Partners

(3) Credit Suisse

Overall diversity

 (1) J.P. Morgan Investment Bank (“J.P. Morgan is focused on maintaining an environment in which everyone’s perspectives and contributions are valued, regardless of their background and interests. In fact, the diversity of our employees is one of our strengths as an organization. The entire management team is committed to maintaining a diverse employee population.”)

(2) Centerview Partners

(3) Houlihan Lokey

Check out the complete 2012 Diversity Rankings to find out which firms ranked from No. 4 to No. 20 in each category.

And check back tomorrow for the 2012 Vault Accounting 50, our annual ranking of the best accounting firms to work for in the U.S.