Broker company Merril Lynch, which is part of Bank of America, announced the consent to pay one hundred and sixty million dollars to resolve a dispute regarding racial discrimination within the organization, the New York Times writes.
This amount will become the largest of those ever paid to the plaintiffs as part of a dispute about racial discrimination by compensation by the employer from the United States of America. The statement of claim was filed against the company on behalf of the SemiSot black workers Merril Lynch eight years ago.
“According to the chief plaintiff, African American brokers did not pay enough attention from managers, in addition, they were often rejection by employees. The unequal appeal only exacerbated over time, ”the message says.
According to Reuters, black workers were often not given the opportunity to work with the most profitable customers of the company, priority was given to financial consultants with white skin color.
The Merril Lynch press service states that the company is working on improving career growth opportunities for African American brokers. The management of the company holds consultations with its employees to contribute to the improvement of their skills, on which the career promotion depends.
The Bank of America Corp, which opened at the beginning of the twentieth century, is a multidisciplinary financial organization, whose functions include customer service in hundreds of countries around the world. The number of bank branches exceeds six thousand, the staff has more than two hundred eighty thousand employees. After the purchase in 2008, Merrill Lynch, Bank of America became the leading world bank that controls the assets.