Bloomberg News

AIG to Release Diversity Data After Pressure From Liu

April 09, 2013

American International Group Inc. (AIG:US), the insurer that repaid a U.S. bailout last year, will release workforce-diversity data after pressure from New York City Comptroller and mayoral candidate John Liu.

Bank of New York Mellon Corp. (BK:US) and U.S. Bancorp will join AIG in disclosing data about the race and gender of their U.S. employees and senior managers, according to a statement today from Liu’s office.

“Diversity is good for the bottom line, but without meaningful disclosure there is no way for shareowners to evaluate the effectiveness of a company’s efforts to recruit and promote women and minorities,” Liu said in the statement. “We hope that more portfolio firms demonstrate their commitment, not just to workforce diversity but also boardroom diversity and equal pay.”

Liu, who oversees more than $127 billion of pension funds, is a Democrat seeking election as mayor this year. He’s pressing companies the city invests in to reveal more information about diversity. New York-based AIG declined to disclose the information last year, while Goldman Sachs Group Inc. (GS:US) and MetLife Inc. (MET:US) agreed to make the data public.

At the time, AIG was majority-owned by the U.S. after a rescue that began amid the 2008 financial crisis and swelled to $182.3 billion. The insurer finished repaying the bailout in December.

Diversity Commitment

“AIG is committed to a diverse and inclusive work force,” Jon Diat, an AIG spokesman, said in a statement today. ‘We are pleased to support the comptroller in his efforts to create more transparency around this important topic.”

U.S. Bancorp has “long been committed to building and supporting a diverse workforce” said Tom Joyce, a spokesman for the Minneapolis-based lender. BNY Mellon declined to comment, according to Kevin Heine, a spokesman for the bank.

New York City pension funds owned 1.86 million shares of AIG, 2.87 million shares of BNY Mellon, and 4.98 million shares of U.S. Bancorp (USB:US) as of April 5, according to the statement.

Liu’s office is also pushing advertising firms Omnicom Group Inc. (OMC:US) and Interpublic Group of Cos. (IPG:US) to disclose information about the composition of their workforces with shareholder proposals, according to the statement. Liu didn’t say when AIG, BNY Mellon or U.S. Bancorp will release the data.

Goldman Sachs, the fifth-biggest U.S. bank by assets, said 20 percent of its executives and senior officials in the U.S. were female as of Aug. 31, 2011, according to figures on the firm’s website. That compares with 17 percent at MetLife, 24 percent at JPMorgan Chase & Co. and 21 percent at Citigroup Inc. JPMorgan and Citigroup, both based in New York, have made the data available for years.

JPMorgan, Citigroup and MetLife all reported that a majority of their U.S. workforce was female, led by JPMorgan, the country’s largest bank by assets, at 57 percent. The figure was 36 percent at Goldman Sachs.

The companies are already required to submit the data to the U.S. government and have the option of making the figures available to the public.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net


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Companies Mentioned

  • AIG
    (American International Group Inc)
    • $56.42 USD
    • 0.14
    • 0.25%
  • BK
    (Bank of New York Mellon Corp/The)
    • $41.29 USD
    • 0.00
    • 0.0%
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