The White Wall

July 11, 2022
Wall Street’s sexual harassment issues are well-known, but its racism has flown more under the radar, argues New York Times reporter Flitter in her searing debut. The racial wealth gap is only getting worse, she writes, and racism in banking and finance is “perhaps the devastating force that prevents Black Americans from gaining equal footing in the United States.” Flitter presents disturbing stories of the systemic discrimination faced by Black bank account holders, mortgage applicants, and bankers themselves as they navigate hostile workplaces. Among the situations Flitter documents, insurers refused to pay out to Black policyholders; a Wells Fargo branch called the police on a woman trying to cash a check, suspecting it was fraudulent; employees at Edward Jones worked from “the kitchen table or car” with no office; and one financial firm asserted that “an employee’s claim of discrimination could not be true because the firm had a policy of not tolerating discrimination.” It’s damning, and Flitter does a great job of explaining why things don’t change: “People involved in the financial industry seem to rely on the fact that most people outside of it regard it as beyond their understanding.” This evisceration of Wall Street’s “private, ugly reality” packs a punch. Agent: Betsy Lerner, Dunow, Carlson & Learner. (Oct.) x x xc sa

Starred review from April 13, 2023

New York Times reporter Flitter spent three years investigating racism in the American financial industry, and her findings are eye-opening. The racial wealth gap has many causes, but according to Flitter, the financial services industry, which could be a player in positive change, is mired in rampant racism. Banks regularly profile Black customers, are reluctant to cash their checks or allow large withdrawals, and don't hesitate to alert the police to their presence. Mortgages take longer to approve and are often charged higher interest. Insurance companies offer lower payouts and delay payments to Black customers. Discriminatory practices aren't reserved for customers only; many big players provide hostile work environments to Black employees, setting them up to fail and holding them to different standards. Class action lawsuits by employees have been successful against such companies as Morgan Stanley, JPMorgan Chase, Edward Jones, and Wells Fargo, but activist reform is necessary. Narrating her own well-researched and skillfully written work, Flitter is a natural reader whose performance will make listeners want to continue to listen, despite the depressing reality she conveys. VERDICT This groundbreaking and upsetting debut will appeal to listeners interested in social justice, economics, and inequality. Highly recommended.--Christa Van Herreweghe

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