Home / Business / Your Money / A new law in New York City eliminates your slightest favorite talk doubt — and Wall Street isn’t happy

A new law in New York City eliminates your slightest favorite talk doubt — and Wall Street isn’t happy


commuters in nyc
Wall Street execs fear
that a new law in New York City could lead to reduce compensate for
men.

Nick
Starichenko/Shutterstock


Don’t tell Wall Street executives how to compensate their people.

At slightest that’s what the two chairmen of the Partnership for New
York City, a nonprofit membership classification done up of top
business leaders in New York City, told the mayor’s
representatives,
The New York Times reports.

The two men — Stephen Schwarzman, the authority and CEO of the
Blackstone Group, and Michael Corbat, the CEO of Citigroup — are
among a flourishing carol of Wall Street executives angry to
Alicia Glen, the emissary mayor who oversees housing and economic
development, about a new law that will change the way Wall Street
firms negotiate remuneration packages.

Their biggest concern?

That the recently upheld New York City law,
which bars open and private employers from asking job
possibilities about their stream or prior salary, will make
recruiting and profitable top talent some-more challenging,
according to The Times.

Letitia James, New York’s open advocate, who
introduced the legislation, begs to differ. She argues that
deliberating prior income information increases wage
discrimination.

“Being underpaid once should not reject one to a lifetime of
inequity,” James said
in a press recover when the check was upheld in April. “We
will never close the salary opening unless we continue to enact
active policies that promote mercantile probity and equity.”

The stakes are high for Wall Street firms — in 2016, employee
remuneration contributed nearly $24 billion to New York’s
economy, according to
The Times.

One argument
The Times mentioned hostile the new law contended that the
law may actually diminution compensate for men and destroy to boost pay
for women, which would negatively impact New York City’s tax
revenue.

But Glen says she expects the law to have a certain impact. She
told
The Times:

“We have to mangle the cycle of compensate discrimination. Every organisation is
grappling with how to keep and promote some-more women into their
comparison care — this is partial of the solution. Having spent
some-more than a decade on Wall Street, we essentially trust this
attention will be stronger when women up and down the ladder are
compensated fairly.”

Read the full essay on The New York Times »

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