The Blackstone Group Inc. decided to sit out its annual contest of hiring junior investment bankers in favor of on-campus recruitment in a bid to diversify its workforce and improve its hiring process, The Wall Street Journal reported June 24, citing officials.
The private equity and real estate giant plans to directly hire from 44 schools, including historically Black colleges and universities and women's colleges, according to the report. It will continue to recruit from banks such as Goldman Sachs Group Inc. and Morgan Stanley on an as-needed basis and only after candidates have some experience.
Blackstone officials recognized that they need to work on transforming the firm's workforce, especially in its uppermost ranks, which are predominantly white and male, the report noted.
