75 Most Powerful Blacks on Wall Street

Whether they're in investment banking, sales and trading, asset management, or private equity, these power players move the financial markets

This year’s listing features 11 women, including Collins, who resurfaced as co-founder of the private equity firm Svoboda, Collins L.L.C., and newcomer Amy Ellis-Simon, head of multiproduct sales for Merrill Lynch. She appeared on our “Up and Coming African Americans on Wall Street” list in 2002.

The pool of talent is impressive. Unfortunately the number of African American financial managers remains relatively small, and allegations of racism are still leveled at major firms. Despite being run by an African American, Merrill Lynch is being sued by 70 former and current employees who charge that it engages in discriminatory hiring and promotion practices. “African American movement within the industry has seen slow and steady progress, with incremental increases in minority recruitment,” says P. Michelle Holton, manager of inclusion at Edward Jones and chairwoman of the Securities Industry Association’s Diversity Committee. She concedes movement within the pipeline into senior management has remained inert. According to the U.S. Equal Employment Opportunity Commission, representation of African American officials and managers is the highest in the areas of banking/credit, at 7.0%, and the lowest in the securities industry, at 4.4%.

Those numbers speak volumes. Wall Street is still viewed a club steeped in exclusivity — a bastion of white male privilege. But Rogers says it’s not so much that African Americans are intentionally being kept out of the industry, but that “when deals are being cut we just aren’t even thought about.”

However, the impact of our 75 power players on the financial markets — and the world — has not gone unnoticed.

Selection criteria for the most powerful African Americans on Wall Street

  • Those chosen are investment bankers, traders, asset managers, venture capitalists, or top executives with management responsibilities over these areas.
  • They are responsible for the companys’ bottom line and execute transactions on a national or global scale.
  • They have achieved the status of chief executive, president, partner, managing director, or other top-ranking position at their firms and have significant management duties.
  • They demonstrate significant influence within their company and throughout their industry.
  • Entrepreneurs who own their own firms must operate investment banks that have managed more than $10 billion in total issues, asset management firms with at least $2 billion under management, private equity firms with at least $100 million in capital commitments, or perform as a leading firm that engages in unique or complex transactions.
  • Candidates must work for a U.S.-based company or the U.S. operations of a foreign-based company.
  • Candidates must have at least 10 years of experience in the financial services industry.
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Gilbert E. Ahye. SVP, Business Development and Mergers & Acquisitions American Express Co. New York, NY. Age: 59.Bottom Line: Ahye is a key adviser to the American Express Global Leadership Team, developing new international business partnerships and executing mergers and acquisitions. Since assuming his current role three years ago, Ahye successfully led the acquisition of Threadneedle, a U.K.-based asset management company, which was recognized by Institutional Investor as the Asset Manager Deal of the

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  • Debbie Autrey

    I would like a copy of this issue. Please lmk how I can do that75 most powerful men on wall street—2006

    DA

  • Walter Webb

    BLACK WALL STREET HAS EVOLVED FROM ITS RICH HISTORIC BEGINNING IN DURHAM, NORTH CAROLINA, HARLEM, NEW YORK, AND OKLAHOMA. THESE STATES REPRESENT A FEW OF THE MANY WHICH HAS LEAD A NATIONAL MOVEMENT TO PUT AFRICAN AMERICANS CEO’S AND BUSINESS LEADERS TO THE FOREFRONT OF NATIONAL WALL STREET. CEO’S HAVE GONE FROM RUNNING AFRICAN AMERICAN COMPANIES TO MAKING HISTORY AS CEO’S IN NON-BLACK COMPANIES.
    COMPANIES RECOGNIZED IN THE HISTORY OF BLACK WALL STREET IN MENCHANICS&FARMERS BANK/NORTH CAROLINA MUTUAL LIFE INSURANCE (MFBP). COMBINED THESE TWO COMPANIES BROUGHT NATIONAL BLACK LEADER RECOGNIZATION TO NORTH CAROLINA’S DURHAM PARRISH STREET. FURTHER NORTH IN NEW YORK HAS CARVER BANK (CARV) HAS BEEN A PIONEER OF THE FAMED HARLEM RENAISSANCE
    MOVEMENT. THE MEDIA HAS BEEN A MAJOR FORUM OF EXPRESSION TO THE AFRICAN AMERICAN HOUSEHOLD. AND RADIO-ONE (ROIAK) PROGRAMMING OF RADIO AND TELEVISION HAS KEPT MANY BLACK HOUSEHOLDS IN THE CURRENT KNOW.
    REAL ESTATE AND LAND SECURITY WAS A MAJOR CONCERN FOR BLACKS EXPRESSING OWNERSHIP. AND ALONG WITH THE BLESSING OF THE BLACK BANKS HAS LEAD TO AFRICAN AMERICAN REAL ESTATE INVESTMENT FROM COMPANIES LIKE FORMER BLACK ENTERTAINMENT TELEVISION LEAD ROBERT L. JOHNSON. HE FOUNDED THE ROBERT L. JOHNSON HOTELS AND REAL ESTATE FUND (RLJ)WHICH MANY AFRICAN AMERICANS FEEL IS AN EXTENTION OF BLACK PROMISE LAND. INVESTING IN HIS COMPANY ALSO GIVES BLACKS A MINORITY STAKE (WHICH HE OWNS) IN THE NATIONAL BASKETBALL’S CHARLOTTE BOBCAT FRANCHISE.
    OKLAHOMA’S BLACK WALL ” GREENWOOD HAS PRODUCED A RICH HISTORY OF ENTREPRENEURS AND SPOKESPEOPLE LIKE JOHN HOPE FRANKLIN, FAME EDUCATOR AND TEACHER AT NORTH CAROLINA CENTRAL AND DUKE UNIVERSITIES. MR. FRANKLIN HARD WORK AND DECICATION BROUGHT BELOVEMENT AND AS A RESULT A DUKE UNIVERSITY BUILDING WAS NAMED IN HIS HONOR.
    A NEW MOVEMENT HAS USHERED IN A NEW BREED OF BLACKS OF WALL STREET. THESE CEO’S HAVE MADE NATIONAL HISTORY AS LEADERS IN NON-BLACK BLUE CHIP COMPANIES LIKE AMERICAN EXPRESS (AXP) KENNETH CHENAULT. HIS LEADERSHIP GOES BACK TO THE NINETEEN HUNDREDS AS A LEADER IN THE WORLD OF GLOBAL CHIEF EXECUTIVE OFFICERS. AND MAKING HISTORY ALONG WITH HIM IN TWO THOUSAND IS XEROX’S (XRX) FIRST AFRICAN AMERICAN CEO URSULA BURNS. MS. BURNS AND CATHAY HUGHES FROM RADION ONE HAVE PUT AFRICAN AMERICAN FEMALES TO THE FOREFRONT OF THE NEW YORK STOCK EXCHANGE-EURONEXT (NYX) WALL STREET. OTHERS INCLUDE RICHARD PARSON’S OF CITIGROUP (C). MR. PARSON COMPANY HAS BEEN A GLOBAL PLAYER IN THE WORLD OF FINANCE. AND HAS BEEN RESPONSIBLE FOR SUPPORT HISTORICALLY BLACK COLLEGES AND UNIVERSITIES WITH STUDENT LOANS. BRINGING COMPETION FROM AFRICAN AMERICAN CEO STANLEY O’NEAL OF MERRIL LYNCH (BAC).
    WE CAN LOOK FORWARD TO THESE AFRICAN AMERICANS AND INCREASINGLY MORE BECOMING A PART OF THE OLD AND NEW BREEDS OF WALL STREET.

    FREELANCE WRITER
    DURHAM, NC