Bloomberg Businessweek

The Undergrad Fixing Finance

Bank of America, JPMorgan, and big-name hedge funds are trying to diversify. BLK Capital wants to make it easier for them

One morning last June, Angel Onuoha took a train from Connecticut, where he was staying with a friend, to New York City. His summer internship at C.L. King & Associates Inc., a small investment bank, was his first real taste of the finance world outside the student financial clubs he’d joined as a Harvard freshman. It was also a reality check. After a month on the job, he says, he had yet to meet another black employee.

Onuoha knew that Wall Street lacked diversity, but on the train that morning he decided to do something about it. He remembered that his friend and fellow freshman Drew Tucker, whom he’d met through a campus organization for black men, was also interested in Wall Street—and that the two had discussed how the clubs did a poor job recruiting black students. So Onuoha texted Tucker with an idea: What if they started an investment fund that

You're reading a preview, sign up to read more.

More from Bloomberg Businessweek

Bloomberg Businessweek4 min readTech
How to Put AI in Team
• A startup says it can use algorithms to screen a more diverse pool of Wall Street job seekers
Bloomberg Businessweek4 min read
Oracle Resets Its Ambitions
Three years ago, Larry Ellison, the chairman of Oracle Corp., stood on a stage in San Francisco at his company’s annual OpenWorld user conference, boasting about his cloud aspirations. “Amazon’s lead is over,” he declared, pledging “serious competiti
Bloomberg Businessweek4 min read
The Day Trading Commissions Died
From sharing pictures to sending email to streaming videos, we’re all used to the idea that many of the things we do online are free. We also know that none of those things are really free—Facebook Inc., Google, and other internet companies have plen