Money Minute: Facebook's 'Depressing' Lack of Diversity

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Facebook just came out with its staffing report and Chief Operating Officer Sheryl Sandberg would have to agree it's "pretty depressing."

Facebook (FB) is the latest tech giant to release its diversity or lack of diversity statistics. Almost 70 percent of Facebook's employees are men and 57 percent are white. Asians represent 37 percent of the company but Hispanics only account for 4 percent of staff and African Americans account for 2 percent. Tech companies like Google (GOOG), LinkedIn (LNKD) and Yahoo (YHOO) have become more forthright about their diversity statistics only recently under pressure from civil rights activist Jesse Jackson and the reports so far have shown a distinct lack of diversity in Silicon Valley. Facebook says it has formed partnerships with groups to find more women and minorities to add to its staff.

Network news is about to lose its only remaining female anchor. Diane Sawyer will be stepping down from the anchor seat at ABC's World NewsTonight as of August. Fill-in anchor, David Muir, will take her spot. It is just one part of a major staffing shuffle at ABC News, a unit of Disney (DIS). George Stephanopoulos will become the lead anchor for breaking news and election night effectively outranking Muir. Sawyer will continue at ABC doing investigative pieces and high profile interviews -- a role once reserved for ABC's Barbara Walters who retired from the network earlier this year.

Here on Wall Street on Wednesday, stocks marched higher with the Dow Jones industrial average (^DJI) gaining 49 points, the Nasdaq composite (^IXIC) adding 29 points and the the Standard & Poor's 500 index (^GPSC) up 9 points.

In its ongoing crackdown on high-frequency trading the New York State Attorney General's office is suing Barclays for allegedly misleading investors about high frequency traders in its so called "dark pools" -- off-exchange venues where institutional investors like to make big trades away from the public eye in the hope of avoiding having part of their buy or sell order picked off before the entire trade is completed. But the AG says Barclays actively sought to attract high-frequency traders in its dark pools. In a statement it said, "Barclays' dark pool was full of predators -- there at Barclays' invitation."

And finally, GoPro is ready for its closeup today. The company is going public trading on the Nasdaq under the ticker GPRO. Shares priced on the high end of its range at $24 apiece. The company raised $427 million in the offering. Demand was hot and it's no surprise. According to its filing, GoPros were the No. 1 selling camcorders in the U.S. in 2013.

-Produced by Karina Huber.


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Emilio Aramburu

In Western world, being male and white has become a stigma. If a black, Asian, Latino, or a woman have a miserable life, they blame their failures on white men. Ironically, 90% of Western inventions were made ​​by white men.

June 26 2014 at 8:32 PM Report abuse rate up rate down Reply
pixelhippo

So don't know if this article is just simply showing the statistics or if it's inferring that Facebook purposely doesn't diversify it's workforce. I feel like the article is stating the later, in which correlation implies causation. I'm a co-founder in a 40 person software development company and we hire people that are qualified, nothing else. We do not try to hire certain ethnicities for certain positions. We hire the best man or woman for the job, regardless of race. Also, Mark Zuckerberg supports immigration reform. He's a proponent in diversifying the marketplace in hiring more talent from outside the U.S.

The more and more articles I read typically state correlation implies causation, which in this article supports. I feel like correlation doesn't imply causation for Facebook. Given the background of the workforce in the software development field, I feel like the general population with tech experience correlates, more or less, on what Facebook has. You have to take a look at the location of where the main workforce exists, because the ethnicities in population will differ in certain areas.

To my point, I'm in Austin, TX and we are about 6 hours from the Mexico border. I can assume and say that the the majority percentage of manual laborers in the landscaping field are male hispanic. BTW, I am hispanic, so with that assumption I'm not stating that landscaping companies purposely don't hire women, asians or white males for landscaping jobs. I feel like it's the geography and type of work related to the population here that dictates that.

I think it's completely unfair for any ethnicity to mandate more jobs, based of the lack thereof. We're in an era where I feel, regardless of what ethnicity you are, we all have the same opportunities. I also think when it comes to technology that it's a progressive field for opportunities regardless of your ethnicity.

June 26 2014 at 4:43 PM Report abuse -1 rate up rate down Reply
teecee656

Has anyone done a statistical correlation that compares college graduates with degrees in electrical or electronic engineering, or computer science or programming within a reasonable radius of the Bay Area, by race or sex? Another measure would be to look at the diversity of MBA programs and Stanford in particular, as they tend to produce venture capitalists and investment bankers upon which most Silicon Valley start-ups rely. The road to a tech company starts when you declare a college major, be it business or engineering. Most tech companies have become "Revenge of the Nerds" in real life. It's just that those nerds have great paying jobs.

June 26 2014 at 3:58 PM Report abuse rate up rate down Reply
jackieha123

The more these right wingers wag their tongues, the more ignorant they show themselves to truly be.....keep up the good work cons, you're burying yourselves easily. Do any of you know how to have a single thought of your own? It looks like you type something printed in a book. You all say the same thing, over and over and over, and over and over and over and over, again and again and again and again. See how silly it looks to never say anything different!!

June 26 2014 at 2:43 PM Report abuse rate up rate down Reply
1 reply to jackieha123's comment
korrectionelecshun

cause its nothing "but" the same thing over n over n year after year over n over again~~>RECORD UNEMPLOYMENT~~RECORD FORECLOSURES~~RECORD ILLEGAL IMMIGRANTS ~~RECORD WELFQARE~~RECORD FOOD STAAMPS~~BENGHAZI~~SPYING ~~DITO..DITO..DITO..DITO..DITO~~2009~~2010~~2011~~2012~~2013~~2014

June 26 2014 at 3:25 PM Report abuse -2 rate up rate down Reply
1 reply to korrectionelecshun's comment
h.ecdag

Ditto is spelled with TWO 'T's. So that makes you wrong..wrong..wrong..wrong..wrong.

To the surprise of absolutely no one. Yourself included.

June 26 2014 at 5:22 PM Report abuse +1 rate up rate down
Iselin007

Employers control who is hired directly or thru others delegated the authority. You can have a bias or other rogue system meant to get around the law.

June 26 2014 at 2:34 PM Report abuse rate up rate down Reply
korrectionelecshun

with record unemployment n record foreclosures for the last 5 plus years now after ovomit taxed the living hail out of all middle class ,ovomit n Hillary benghazi now want you to send them money cause theY are both ~~>"DEAD BROKE"<~~ HA HA HA HA HA ALL AMERICANS WERE HOODWINKED N ARE SUCKERS~~>AMERICANS=="STUPID"

June 26 2014 at 2:26 PM Report abuse -2 rate up rate down Reply
Hi Gram, Ty&Dill

Employers can't control who looks for work. You can't get hired if you don't apply. If there's a diversity problem that should tell you something.

June 26 2014 at 2:08 PM Report abuse +1 rate up rate down Reply
Iselin007

They are the people that will have to respond to inquests by authorized agencies. If too many people are upset some faces will be replaced.

June 26 2014 at 2:05 PM Report abuse rate up rate down Reply
theycallmeroy3

The worst mistake any job applicant can make, regardless of race, creed, or color, is waiting for the world to come to them. Go to the world.
Of course it imperative to learn what's known as , circle of competency.
Example, I can learn how to play tennis, but I can't always expect to win the US open.
Notice in the article, Facebook is wanting to find...? If one is qualified, eager to learn, and above all focused, go to Facebook. There's worst things in life, besides hearing the word no.
No, can be empowering. It allows freedom to take chances."
Gopro's founder, put a post it by his bedside every night. Simply said, " you can do this."
I have a friend who wanted to work for a major corporation, because she believed in their product. She wrote a letter to the head of the corp, stating her mission and goals. Shortly thereafter, she was hired by this corporation. Worked her way up and...today... is on top of the world. So...

Go! You chicken fat. Go!

June 26 2014 at 1:24 PM Report abuse rate up rate down Reply
1 reply to theycallmeroy3's comment
Iselin007

I have the song on the original vinyl from the early 60's.

June 26 2014 at 1:51 PM Report abuse rate up rate down Reply
Jeffrey S. Grant

"Diversity" is just the new PC term for Affirmative Action. I guess the company is hiring the best and brightest and they happen to be white and Asian men.

June 26 2014 at 12:56 PM Report abuse +3 rate up rate down Reply