A new chapter of leadership is emerging in America's financial sector, determined to focus the industry on equity at all levels, but especially at the top, where Black professionals hold 3% of leadership roles in the sector.

The Council of Black Leaders in Finance (CBLF) was founded in December 2021, emerging from conversations between senior industry professionals united by a common vision for bridging the leadership gap in finance. Since then, CBLF has had a remarkable journey, evolving from a dozen energized professionals into a thriving network of more than 400 finance leaders, including leaders from Hearst.

Kofi Effah and Zuri Briscoe, both senior directors of business & relationship management at Fitch Ratings, a Hearst company, and members of CBLF’s executive and steering committees, discussed the organization’s growth and impact. “Building the CBLF platform was our attempt to adopt more intentionality in addressing issues that we and our respective firms agreed on: growing the ranks of Black employees — especially at senior and executive levels — is good for business,” Effah said.

Hearst Senior Vice President of Treasury & Risk Management Carlton J. Charles has been involved with CBLF from the beginning. As Chairman of Level Up Ventures and as Chair of Hearst’s Supplier Diversity Council, Charles advocates for increased representation and diversity, and his support for CBLF was organic. “When I started, there weren’t many senior Black finance professionals,” Charles said. “CBLF is an important part of growing those ranks.”

The group’s growth accelerated thanks to members’ individual professional networks, culminating in CBLF’s inaugural Signature Event in November 2022, with more than 180 Black finance professionals in attendance. CBLF members now represent more than 100 investment banks, asset management firms, law firms, as well as CFOs and treasurers from non-financial firms.

The Council hosted its second Signature Event at Hearst Tower in November 2023. The event was sponsored by Fitch Ratings and featured dinner prepared by Chef Klancy Miller and a fireside chat between Thasunda Brown Duckett, president and CEO of TIAA, and Melissa James, vice chairman of global markets at Morgan Stanley. Duckett and James’ conversation highlighted the importance of community and mentorship both vertically and laterally, a key facet of CBLF’s mission of fostering connection across the finance industry.

 

“Thasunda Duckett and Melissa James are two of the most notable women in finance in the country,” said Charles, who attended the November event. “Both women spoke freely and frankly about their experiences and perspectives, and CBLF created a safe space for that conversation.”

The event concluded a year marked by exponential growth. CBLF became a 501(c)(3) nonprofit in 2023, allowing the organization to focus on its outreach and education mandate. CBLF also launched the Rising Star Cohort (RSC), a mentorship program supporting emerging leaders in finance. The RSC connects individuals at the Director, Principal and Vice President levels with members of the Senior Cohort, individuals at the Managing Director and Partner levels, to help emerging leaders navigate the nuances of growing and evolving as Black leaders in the finance industry.

“Advocating, serving and assisting others have been important elements of CBLF’s DNA from the beginning,” said Briscoe. “The mentorship program was created to provide direct opportunities for Senior Cohort members to give back. The RSC members are actively thinking of ways to support the career development of earlier career stage Black finance professionals, with a number of programs launching in 2024.”

Looking ahead, the Council aims to expand its structure and outreach, developing more finance product-focused cohorts and identifying opportunities with like-minded organizations. “Our first senior cohort includes professionals across the leveraged finance ecosystem such as bankers, private equity, credit Investors, credit rating agencies and attorneys,” said Effah. “Given our focus on growing the pipeline, we hope to create other product-focused senior cohorts as well as cohorts that would benefit directly from our mentorship opportunities.”

 

After two successful years, Effah, Briscoe, Charles and other members of CBLF are forging a path forward to change the face of the financial services industry. Explore their work further on CBLF’s LinkedIn page, where the organization’s motto “Connect. Empower. Inspire,” captures the essence of their mission: to create a movement for enduring change.