Race doesn’t impact how job-seekers negotiate salaries—but it does affect how much money they get

But regardless of how much you prepare, new research suggests that if you’re black, racial bias can lessen the offer you end up receiving. In 2016 the Pew Research Center reported that college-educated black men earn 20 percent less than college-educated white men. Participants who demonstrated racial bias, the researchers found, expected black job-seekers would negotiate less than white job seekers. “Racially-biased job evaluators consistently overestimated the number of offers and counteroffer


But regardless of how much you prepare, new research suggests that if you’re black, racial bias can lessen the offer you end up receiving. In 2016 the Pew Research Center reported that college-educated black men earn 20 percent less than college-educated white men. Participants who demonstrated racial bias, the researchers found, expected black job-seekers would negotiate less than white job seekers. “Racially-biased job evaluators consistently overestimated the number of offers and counteroffer
Race doesn’t impact how job-seekers negotiate salaries—but it does affect how much money they get Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: yoni blumberg, getty images, -derek avery, professor, wake forest university school of business
Keywords: news, cnbc, companies, does, race, racial, collegeeducated, evaluators, money, bias, jobseekers, doesnt, black, affect, job, impact, salariesbut, white, negotiate, participants


Race doesn't impact how job-seekers negotiate salaries—but it does affect how much money they get

Conventional wisdom holds that you should negotiate your salary when you apply for a job, since that usually won’t hurt your chances of landing an offer as long as you remain likable, and pocketing a few extra thousand dollars every year can add up as you get older. And when it comes to negotiating there’s no shortage of advice on what works and what doesn’t. You should know what you’re worth, for instance, and be ready to justify why you’re asking for more.

But regardless of how much you prepare, new research suggests that if you’re black, racial bias can lessen the offer you end up receiving.

“Racially-biased job evaluators see black job-seekers as less deserving of higher monetary awards and take issue when the black job seekers ask for more,” Morela Hernandez, an associate professor at the University of Virginia, tells CNBC Make It.

In the paper “Bargaining While Black,” Hernandez and her colleagues suggest this bias may help explain the significant racial wage gap in the U.S. In 2016 the Pew Research Center reported that college-educated black men earn 20 percent less than college-educated white men. That’s the difference between making $25 and $32 per hour.

Meanwhile, college-educated black women earn 8 percent less than college-educated white women. When you don’t account for education, the gap becomes even more significant.

The researchers identified the salary negotiation process as a potential contributor to this trend through a series of experiments. In the first, study participants completed a survey to determine their own racial bias. Then they looked at resumes and headshots to estimate the likelihood that hypothetical job seekers would negotiate their salaries. Participants who demonstrated racial bias, the researchers found, expected black job-seekers would negotiate less than white job seekers.

Then participants were randomly assigned to be either hiring evaluators or job candidates and, in one-on-one scenarios, negotiated for a salary between $82,000 to $90,000. Race had no real effect on how much the candidates negotiated, but some of the participants incorrectly thought it did.

“Racially-biased job evaluators consistently overestimated the number of offers and counteroffers black job seekers made,” says Hernandez. “This underlines how our brains can see something that isn’t in fact there by virtue of the lens we use to interpret the situation.”

Biased evaluators expected black job-seekers to negotiate less than the white job-seekers. Yet once the researchers put it to the test, those evaluators thought the black job-seekers actually negotiated more. As a result, they were “less willing to make concessions.”

In other words, because their expectations were violated, they gave the black candidates less money.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: yoni blumberg, getty images, -derek avery, professor, wake forest university school of business
Keywords: news, cnbc, companies, does, race, racial, collegeeducated, evaluators, money, bias, jobseekers, doesnt, black, affect, job, impact, salariesbut, white, negotiate, participants


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Dollar range-bound as investors await Fed rate decision; yen trades with weak bias

The dollar traded in a narrow range on Thursday as markets settled after U.S. midterm election results came in as expected, leaving investors free to focus on a Federal Reserve’s policy decision later in the global day. “The dollar is likely to benefit as we still expect the Fed to maintain its hawkish stance. The dollar strengthened 0.14 versus the yen to trade at 113.66 on Wednesday. The euro traded at $1.1429 on Thursday. The New Zealand dollar traded flat at $0.6776, with little reaction to


The dollar traded in a narrow range on Thursday as markets settled after U.S. midterm election results came in as expected, leaving investors free to focus on a Federal Reserve’s policy decision later in the global day. “The dollar is likely to benefit as we still expect the Fed to maintain its hawkish stance. The dollar strengthened 0.14 versus the yen to trade at 113.66 on Wednesday. The euro traded at $1.1429 on Thursday. The New Zealand dollar traded flat at $0.6776, with little reaction to
Dollar range-bound as investors await Fed rate decision; yen trades with weak bias Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08
Keywords: news, cnbc, companies, dollar, euro, traded, rates, bias, currency, versus, fed, decision, weak, bank, trades, rangebound, rate, investors, yen, trade


Dollar range-bound as investors await Fed rate decision; yen trades with weak bias

The dollar traded in a narrow range on Thursday as markets settled after U.S. midterm election results came in as expected, leaving investors free to focus on a Federal Reserve’s policy decision later in the global day.

The central bank’s Federal Open Market Committee (FOMC) is expected to maintain the hawkish language seen in recent policy statements, while keeping interest rates unchanged this time.

The Fed has raised rates three times this year as the U.S. economy boomed and inflation started to pick up, and it has signaled a rate rise in December, with two more hikes by mid-2019.

“The dollar is likely to benefit as we still expect the Fed to maintain its hawkish stance. The U.S. economy needs rising rates as wage pressures are building and there is a risk of an overheating of the economy,” said Sim Moh Siong, currency strategist at Bank of Singapore.

The prospect of further Fed tightening helped the dollar recover against the euro and yen, having lost ground after the mid-term elections resulted in a split Congress, with Democrats winning control of the House of Representatives and Republicans cementing their majority in the Senate.

Expectations that the Washington will descend into gridlock has reduced President Donald Trump’s chances of pushing through a fiscal stimulus package.

The dollar index, a gauge of its value versus six major peers traded at 96.22 on Thursday, gaining 0.23 percent.

The dollar strengthened 0.14 versus the yen to trade at 113.66 on Wednesday. The dollar has gained around 1.9 percent over the Japanese currency over the last nine trading sessions due to the diverging monetary policies of the U.S. Fed and the Bank of Japan (BoJ).

While the Fed is on track to raise interest rates the Bank of Japan will press on with ultra loose monetary policy because of low growth and inflation.

The widening interest rate differential between U.S. and Japanese bonds has made the dollar a more attractive bet than the yen, which is often a funding currency for carry trades.

The euro traded at $1.1429 on Thursday. The single currency had touched an intra-day high of $1.15 on Wednesday, due to dollar weakness rather than any substantial improvement in the euro zone’s economic fundamentals.

The standoff between the EU and Rome over Italy’s budget deficit and concerns over Europe’s slowing economic growth have handicapped the euro, which has lost 4 percent versus the dollar over the last six months.

Elsewhere in the currency market, the pound traded flat at $1.3124 in early Asian trade after gaining 3.36 percent versus the dollar in the last six trading sessions, as traders bet a Brexit agreement was close.

The New Zealand dollar traded flat at $0.6776, with little reaction to its central bank keeping rates on hold at 1.75 percent on Thursday.

The Australian dollar built on its gains of the previous three trading sessions versus the greenback to trade at $0.7283, to gain 0.1 percent versus. The Aussie was cheered by stronger than expected trade data out of China, its largest trade partner.


Company: cnbc, Activity: cnbc, Date: 2018-11-08
Keywords: news, cnbc, companies, dollar, euro, traded, rates, bias, currency, versus, fed, decision, weak, bank, trades, rangebound, rate, investors, yen, trade


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Why Silicon Valley can’t shake accusations of anticonservative bias

No matter what they decide, someone will accuse them of bias. That is why they are desperate to transfer the responsibility (and legal liabilities) of making these decisions to someone else. Until we do, this controversy is here to stay, because these companies are the new masters of public information. And the gatekeepers are now media monopolists that likes of which would turn Citizen Kane green with envy. We are going to need a new digital social contract that guarantees our rights in this ma


No matter what they decide, someone will accuse them of bias. That is why they are desperate to transfer the responsibility (and legal liabilities) of making these decisions to someone else. Until we do, this controversy is here to stay, because these companies are the new masters of public information. And the gatekeepers are now media monopolists that likes of which would turn Citizen Kane green with envy. We are going to need a new digital social contract that guarantees our rights in this ma
Why Silicon Valley can’t shake accusations of anticonservative bias Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: dipayan ghosh, ben scott, co-authors of, digital deceit ii, a policy agenda to fight disinformation on the int, jim watson, afp, getty images
Keywords: news, cnbc, companies, valley, decide, public, party, companies, need, going, valuable, bias, world, shake, cant, anticonservative, information, silicon, accusations, dont


Why Silicon Valley can't shake accusations of anticonservative bias

“If we are going to have the most valuable companies in the history of the world decide how all of our news and information is sorted and delivered to us, we are going to need radical transparency.”

The companies make a clear and obvious counterargument. They are not in the business of making value judgments. It’s simply not in their commercial interests to do so. They don’t want to be the “arbiters of truth”; they don’t want to determine what constitutes nudity or profanity and what does not; and they don’t want to determine whether certain novel forms of extreme content deserve to be taken offline or not. No matter what they decide, someone will accuse them of bias. That is why they are desperate to transfer the responsibility (and legal liabilities) of making these decisions to someone else. They want to act upon the policies set forth by a third party, and they don’t care who that third party might be — whether government or civil society or industry organization — so long as the public thinks that third party is credible and so long as the regulations they set are favorable, meaning the rules favor the industry’s desires to innovate, even if that innovation comes at the expense of some public interest.

In the end this won’t work. Because the tech companies do decide. They are both publishers and they are technology platforms. Every day, they sort political information and deliver it to billions of people. And we do not know the rationale for those choices. Until we do, this controversy is here to stay, because these companies are the new masters of public information. While we’ve never had a perfect system of news production and distribution (far from it), we have always had a pretty clear understanding of how it came to us, who decided, and why. And now we don’t. And the gatekeepers are now media monopolists that likes of which would turn Citizen Kane green with envy.

The answer to the problem of #stopthebias is to pull back the curtain on the digital media marketplace. If we are going to have the most valuable companies in the history of the world decide how all of our news and information is sorted and delivered to us, we are going to need radical transparency. We are going to need a new digital social contract that guarantees our rights in this market.


Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: dipayan ghosh, ben scott, co-authors of, digital deceit ii, a policy agenda to fight disinformation on the int, jim watson, afp, getty images
Keywords: news, cnbc, companies, valley, decide, public, party, companies, need, going, valuable, bias, world, shake, cant, anticonservative, information, silicon, accusations, dont


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White House said to prepare antitrust probe order of tech companies

A draft of that executive order, seen by Bloomberg, is in its preliminary stages and hasn’t yet been run past other government agencies, a White House official told the publication. Its current language would direct federal agencies to give recommendations ways to “protect competition among online platforms and address online platform bias” within a month after being signed, according to the report. However, the White House distanced itself from Bloomberg’s report in a statement to CNBC. “Althou


A draft of that executive order, seen by Bloomberg, is in its preliminary stages and hasn’t yet been run past other government agencies, a White House official told the publication. Its current language would direct federal agencies to give recommendations ways to “protect competition among online platforms and address online platform bias” within a month after being signed, according to the report. However, the White House distanced itself from Bloomberg’s report in a statement to CNBC. “Althou
White House said to prepare antitrust probe order of tech companies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-22  Authors: kevin breuninger, alex wong, getty images
Keywords: news, cnbc, companies, house, bias, companies, antitrust, tech, told, white, accusations, agencies, order, probe, twitter, social, prepare, online, platforms


White House said to prepare antitrust probe order of tech companies

The White House is reportedly working on a memorandum for President Donald Trump to sign that would direct government agencies to “thoroughly investigate” big tech companies like Google and Facebook, Bloomberg News reported on Saturday, who have fended off accusations of political bias against conservatives.

A draft of that executive order, seen by Bloomberg, is in its preliminary stages and hasn’t yet been run past other government agencies, a White House official told the publication. It also does not mention any specific companies.

Its current language would direct federal agencies to give recommendations ways to “protect competition among online platforms and address online platform bias” within a month after being signed, according to the report.

However, the White House distanced itself from Bloomberg’s report in a statement to CNBC. Aides told The Washington Post on Saturday they didn’t know where the memo came from. They also cast doubt on whether it had been vetted through normal policy channels.

“Although the White House is concerned about the conduct of online platforms and their impact on society, this document is not the result of an official White House policymaking process,” deputy White House press secretary Lindsay Walters told CNBC in an emailed statement.

Business Insider also published the full leaked document Saturday. The text instructs the government agencies to “promote competition and ensure that no online platform exercises market power in a way that harms consumers, including through the exercise of bias.”

Republican lawmakers and right-wing groups have long questioned whether social media giants like Twitter, Facebook and Google are guilty of an anti-conservative bias, and promoting Democratic or progressive political views.

Trump himself has levied those accusations repeatedly, which reached a crescendo when Twitter was hit by accusations of “shadow banning” right-leaning voices on its platform.

Facebook CEO Mark Zuckerberg, Twitter chief Jack Dorsey and most recently Google’s Sundar Pichai have denied that their platforms are politically biased.

State attorneys general are set to brief U.S. Attorney General Jeff Sessions on Sept. 25 about their existing investigations into social media companies’ practices.

Bloomberg’s full report can be found on its website.


Company: cnbc, Activity: cnbc, Date: 2018-09-22  Authors: kevin breuninger, alex wong, getty images
Keywords: news, cnbc, companies, house, bias, companies, antitrust, tech, told, white, accusations, agencies, order, probe, twitter, social, prepare, online, platforms


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A.I. has a bias problem that needs to be fixed: World Economic Forum

We need to make the AI industry more diverse in the west: AI expert 5 Hours Ago | 02:40Artificial intelligence has a bias problem and the way to fix it is by making the tech industry in the West “much more diverse”, according to the head of AI and machine learning at the World Economic Forum. Just two to three years ago, there were very few people raising ethical questions around the use of AI, Kay Firth-Butterfield told CNBC at the World Economic Forum’s Annual Meeting of the New Champions in T


We need to make the AI industry more diverse in the west: AI expert 5 Hours Ago | 02:40Artificial intelligence has a bias problem and the way to fix it is by making the tech industry in the West “much more diverse”, according to the head of AI and machine learning at the World Economic Forum. Just two to three years ago, there were very few people raising ethical questions around the use of AI, Kay Firth-Butterfield told CNBC at the World Economic Forum’s Annual Meeting of the New Champions in T
A.I. has a bias problem that needs to be fixed: World Economic Forum Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-18  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, ai, west, recognition, world, ethical, needs, way, fixed, forum, bias, things, economic, problem, ago


A.I. has a bias problem that needs to be fixed: World Economic Forum

We need to make the AI industry more diverse in the west: AI expert 5 Hours Ago | 02:40

Artificial intelligence has a bias problem and the way to fix it is by making the tech industry in the West “much more diverse”, according to the head of AI and machine learning at the World Economic Forum.

Just two to three years ago, there were very few people raising ethical questions around the use of AI, Kay Firth-Butterfield told CNBC at the World Economic Forum’s Annual Meeting of the New Champions in Tianjin, China.

But ethical questions have now “come to the fore,” she said. “That’s partly because we have (the General Data Protection Regulation), obviously, in Europe, thinking about privacy, and also because there have been some obvious problems with some of the AI algorithms.”

Theoretically, machines are supposed to be unbiased. But there have been instances in recent years that showed even algorithms can be prejudiced.

A few years ago, Google was criticized after its image recognition algorithm identified African Americans as “gorillas.” Earlier this year, a Wired report said that Google has yet to fix the issue, and simply blocked its image recognition software from recognizing gorillas altogether.

“As we’ve seen more and more of these things crop up, then the ethical debate around artificial intelligence has become much greater,” Firth-Butterfield said. “One of the things that we’re trying to do at the World Economic Forum is really find a way of ensuring that AI grows exponentially, as it is doing for the benefit of humanity, whilst mitigate some of these ethical considerations in privacy, bias, transparency and accountability.”

Experts have said that biases sometimes creep in on programs because human bias influenced those algorithms when they were being written.

Firth-Butterfield agreed.


Company: cnbc, Activity: cnbc, Date: 2018-09-18  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, ai, west, recognition, world, ethical, needs, way, fixed, forum, bias, things, economic, problem, ago


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Putin takes another swipe at protectionism, ‘sanctions, bans and political bias’

President Vladimir Putin appeared to take another thinly veiled swipe at Trump’s economic policies on Wednesday, a day after Russia and China vowed to stand together to fight protectionism. “The world and global economy are coming up against new forms of protectionism today with different kinds of barriers which are increasing,” Russian President Vladimir Putin told a plenary session at the Eastern Economic Forum (EEF) in Vladivostok, Russia. “Basic principles of trade — competition and mutual e


President Vladimir Putin appeared to take another thinly veiled swipe at Trump’s economic policies on Wednesday, a day after Russia and China vowed to stand together to fight protectionism. “The world and global economy are coming up against new forms of protectionism today with different kinds of barriers which are increasing,” Russian President Vladimir Putin told a plenary session at the Eastern Economic Forum (EEF) in Vladivostok, Russia. “Basic principles of trade — competition and mutual e
Putin takes another swipe at protectionism, ‘sanctions, bans and political bias’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-12  Authors: holly ellyatt, mikhail svetlov, getty images news, getty images
Keywords: news, cnbc, companies, protectionism, vladimir, sanctions, putin, political, economy, swipe, global, bans, economic, world, veiled, president, bias, takes, vladivostok, vowed


Putin takes another swipe at protectionism, 'sanctions, bans and political bias'

President Vladimir Putin appeared to take another thinly veiled swipe at Trump’s economic policies on Wednesday, a day after Russia and China vowed to stand together to fight protectionism.

“The world and global economy are coming up against new forms of protectionism today with different kinds of barriers which are increasing,” Russian President Vladimir Putin told a plenary session at the Eastern Economic Forum (EEF) in Vladivostok, Russia.

“Basic principles of trade — competition and mutual economic benefit — are depreciated and unfortunately undermined, they’re becoming hostages of ideological and fleeting political situations, in that we see a serious challenge for all of the global economy, especially for the dynamically-growing Asia-Pacific and its leadership,” he added.


Company: cnbc, Activity: cnbc, Date: 2018-09-12  Authors: holly ellyatt, mikhail svetlov, getty images news, getty images
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Here’s the conversation we really need to have about bias at Google

Mr. Trump also claimed that Google advertised President Barack Obama’s State of the Union addresses on its home page but did not highlight his own. That, too, was false, as screenshots show that Google did link to Mr. Trump’s address this year. Because whether he knew it or not, Mr. Trump’s false charges crashed into a longstanding set of worries about Google, its biases and its power. In particular, a raft of research suggests there is another kind of bias to worry about at Google. Google says


Mr. Trump also claimed that Google advertised President Barack Obama’s State of the Union addresses on its home page but did not highlight his own. That, too, was false, as screenshots show that Google did link to Mr. Trump’s address this year. Because whether he knew it or not, Mr. Trump’s false charges crashed into a longstanding set of worries about Google, its biases and its power. In particular, a raft of research suggests there is another kind of bias to worry about at Google. Google says
Here’s the conversation we really need to have about bias at Google Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-31  Authors: farhad manjoo, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, trump, noble, work, heres, trumps, google, really, bias, search, mr, conversation, way, need, results


Here's the conversation we really need to have about bias at Google

Let’s get this out of the way first: There is no basis for the charge that President Trump leveled against Google this week — that the search engine, for political reasons, favored anti-Trump news outlets in its results. None.

Mr. Trump also claimed that Google advertised President Barack Obama’s State of the Union addresses on its home page but did not highlight his own. That, too, was false, as screenshots show that Google did link to Mr. Trump’s address this year.

But that concludes the “defense of Google” portion of this column. Because whether he knew it or not, Mr. Trump’s false charges crashed into a longstanding set of worries about Google, its biases and its power. When you get beyond the president’s claims, you come upon a set of uncomfortable facts — uncomfortable for Google and for society, because they highlight how in thrall we are to this single company, and how few checks we have against the many unseen ways it is influencing global discourse.

In particular, a raft of research suggests there is another kind of bias to worry about at Google. The naked partisan bias that Mr. Trump alleges is unlikely to occur, but there is a potential problem for hidden, pervasive and often unintended bias — the sort that led Google to once return links to many pornographic pages for searches for “black girls,” that offered”angry” and “loud” as autocomplete suggestions for the phrase “why are black women so,” or that returned pictures of black people for searches of “gorilla.”

I culled these examples — which Google has apologized for and fixed, but variants of which keep popping up — from “Algorithms of Oppression: How Search Engines Reinforce Racism,” a book by Safiya U. Noble, a professor at the University of Southern California’s Annenberg School of Communication.

Dr. Noble argues that many people have the wrong idea about Google. We think of the search engine as a neutral oracle, as if the company somehow marshals computers and math to objectively sift truth from trash.

More from The New York Times:

Every Generation Gets the Beach Villain It Deserves

Customers Died. Will That Be a Wake-Up Call for China’s Tech Scene?

Too Many Chinese Children Need Glasses. Beijing Blames Video Games.

But Google is made by humans who have preferences, opinions and blind spots and who work within a corporate structure that has clear financial and political goals. What’s more, because Google’s systems are increasingly created by artificial intelligence tools that learn from real-world data, there’s a growing possibility that it will amplify the many biases found in society, even unbeknown to its creators.

Google says it is aware of the potential for certain kinds of bias in its search results, and that it has instituted efforts to prevent them. “What you have from us is an absolute commitment that we want to continually improve results and continually address these problems in an effective, scalable way,” said Pandu Nayak, who heads Google’s search ranking team. “We have not sat around ignoring these problems.”

For years, Dr. Noble and others who have researched hidden biases — as well as the many corporate critics of Google’s power, like the frequent antagonist Yelp — have tried to start a public discussion about how the search company influences speech and commerce online.

There’s a worry now that Mr. Trump’s incorrect charges could undermine such work. “I think Trump’s complaint undid a lot of good and sophisticated thought that was starting to work its way into public consciousness about these issues,” said Siva Vaidhyanathan, a professor of media studies at the University of Virginia who has studied Google and Facebook’s influence on society.

Dr. Noble suggested a more constructive conversation was the one “about one monopolistic platform controlling the information landscape.”

So, let’s have it.


Company: cnbc, Activity: cnbc, Date: 2018-08-31  Authors: farhad manjoo, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, trump, noble, work, heres, trumps, google, really, bias, search, mr, conversation, way, need, results


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Wells Fargo said to be investigating reports of gender bias in its wealth division

Female executives at Wells Fargo have raised concerns about gender bias in the bank’s wealth management division, the Journal reported. The Journal talked to six women who are Wells Fargo executives who either attended the meeting or had direct knowledge of it. Wells Fargo has fewer females in top leadership roles compared with its wealth-management peers on Wall Street, the Journal reported. Wells Fargo switched up its executive ranks following the scandal but other investigations into its sale


Female executives at Wells Fargo have raised concerns about gender bias in the bank’s wealth management division, the Journal reported. The Journal talked to six women who are Wells Fargo executives who either attended the meeting or had direct knowledge of it. Wells Fargo has fewer females in top leadership roles compared with its wealth-management peers on Wall Street, the Journal reported. Wells Fargo switched up its executive ranks following the scandal but other investigations into its sale
Wells Fargo said to be investigating reports of gender bias in its wealth division Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-31  Authors: kate rooney, getty images
Keywords: news, cnbc, companies, reports, journal, team, wealth, division, gender, investigating, bias, concerns, women, fargo, executives, told, wells, bank


Wells Fargo said to be investigating reports of gender bias in its wealth division

Wells Fargo has been investigating internal complaints of gender bias in its wealth management division for months and is looking into at least one formal human resources complaint about the division’s head, a man, according to a report in The Wall Street Journal on Friday.

Female executives at Wells Fargo have raised concerns about gender bias in the bank’s wealth management division, the Journal reported. A dozen women who are executives in the division met in Scottsdale, Arizona, in June to discuss the concerns, particularly the lack of women in senior roles.

The Journal talked to six women who are Wells Fargo executives who either attended the meeting or had direct knowledge of it.

They told the Journal that qualified women recently had been turned down for top jobs that went to men, and when women did raise concerns they felt ignored.

They also said part of the internal investigation focuses on a complaint against Jay Welker, president of Wells Fargo’s private bank and head of the wealth-management division since 2003, who reportedly told some executives that “women should be at home taking care of their children.” Some of the women told the Journal he often called women “girls” or told them to put their “big girl panties on.”

A spokeswoman for the bank said in response to a request by CNBC for comment, “On his behalf, Jay doesn’t have any comments on this.”

The spokeswoman separately told CNBC in an email, “We value all of our Wells Fargo team members, and we take seriously any allegation raised by a team member, or against a team member. We ensure that concerns raised are thoroughly and objectively investigated, while taking measures to protect confidentiality. Once an investigation is complete we are committed to taking any appropriate action. At Wells Fargo we are committed to promoting diversity and inclusion in all aspects of our business, which we believe is essential to engaging our team members, customers, communities and shareholders.”

Wells Fargo has fewer females in top leadership roles compared with its wealth-management peers on Wall Street, the Journal reported.

The country’s third-largest bank has dealt with multiple scandals across its major business units in the past two years. In 2016, it was revealed that branch employees had opened millions of fake accounts in customers’ names without their knowledge to meet sales targets.

Wells Fargo switched up its executive ranks following the scandal but other investigations into its sales practices unearthed issues in its auto lending, mortgage and wealth management.

Earlier this year, Wells Fargo agreed to pay a $1 billion fine over misconduct in its mortgage lending and auto businesses. In February, the Federal Reserve restricted Wells Fargo’s loan growth until it makes several internal changes to its risk management. In April, the Journal reportedthat financial advisers pushed clients into products or investing platforms meant to generate more revenue for the bank than returns for customers, which the Justice Department and SEC are investigating.

— Read the entire Wall Street Journal report here.


Company: cnbc, Activity: cnbc, Date: 2018-08-31  Authors: kate rooney, getty images
Keywords: news, cnbc, companies, reports, journal, team, wealth, division, gender, investigating, bias, concerns, women, fargo, executives, told, wells, bank


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Experts: Trump’s allegations of tech bias may actually reduce the odds of industry regulation

Rather than inviting heavier scrutiny, President Donald Trump’s accusations that Facebook, Twitter and Alphabet’s Google are biased may actually protect those companies from regulation, experts say. Trump doubled down on threats against Facebook, Twitter and Google on Tuesday afternoon, saying the social platforms are “treading on very, very troubled territory and they have to be careful.” “I think there are real issues with the way Google runs its search engine, just as I think there are huge i


Rather than inviting heavier scrutiny, President Donald Trump’s accusations that Facebook, Twitter and Alphabet’s Google are biased may actually protect those companies from regulation, experts say. Trump doubled down on threats against Facebook, Twitter and Google on Tuesday afternoon, saying the social platforms are “treading on very, very troubled territory and they have to be careful.” “I think there are real issues with the way Google runs its search engine, just as I think there are huge i
Experts: Trump’s allegations of tech bias may actually reduce the odds of industry regulation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-29  Authors: chloe aiello
Keywords: news, cnbc, companies, jones, industry, regulation, actually, lean, twitter, google, reduce, companies, bias, allegations, odds, trumps, mcnamee, way, experts, facebook, tech


Experts: Trump's allegations of tech bias may actually reduce the odds of industry regulation

Rather than inviting heavier scrutiny, President Donald Trump’s accusations that Facebook, Twitter and Alphabet’s Google are biased may actually protect those companies from regulation, experts say.

“In a strange way, the president’s attacks on big tech inoculate them from regulation,” NYU Stern School of Business professor Scott Galloway said Wednesday on CNBC’s “Squawk Alley.” “His attacks lack reason, data or grammar, which weaken the argument.”

Trump doubled down on threats against Facebook, Twitter and Google on Tuesday afternoon, saying the social platforms are “treading on very, very troubled territory and they have to be careful.” The president’s comments followed earlier accusations that Google search results prioritize negative coverage and left-leaning outlets, and a warning that the issue “will be addressed.”

Galloway said these firms “don’t lean left, they don’t lean right, they lean down,” meaning the companies algorithms are designed to extract maximum profit, not to champion a political cause.

“Whatever will get more clicks, more engagement, more growth, more earnings, more shareholder value — there is no bias there. Their bias is against labor costs and controversy,” said Galloway.

Galloway wasn’t alone in his thinking. Roger McNamee, managing director at Elevation Partners, said the technology companies may have a lot of issues, but political bias isn’t one.

“I think there are real issues with the way Google runs its search engine, just as I think there are huge issues with Facebook and Twitter. The one the president is talking about is not one of them,” McNamee, venture capitalist and investor, said in the same “Squawk Alley” interview as Galloway.

Furthermore, McNamee said he wasn’t sure why conservatives would even want to defend divisive figures, like Alex Jones, the conspiracy theorist behind the Infowars media outlet.

“One of the things that I find really confusing is that folks in the Republican Party would look at something like Alex Jones as being something they need to defend — someone who is in the business of spreading conspiracy theories,” McNamee said.

Infowars did not immediately respond to CNBC’s request for comment.

Earlier this August, multiple tech companies, including Apple, Facebook, Google’s YouTube, Pinterest, Twitter and Spotify, clamped down on content by Jones, removing podcasts, pages and other content.

The tech companies said they removed Jones’ material for violating policies related to hate speech and harassment. Some right-wing commentators have criticized the moves, saying they amount to censorship.

Trump’s comments “rally the left, who likely could have been partners” in regulation efforts, Galloway said. “This could have been a bipartisan effort.”

McNamee said rhetoric, like Trump’s, only complicates regulation, which is already a very complicated issue.

“If I were the industry, I’d feel good about being attacked this way. Because at the end of the day, the industry’s situation is complicated, and by making it more complicated, they do lower the probability of successful regulation,” McNamee said.

The White House did not immediately respond to CNBC’s request for comment.

That’s not to say the industry doesn’t need regulation, according to McNamee and Galloway who both said large players in big tech have all done things that should invite closer scrutiny.

“For all intents and purposes the business plan of these companies is now fair game in Washington, D.C.— and justifiably so,” McNamee said. “Google and Facebook and Twitter have all done stuff that Congress does needs to regulate, because Congress has to protect the public interest and these guys have been on the wrong side of that.”


Company: cnbc, Activity: cnbc, Date: 2018-08-29  Authors: chloe aiello
Keywords: news, cnbc, companies, jones, industry, regulation, actually, lean, twitter, google, reduce, companies, bias, allegations, odds, trumps, mcnamee, way, experts, facebook, tech


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AI racial bias problem Google funding summer camps for change

They’re working to close that gap through summer camps aimed at high school students. In its first year, there were only two summer camps at Stanford University and UC Berkeley. All of the camps are aimed at high school students who are women, people of color or low-income. Part of Google.org’s grant will go towards opening more AI4All camps. “I want to initiate change using artificial intelligence,” Sun said.


They’re working to close that gap through summer camps aimed at high school students. In its first year, there were only two summer camps at Stanford University and UC Berkeley. All of the camps are aimed at high school students who are women, people of color or low-income. Part of Google.org’s grant will go towards opening more AI4All camps. “I want to initiate change using artificial intelligence,” Sun said.
AI racial bias problem Google funding summer camps for change Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-10  Authors: ashley wong, source
Keywords: news, cnbc, companies, intelligence, artificial, ai, camps, racial, problem, bias, school, change, students, summer, women, google, funding, program, ai4all


AI racial bias problem Google funding summer camps for change

OAKLAND — Through connections made at summer camp, high school students Aarzu Gupta and Lili Sun used artificial intelligence to create a drone program that aims to detect wildfires before they spread too far.

Rebekah Agwunobi, a rising high school senior, learned enough to nab an internship at the Massachusetts Institute of Technology’s Media Lab, working on using artificial intelligence to evaluate the court system, including collecting data on how judges set bail.

Both projects stemmed from the Oakland, Calif.-based nonprofit AI4All, which will expand its outreach to young under-represented minorities and women with a $1 million grant from Google.org, the technology giant’s philanthropic arm announced Friday.

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Artificial intelligence is becoming increasingly commonplace in daily life, found in everything from Facebook’s face detection feature for photos to Apple’s iPhone X facial recognition.

It’s also one of the more disputed parts of technology. The late astrophysicist Stephen Hawking and Tesla CEO Elon Musk have warned human civilization is at risk from the unfettered development of artificial intelligence, which could lead to autonomous weapons of terror. Such fears led staff at Google earlier this year to press the company to halt a drone contract with the Pentagon.

The technology, still in its early stages, has also been decried for built-in racial bias that can amplify existing stereotypes. That’s particularly worrisome as more companies use it for decisions like hiring and police leverage artificial intelligence-powered software to identify suspects. MIT Media Lab researcher Joy Buolamwini, who is black, found facial recognition software could more easily identify her face when she wore a white mask, a result of algorithms that relied on data sets of mostly white faces.

Three years ago, Google apologized after its photo identification software mislabeled black people as gorillas. Microsoft did the same after users quickly found a way to get an artificial intelligence-powered social chatbot to spew racial slurs.

Tess Posner, CEO of the nonprofit organization AI4All, said the problem is made worse by the fact that minority groups like women and people of color have historically been left out of the tech industry, particularly in AI.

“We need to have people included that are going to be impacted by these technologies, and we also need inclusion to ensure that they’re developed responsibly,” Posner said. “(Bias) happens when we don’t have people asking the right questions from the beginning.”

Despite stated efforts to attract more women and more people of color, Google, Facebook and other big tech giants have been slow to diversify their staff and they’ve failed to hire many women of color. African-American and Hispanic women make up no more than one percent of Silicon Valley’s entire workforce.

Posner’s organization believes the tech industry has to start including women and people of color at a much earlier stage. They’re working to close that gap through summer camps aimed at high school students.

AI4All, launched in 2017, is based on a two-week summer camp program out of Stanford University.

Since then, AI4All’s resources have expanded across the country. In its first year, there were only two summer camps at Stanford University and UC Berkeley. This year it added four more at Carnegie Mellon, Princeton, Boston University and Simon Fraser University.

All of the camps are aimed at high school students who are women, people of color or low-income.

Part of Google.org’s grant will go towards opening more AI4All camps. The ultimate goal is to use the money to create a free, online AI curriculum course that will be accessible to anyone in the world. A course is already in the works.

“We really need for AI to be made by diverse creators, and that starts with people having access to the learning opportunities to understand at its core what AI is and how it can be applied,” Google.org’s AI4All partnership lead Hannah Peter said.

In addition to providing summer camps, AI4All also offers three-month fellowships where students can develop their own projects and pitch them to AI experts in the industry, as well as funding for their students to launch independent initiatives.

One such initiative was AI4All alumnus Ananya Karthik’s workshop, creAIte, which uses artificial intelligence to create artwork. Karthik gathered a few dozen girls on a sunny Monday afternoon at Oakland’s Kapor Center to show them how to use the Deep Dream Generator program to fuse images together for a unique piece of artwork.

Other AI4All students, most of whom are still in high school, have turned their newly acquired technical skills towards current pressing issues, like the wildfire project developed by Gupta and Sun, from AI4All’s 2017 and 2016 class, respectively. The two met during one of the AI4All’s three-month fellowships this year. This idea came out of the Napa and Sonoma County fires that plagued northern California late last year.

The camps validated their interest in STEM careers. They also appreciated the camp’s talks featuring real-world examples of minority women who were able to succeed in the industry.

“I want to initiate change using artificial intelligence,” Sun said. “I don’t want to be just working on an iPhone or something like that … (AI4All) gave me real examples of people who’ve succeeded, which is pretty cool. I knew that I could do it.”

Because of her experiences, Gupta said, she’s looking forward to exploring a career in AI, particularly in its uses for health and medicine. She’s already putting that interest to work with her internship this summer at UC San Francisco, where the lab she’s working at is doing research on the increased risk factors for women in developing Alzheimer’s disease.

Amy Jin, an AI4All 2015 alumna and a rising freshman set for Harvard University in the fall, said the program opened her eyes to all the possibilities of AI as a tool for solving real-world problems.

Using surgery videos from UCSF, Jin, along with one of her AI4All mentors, developed a program that can track a surgeon’s tools, movements and hand placement to give feedback on how to improve their technique.

For Agwunobi, AI4All was instrumental in showing her how she could combine her passion for activism and social justice with her interest in technology.

At her MIT internship, Agwunobi took data gathered during the pre-trial process to evaluate how key figures like judges behave while setting bail. The goal is to arm activists with this data when pushing for bail reform and scaling back mass incarceration.

“You can work with tech and still be accountable to community solutions,” Agwunobi said. “(AI4All) affirmed my desire to solve interesting problems that actually helped communities I was accountable to, rather than making me feel like I was selling out … I think that’s how I want to approach solving humanitarian problems in the future.”


Company: cnbc, Activity: cnbc, Date: 2018-08-10  Authors: ashley wong, source
Keywords: news, cnbc, companies, intelligence, artificial, ai, camps, racial, problem, bias, school, change, students, summer, women, google, funding, program, ai4all


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