At UBS Americas, we're accelerating our investment in diverse talent. (UBS)

UBS has made important strides to strengthen our culture and our workforce to better reflect our increasingly diverse client base. We've also worked to accelerate outcomes for communities of color, especially in the areas of education and entrepreneurship . With that foundation, we’re now accelerating our efforts with even greater conviction.

Reshaping our workforce

Our first Americas Diversity & Inclusion Impact Report published in early 2020 affirmed our belief in transparency and accountability. We're now setting clear aspirational targets in the Americas to expand the representation of people of color at UBS. Today, people of color represent roughly 19% of our Americas colleagues ranked as directors or higher. Among financial advisors, people of color comprise roughly 10%. Within that, less than 2% of directors and above identify as Black or African American. Among financial advisors, it's only 1%.

We're now increasing our investment in diverse talent. By 2025, we aim to achieve 26% representation of people of color at the director level and above, and roughly 19% among our financial advisors. That includes a net increase of 300 Black or African Americans at the director level or higher, and 200 more Black or African American financial advisors.

We aim to achieve these goals through new professional development programs, reworked onboarding plans, and more thoughtful and deliberate promotion and succession planning.

Accelerating outcomes for communities of color

We're also focusing on making a bigger impact outside of the firm by committing more than USD 3 million in total to expand equality and opportunity. This includes direct donations to t he Equal Justice Initiative and the NAACP Legal Defense & Education Fund, two organizations leading the fight for social justice and equity.

To support communities suffering disproportionately amid the COVID-19 pandemic, we're donating fees earned from the Paycheck Protection Program referral program to community development organizations like Carver Federal Savings Bank, the National Urban League, and Village Capital to provide emergency grants and funding to local small businesses. We're also directing another round of COVID-19 relief funding to partners in communities heavily impacted by the virus, like the members of the National College Attainment Network, who provide support to underrepresented students and first generation college goers.

In addition, we're expanding understanding of the African American experience by providing free access to our partner EVERFI's course "306: African American History" to hundreds of schools nationwide, as well as to all our employees, their families, and our clients.

Our goal is to create a company, an industry, and a country that are stronger than they are today. These are investments in our people and the future of our workforce, alongside investments in the resiliency and vibrancy of our communities. As we move ahead, we'll explore what more we can do to enhance our own performance regarding diversity and inclusion, to improve our communities, and to inspire others to take action.

By Tom Naratil, Co-President of Global Wealth Management and President Americas, UBS