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UNION BANK NAMED A 2014 TOP 10 REGIONAL COMPANY BY DIVERSITYINC
For Immediate Release
Sherice L. Bellamy Jones
SAN FRANCISCO, CA (May 8, 2014) – Union Bank, N.A., today announced that for the fourth consecutive year the bank has been named one of DiversityInc’s Top 10 Regional Companies for Diversity, ranking third on the “Regional Companies” Specialty List. The bank’s ranking, up from number seven in 2013 and 10 in 2011 and 2012, is derived from data that DiversityInc gathers in an annual corporate survey.
Union Bank’s long standing commitment to diversity and inclusion is illustrated in numerous practices, programs, products and services, such as its nearly 20-year Local Heroes Awards, which celebrates cultural diversity; community partnerships; a diverse and highly engaged workforce in which more than half of its employees are people of color and more than 60 percent women; a supplier diversity program that has become an industry standard; and a strong commitment to community development finance and diverse business lending. The bank also boasts one of the most diverse corporate boards of directors of any major U.S. company.
“We’re honored to be recognized in such a prominent way for our longstanding belief in championing diversity and inclusion,” said Union Bank President and Chief Executive Officer Masashi Oka. “We’re gratified our efforts to instill and honor these values have been so effective and well received at our bank. Embracing diversity has long been part of our culture, not only because it’s the right thing to do but also the enlightened thing to do. To reflect the entire community we exist to serve is a competitive strength, and we’re extremely proud of this ranking,” he said.
The rankings are determined by an objective methodology that calculates factors such as Talent Pipeline, Equitable Talent Development (including commitments to mentorship and philanthropy), CEO/Leadership Commitment, and Supplier Diversity. The empirical data for the rankings is provided by a 300-question survey filled out by personnel at the participating companies. Survey participation is free to any company with at least 1,000 U.S. workers. Companies are assessed based on more than 180 factors, including:
- Demographics of the workforce, new hires, management, promotions in management, promotions into management, top three levels of management, top 10 percent highest-paid employees;
- Best practices including employee resource group participation, manager participation in cross-cultural mentoring, executive diversity council’s setting goals tied to executive compensation and educating/mentoring diverse suppliers;
- Leadership commitment demonstrated by meeting with employee resource groups, signing off on executive compensation tied to diversity goals, and serving as cross-cultural mentor;
- Percentages of Tier I (direct contractor) and Tier II (subcontractor) procurement spent with diverse suppliers.
“Earning a spot on the DiversityInc Top10 Regional Companies for Diversity list proves that management is paying close attention to the needs of their primary constituents—employees, customers and other key stakeholders,” said DiversityInc Founder and CEO Luke Visconti. “Companies with great reputations attract the best and most skilled employees who then create and deliver the best products and services. It’s a virtuous cycle that enables public companies on the list to consistently outperform the major domestic stock market indices and privately held companies to surpass their peers.”
The DiversityInc Top 10 Regional Companies list can be found at http://www.diversityinc.com/top10regionalcompanies/ and the full list of 2014 honorees can be found at www.DiversityInc.com/top50
About UnionBanCal Corporation & Union Bank, N.A.
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $107.2 billion at March 31, 2014. Its primary subsidiary, Union Bank, N.A., provides an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 422 branches in California, Washington, Oregon, Texas, Illinois, New York and Georgia, as well as 2 international offices, on March 31, 2014. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world’s largest financial organizations. In July 2013, American Banker Magazine and the Reputation Institute ranked Union Bank #1 for reputation among its customers. Visit http://www.unionbank.com for more information.
DiversityInc’s mission is to bring education and clarity to the business benefits of diversity. The DiversityInc Top 50 Companies for Diversity list began in 2001, at the same time many corporations were beginning to understand the business value of diversity-management initiatives. The 2014 Top 50 Companies for Diversity results are featured on DiversityInc.com and in DiversityInc magazine. For more information, log on to www.diversityinc.com, https://www.facebook.com/DiversityInc, https://twitter.com/DiversityInc, or http://www.linkedin.com/company/26561.