Wall Street’s Favorite Diversity Program Is Under Fire—Here’s Why
You know that feeling when something designed to fix a problem suddenly becomes the problem? That’s exactly what’s happening with the SEO fellowship. For years, it’s been the go-to springboard for minority law students trying to crack into Wall Street’s old boys’ club. But now? Let’s just say the program’s getting more side-eye than a typo in a Supreme Court brief.
Wait—What Even Is This SEO Thing?
Okay, quick history lesson. Back in 1963 (yes, when Kennedy was still president), some folks decided to give minority students a fighting chance in finance and law. The idea was simple: connect talented Black, Latino, and other underrepresented students with the big-shot firms that normally wouldn’t look their way. And it worked—like, really worked. We’re talking about kids from state schools landing internships at Sullivan & Cromwell kind of worked.
The program’s secret sauce:
- Who gets in: Mostly students of color, though they’ve tweaked the rules over time
- The real MVP: Not just networking—we’re talking mock interviews with actual partners, mentors who’ll text you back at midnight before an interview
- Track record: Alumni at every top firm you can name, some making partner before they hit 35
So Why’s Everyone Suddenly Pissed Off?
The “Reverse Discrimination” Crowd
Here’s where it gets messy. Some law students—usually the ones who didn’t get in—are crying foul. Their argument? “If we can’t have race-based programs, why can they?” Honestly, it’s the same tired debate we’ve been having since affirmative action became a thing. One recruiter (who definitely didn’t want me using their name) put it perfectly: “We created this to fix exclusion, and now people are calling it exclusionary. Make it make sense.”
Bigger Than Just SEO
This isn’t happening in a vacuum. Across the country, DEI initiatives are getting gutted—Texas just axed theirs entirely. There’s this growing narrative that any program considering race is automatically “discriminatory.” Never mind that Wall Street’s leadership is still about as diverse as a 1950s country club. The irony? These lawsuits always come from groups who’ve never had to worry about diversity helping them.
What This Means for Students Right Now
Imagine finally getting this golden ticket, only to have people imply you didn’t really earn it. That’s the reality for current fellows. One student told me (off the record, obviously): “This program showed me doors I didn’t even know existed. Now people act like I picked the lock.” Meanwhile, critics keep harping on about “meritocracy”—as if golfing with daddy’s friends at the country club is somehow more merit-based.
How SEO’s Fighting Back
The program’s official line? “We’re not backing down.” They’ve hinted at maybe tweaking some eligibility stuff, but no specifics yet. The big firms are still playing nice publicly, but you know they’re sweating. No one wants to be the next viral DEI villain. What happens next could change how Wall Street does diversity—for better or worse.
The Real Question No One’s Asking
Here’s the thing: if we kill programs like SEO, what replaces them? Because last I checked, the “just work harder” approach hasn’t exactly fixed Wall Street’s diversity problem. Maybe instead of arguing about who gets help, we should ask why certain groups still need it in 2024. But that would require actual introspection—and let’s be honest, when has Wall Street ever been about that?
Source: Financial Times – Companies