State Street, which manages $2.6 trillion in assets, was informed of the results of the audit on March 31, the same month the Fearless Girl statue was erected, and rejected the findings. The DOL alleges that the firm's systemic pay discrimination dates back to at least 2010 and affected hundreds of employees, primarily in senior-level positions. Black vice presidents received similar treatment. "Still, the filing says that the firm has agreed to pay about $4.5 million in back pay and about $500,000 in interest into a settlement fund for the affected employees", The Times says.
State Street officially denies the claims but has agreed to settle the lawsuit.
'While we disagreed with the OFCCP's analysis and findings, we have cooperated fully with them, and made a decision to bring this six-year-old matter to resolution and move forward, ' the spokesperson said in the statement. In exchange, the Department of Labor will not institute judicial or administrative enforcement proceedings.
However, the statue was quickly denounced as a transparent marketing ploy, and the bank was roundly criticized by a memorable coalition of feminists, bankers and even the Italian sculptor who created Wall Street's charging bull. It immediately became a sensation, especially among young women. Though that didn't stop the judges at the Cannes Ad Festival from lavishing McCann, the advertising firm that helped create the statue, with three top awards.
The work was embraced by tourists and others as a symbol of female empowerment, though some critics have questioned the motives of State Street, which has said the statue was intended "to celebrate the power of women in leadership and to urge greater gender diversity on corporate boards".
The objective of the statue is to celebrate women in leadership as it was placed in the heart of the financial district - which has longtime been a male-dominated work culture.
News of the fine for the company behind the Fearless Girl statue was made public in an announcement by the U.S. Department of Labor.
Well, you could argue that Tisdalle's company wasn't so much inspired by "her" than the branding of her-a company that believed that spending money on a bronze statue was more of an investment than adequately paying and hiring more women and people of color. There are five women on its 28-person leadership team-that's only 18 percent of the group.