Asset manager State Street Global Advisors, which had installed the statue of the “Fearless Girl” staring down the Wall Street’s famous stock market bull, on Friday agreed to pay $2.6 trillion (approximately Rs 170 lakh crore) in a row over gender pay gap, Bloomberg reported. Ironically, the sculpture was put up as a part of the firm’s campaign to promote equal pay.
The United States Department of Labour had alleged that women in senior positions at the company had received lower base salaries, bonus and total compensation since December 2010 than their male colleagues. The pay disparity was revealed during an audit conducted in 2012.
The Boston-based company will pay the settlement to more than 300 female staff, according to the Department of Labour. The settlement also covers the allegations that the company had paid 15 black employees less than their white counterparts, BBC reported.
However, the company has denied the allegations of discrimination. “State Street is committed to equal pay practices and evaluates on an ongoing basis our internal processes to be sure our compensation, hiring and promotions programmes are non-discriminatory,” the company told Bloomberg.
The firm had said that the statue of the “Fearless Girl”, which was installed on the occasion of Women’s Day in March, was part of its new campaign that aims to get more women on corporate boards. The sculpture, made by Kristen Visbal, was to attract attention to the lack of gender diversity on corporate boards and the pay gap, it had then said.