An Editorial Special

Written by Ron Kruszewski, Chairman and CEO of Stifel Financial Corp.

Our United States Constitution states that all human beings are created equal and that no person will be denied equal protection of the laws. Powerful ideals that we as a nation must do more to advance. 

I am horrified by the brutal suffocation of George Floyd, along with the tragic deaths of Ahmaud Arbery, Breonna Taylor and numerous others, which have driven many to immediate action. Yet those deaths are only the most visible, recent incarnations of a much deeper problem that reveals the shocking failure of American society to uphold our most basic principles. In truth, our country has struggled to provide equal opportunity and justice generally for people of different backgrounds, genders, and races and, in particular, for Black Americans. 

 These recent events, which have too many historical antecedents, require us as Americans on behalf of our nation to take informed action to confront these challenges head on. We must start by listening. However, listening alone does not relieve the obligation to act, and the actions we take will be informed by listening and focusing on progress. 

 I have long been a proponent of a modified version of the Golden Rule, which is to treat others as they want to be treated.  This year, in my annual letter to Stifel shareholders, I wrote: 

 “There should be nothing about anyone’s birth or personal background that limits their ability to contribute and compete at our firm. The benefits of moving toward this ideal will be unquantifiable in the best sense of the word, so I cannot stress enough that diversity does not need to earn its place in our ranks.  We need to work, and keep working, to earn its benefits.” 

 Those words are a worthy principle, but to make progress we must take an honest look at ourselves and recognize that we can do better. We must increase our commitment to accepting diversity in all its forms and to promoting diversity as a priority and a responsibility. In this regard, my firm must – and will – do better.  

 What can I do? Well, I believe I need to hear from my colleagues at Stifel. As such, drawing from a team of associates who represent the diversity we strive to achieve, I will chair a new group designed to listen and learn from our community. This will not be just another bureaucratic committee, but a process determined to improve Stifel, with reporting and accountability. I will personally be involved and look forward to learning.  

 What plan and objectives will this group have? To answer that question here and now would be to contradict my commitment to listen. This Stifel group will include both internal and outside perspectives, and it will take its direction not from me, but from our associates who represent the growing diversity of Stifel. I commit to listening to their input and making us a better firm. 

 I truly believe that, as Americans, our ideals are the right ones. But, we must continually dedicate ourselves, in whatever capacity we can, to lifting them off the page. This means living up to them not only as individuals – as coworkers, as neighbors, even as strangers thrown together by circumstances – but also as participants in the global systems and institutions of our lives. There is no other way to undermine the “systemic” part of the racism that still plagues us. Stifel is making an institutional commitment to do more. I ask the community to do its part, in all its roles, to help us move forward, as a country, on this better path.