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AFFIRMATIVE ACTION PROGRESS SINCE 1981

Since 1981, the Bank has made progress in improving the number and percentage of

minorities and females at all levels and in broadening their representation in all areas.

Over the past decade, and as indicated in Table II, the number of minorities in the senior

staff has nearly doubled, increasing from 84 in 1981 to 167 in 1991. Similarly, the number of

females in the senior staff has risen steadily, from 148 in 1981 to 259 at year-end 1991. It is

important to note that the growth rates for both minorities and females during this period have

been significantly greater than the growth of the overall senior staff population. With respect to

the officer group, the number of minority officers has more than doubled and the number of female

officers has risen by almost 90%, even though the overall officer population grew only 25% over

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1991 AFFIRMATIVE ACTION RESULTS

During 1991, the Bank made progress toward achieving its interim affirmative action goals

as summarized in Table III. The representation of minorities and females increased at the senior

staff level in both absolute number and percentage terms, despite a significant increase in the

number of senior staff overall. The Bank essentially attained its 1991 target for minority senior staff

and met its target for female officers. On the other hand, the Bank fell somewhat short of reaching

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The Bank's affirmative action achievements from 1981 to 1991 are shown in charts A and B

on page 15 of this report.

The soft labor narket during the year facilitated our recruiting efforts by creating an

expanded pool of minorities and females upon which we were able to draw in connection with Bank

Supervision's special hiring initiatives. Outside of Bank Supervision, however, the Bank's unusually low turnover (6.7%) limited the number of openings in the senior staff that could be filled through

internal promotions or external recruiting.

1991 EFFORTS TO IMPROVE AFFIRMATIVE ACTION PERFORMANCE

Last year, the Bank adopted various initiatives that focused not only on the quantitative

elements of the affirmative action program, but also emphasized more than ever before the many

qualitative aspects of the program as well. The achievement of numerical targets, while an important indicator of the Bank's commitment to equal opportunity, is not the final goal of our affirmative action program. We recognize the desirability of placing ever-increasing attention on the quality of the integration, training and promotion processes so that we can be assured that the

representation of minorities and females continues to increase over time. Toward that goal, we

aggressively pursued various recruitment, development and retention initiatives to offset the

turnover of talented staff, including minorities and females, capable of succession into senior staff

and official positions. In addition, we continued to implement programs aimed at heightening management's awareness throughout the Bank of the flexibility and sensitivity required to manage

effectively the Bank's diverse workforce.

College Recruitment

Our college recruitment efforts continued to be a key component of the Bank's efforts to

develop a critical feeder pool of talented minorities and females for succession to senior staff and

official positions. In 1991, the Bank's college recruitment program made significant strides in

increasing the representation of minorities and females in entry level positions. A total of 96

undergraduate and graduate level students were hired by the Bank. Of that number, 30 percent

were minorities, and 50 percent were females, compared with 25 and 46 percent respectively, in 1990. These gains largely reflected the new initiatives undertaken by the recruiting staff to reach out to a larger pool of minority candidates on campus including information sessions targeted to minority organizations on campuses where we recruit. In addition, individual networking with

economics professors, career counselors and previous summer interns from predominantly minority

schools increased our exposure to minority candidates.

In order to maximize these efforts, we called upon recent minority college recruits to accompany the Bank's recruiters to their alma maters, to assist the Bank in networking and

developing contacts with minority organizations on campus, and to serve as mentors for the Bank's

summer interns.

The Bank's recruiting needs for 1991 indicated a greater demand for candidates with master's

level degrees in several of the policy areas. In addition, the expanded responsibilities of the Bank

Supervision Group increased the Bank's demand for individuals with experience in commercial bank

lending and credit analysis. In response to the Bank's changing needs and our forecast that this trend will continue, we implemented several initiatives to recruit talented candidates with advanced degrees and/or relevant work experience, including minority and female candidates.

We successfully coordinated an expanded MBA/MA recruitment program for policy areas

of the Bank which resulted in 13 new hires, including three minorities and eight females. Recognizing the difficulty we had in finding minority and female candidates, and in order to

improve our affirmative action hiring at the master's level in the years ahead, we shifted our

strategy and initiated a master's level summer internship program. In 1991, a black female student

from New York University's Graduate School of Business Administration participated in that

internship program.

In addition, we established contacts and discussed our hiring requirements with key

individuals in various minority professional organizations, including the national and the regional

presidents of the National Black MBA Association and the Hispanic Society of MBA's. We also

sponsored a booth at the job fair during the National Black MBA Association's annual conference.

Tnining and Development

The training and development of management staff is, of course, a major goal of the Bank, with a number of continuing and new programs designed to meet these needs. Clearly, the ability of managers to provide feedback, coaching and counseling to all employees enhances the Bank's

ability to retain talented and high potential people, including minorities and females. Toward that

goal, our development and retention efforts in 1991 focused on the design of new management

development initiatives to replace the former Management Training Program (MTP) and Executive

Development and Training Program (ET&D).

The foundation of the new process is a much more active role for area management in

developing their staff members. In that regard, efforts are being undertaken to train managers to

give more effective career related feedback to their employees. In addition, a new curriculum

provides customized managerial training to individuals identified as having the potential to advance to chief and staff director positions, where such formal training is determined to be necessary.

These new initiatives, along with more interaction between area management, the Personnel

Officers and high potential candidates, will strengthen the Bank's ability to attract, retain, and

develop talented females and minorities, and others as well.

Bank staff members also participated in a number of activities after working hours related

to recruitment and community Outreach. While these efforts do not all directly contribute to

minority and female affirmative action targets in the short term, in all cases they provide substantial personal enrichment for the employees involved and underscore the Bank's overall commitment to the community. Appendix I presents details regarding these and other specific initiatives and accomplishments undertaken in 1991, while Appendix II sets forth our continuing programs in support of affirmative action.

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