Marian Miner Cook
Athenaeum

A distinctive
feature of social and
cultural life at CMC

 

Can Banks Earn the Trust of the Diverse Majority?

Thu, November 3, 2022
Dinner Program
Alex Ehrlich

The majority of Americans are paid hourly wages and live paycheck to paycheck. Yet, argues Alex Ehrlich, CEO of startup financial services company Percapita Group, banks are built to thrive when they serve the minority of Americans who are high-margin customers. Low-income consumers and communities are often perceived by banks as dilutive of their return on capital. Can banks that consistently fail to look like the communities they serve earn and deserve the trust of those communities? Or is there a way out of the conflict between capitalism’s profit imperative and the individual’s need to hold, save, borrow, and spend money? 

Mr. Ehrlich's Athenaeum presentation is co-sponsored by the Financial Economics Institute at CMC.

Alex Ehrlich, CEO of startup financial services company Percapita Group, is building an institution that aims to confront the historic lack of diversity in financial services, and to serve well the consumers across America whose economic needs are greatest. 

Ehrlich spent forty years on Wall Street: Starting at Goldman Sachs (1979-2003), he then moved to UBS (2003-09), and finally to Morgan Stanley (2009-20). He served as a managing director of all three companies and led or co-headed numerous large and highly successful businesses. At Morgan Stanley, he chaired the Diversity Council of that firm’s Investment Bank; it was this work that led him to retire from traditional banking, and seek the business model, partners, and capital that would enable Percapita to launch in early 2023.

Ehrlich also serves on the national boards of iMentor and ThanksUSA, and is a Non-Executive Director of Sharegain PLC. He has for many years been a frequent lecturer on culture, leadership, and diversity.

Mr. Ehrlich's Athenaeum presentation is co-sponsored by the Financial Economics Institute at CMC.

Marian Miner Cook Athenaeum

Claremont McKenna College
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