The CEO of ‘Big 4’ accounting firm EY says government programs aren’t doing enough to tackle income inequality, and it’s time for executives to step up

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Carmine Di Sibio, CEO of EY

In a conversation with Business Insider, EY CEO Carmine Di Sibio said income inequality is a national problem that CEOs need to help tackle.
This is a sentiment that has been echoed by other business leaders recently. For example, Ray Dalio, the billionaire founder of the hedge fund Bridgewater Associates, recently said the American dream “does not exist” right now and that inequality is a national problem. 
Di Sibio, along with a handful of top business leaders like JP Morgan Chase’s Jamie Dimon, have teamed up to expand a program aimed at getting more Black and brown professionals into well-paying jobs at their companies. 
The initiative, called the Jobs Council, aims to hire 100,000 New Yorkers from low-income backgrounds by 2030. 
The CEOs are partnering with New York City’s public college system, CUNY, to train 25,000 people for jobs at their companies. 
Di Sibio also discussed the future of capitalism and future of hiring. 

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EY’s CEO Carmine Di Sibio says he’s living proof of the American dream. 

Di Sibio immigrated to the US from Italy with his parents when he was just three years old. His mother and father worked blue collar jobs and emphasized the importance of working hard in school.

The hard work ethic engrained in him by his parents paid off. He landed a spot at Colgate University and eventually secured a job at the professional services firm EY, where he is now the global chairman and CEO. 

“I’m kind of living proof of the American dream, and that’s something, an opportunity, that I think every child should have,” the 57-year-old business leader told Business Insider. 

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It is an opportunity every child should have, like Di Sibio said. But research suggests not everyone gets an equal shot at success. 

The gap between the rich and poor is growing, Harvard University research shows. In 2018, households in the top 20% of income earners (with incomes of $130,001 or more) brought more than half of all US income, more than the rest of all Americans combined, per Pew Research analysis of Census Bureau data. That’s important when talking about the opportunities children have. Recent research by Georgetown University shows that income is a better predictor of high socioeconomic status than good school grades. 

Billionaire hedge fund manager Ray Dalio recently said the American dream “doesn’t exist” amid alarming national inequality. Income inequality is a national problem, Di Sibio agreed. It’s one that CEOs need to respond to, he added. 

Di Sibio, along with a handful of top business leaders have teamed up to expand a program aimed at getting more Black and brown professionals into well-paying jobs. 

Along with JP Morgan Chase’s Jamie Dimon, IBM’s Arvind Krishna, McKinsey’s Kevin Sneader, and Accenture’s Julie Sweet, the CEO is spearheading a program called the Jobs Council. Together with other companies, the leaders are teaming up with New York City’s public college system, CUNY, to hire at least 100,000 New Yorkers (25,000 of them CUNY students) by 2030. 

“This effort will focus on equipping New …read more

Source:: Business Insider

      

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