LET US REFRAME THE STORIES TOLD ABOUT LATINOS
by: Luana Ferreira
According to the Census Bureau, the Latino community is the fastest-growing group in the United States and currently represents 18.7 percent of the country's population. By 2060, this number will increase by nearly 30 percent and Latinos will become an even more significant part of the workforce. Therefore, companies in the U.S. are concentrating their efforts to become more diverse and inclusive.
IN 2021, JPMorgan Chase launched Advancing Hispanics & Latinos (AHL), a DEI organization designed to promote the growth and success of Hispanic and Latino communities across the globe. As the Global Head of Advancing Hispanics & Latinos at JPMorgan Chase, Silvana Montenegro’s work focuses on strengthening the community’s economic foundation in four key areas: careers and skills, financial health and wealth creation, business growth and entrepreneurship and community development.
JPMorgan Chase has announced it will invest $30 billion by the end of 2025 to drive an inclusive recovery, support employees, and break down systemic barriers. Through this effort, JPMorgan Chase brings together the firm’s business, philanthropy, policy and data expertise to drive inclusive growth and help close the racial wealth gap among Black, Hispanic and Latino communities.
Silvana Montenegro was born in São Paulo, Brazil, where she studied Psychology at the University of São Paulo, which is considered the best university in Latin America*. At home, she learned values and developed traits that would define her career: the desire to be in an international environment, the importance of education, and the value of lifting others.
Her father loved traveling and would take the family on immersive-cultural vacations in Europe and Argentina. While her mother would motivate her to study, her grandmother, a social activist, would take her to the communities to see her work.
At university, she saw an advertisement from JPMorgan Chase saying they were looking for human resources intern. "I did not know what Human Resources was, but I saw the words 'Chase' and 'international,' and here I go. I applied, long history short, I got the internship, flash forward 25 years and here I am in the position that I have now", Silvana says.
Montenegro moved to the United States after getting a position in New York. It didn't take long until she was labeled a minority, and she felt puzzled. She grew up in a country where she was perceived as white, went to good schools, and lived in a good neighborhood.
"It was very confusing to me because I was like 'I am not a minority,' but of course, I had an accent, I am a foreigner... WhenIfeltinmyskinwhatitistobelabeledaminority, that was when I could emphasize more the struggles that I saw on a very systemic level, but also in small aspects like, inside the employee group", she explains.
The Brazilian spent two years trying to fit in and even considered hiring a speaking coach to help her lose the accent. A mentor made Silvana change her mind after saying she was "different and very effective". It was the moment she realized she didn't have to hide her differences but embrace them – and she wanted other Latinas to realize that.
"What makes us changing agents are our differences because we can feel things differently, and we all need different angles to really drive our business results, etc.", she says.
SHE BELIEVES THAT THE SUCCESS OF A LATINA HELPS TO ELEVATE THE WHOLECOMMUNITY.
Silvanas's position often demands that she speaks up her mind. Although it is not always something easy, she is aware that having a voice and being a decision-maker gives her the chance to uplift other Latinas, the most satisfying thing about her job.
Her priorities for JPMorgan Chase at the moment are increasing diversity on an internal level and creating an inclusive environment, something that also benefits the business. This is a recent mentality shared by many companies that have noticed that inclusion and equity are essential to retaining their talents and increasing their commitment to the company.
"If I have to try to fit in, to be honest, as a business, we are underperforming," Montenegro says. "Today, we have 270 thousand employees and if 30% of them are trying to fit in, I am wasting money. From that standpoint, it is a missed opportunity for companies to have these employees without inclusion". As of December of 2021, 20% of the firm’s global workforce self-identified as Latino and Hispanic.
Silvana also highlights the importance of investing in talent pools, as developing people will help companies improve their business and client support. It also benefits the community — if people have more access to education and capital, it reflects directly in the economy and those talents will trigger policy changes at different levels.
She also hopes to reframe the narrative around Latinos, a community that is still facing huge barriers. "We are using the expertise of JPMorgan Chase to bring tools to the community to start from the basics: How do I save money; How do I build my credit; Why should I bank; How do I buy my house", she explains. "Right now, the biggest barrier is the lack of knowledge and fear".
Having financial autonomy will help the Latino community to grow their business and create more successful cases. According to Montenegro, there is an extra challenge for Latinas. Women often demand too much from themselves and it can keep them from achieving more in the workplace. "It is ok to ask for help, show up when you are not perfect, speak when you don't have the right answers, and make mistakes", adds Silvana.
She defines the key to success in two words: patience and resilience. "We don't achieve anything in five minutes, and we can'tdoanythinguntilweunderstandwhereweare",shesays.
She believes that the success of a Latina helps to elevate the whole community. In her words, "when we get to any milestone, it is huge. We are so proud about bringing our community with us and lifting others, that when we get to a milestone is not only for one but for all of us".