Fortune Magazine Names Union Bank of California One of Best Companies for...

Fortune Magazine Names Union Bank of California One of Best Companies for the Employment of Minorities

Fifth straight year Union Bank tops list among banks


Los Angeles–(HISPANIC PR WIRE – BUSINESS WIRE)–July 1, 2003–Union Bank of California, N.A. was ranked as the No. 4 overall employer by Fortune magazine in its July 7, 2003 annual list of “America’s 50 Best Companies for Minorities.” The bank was also ranked as the nation’s top employer among financial services companies, for the fifth consecutive time.

Union Bank was among the top five companies in key categories such as supplier diversity (ranked No. 2), managerial diversity (No. 2) and workforce diversity (No. 5). As indicated by Fortune, 56 percent of minorities comprise the bank’s workforce, with 26 percent Asian employees and 21 percent Hispanic. Additionally, minorities make up nearly 39 percent of the bank’s officials and managers.

In 1999, Union Bank topped Fortune’s list as the nation’s No. 1 employer for minorities. The bank also secured a high ranking in 2000 at No.6, and finished at No. 11 last year. Fortune’s ranking was based on Union Bank’s diversity in its hiring and promotional practices as well as in its investment and support/patronage of minority-owned businesses.

“Diversity is one of our core values, so it’s very humbling to continue getting recognition for doing what we feel is our responsibility as a company,” said Paul Fearer, executive vice president and director of human resources for Union Bank. “We can only be truly successful by ensuring that our employees, consultants and suppliers reflect the communities we serve. This commitment will continue to be evident in all of our practices.”

To maintain employment levels, Union Bank has a corporate diversity council, comprised of senior managers from all of the bank’s business units. Additionally, Union Bank established the emerging markets administration in 1997 to cultivate business and to assist in recruiting in the African-American, Asian and Hispanic communities throughout California. The company’s supplier diversity office proactively seeks minority and women-owned business enterprises to include them in bank-wide purchasing and contracting opportunities and to increase the amount of business conducted with those vendors.

Union Bank also received the Opportunity 2000 Award, the U.S. Labor Department’s highest honor presented to companies and organizations that go beyond legal requirements in hiring and promoting women, minorities, veterans and those with disabilities.

Based in San Francisco, UnionBanCal Corporation is a bank holding company with assets of $40.4 billion at March 31, 2003. Its primary subsidiary is Union Bank of California, N.A., the third largest commercial bank in California. Union Bank of California, N.A., has 261 banking offices in California, 6 banking offices in Oregon and Washington and 18 international facilities.



Alicia Romero (213) 236-5329


Sharon Woodson-Bryant (213) 236-4145

Fortune Magazine Names Union Bank of California One of Best Companies for the Employment of Minorities