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

Union Bank Tops List Among Banks for Sixth Straight Year


Los Angeles, CA–(HISPANIC PR WIRE – BUSINESS WIRE)–June 23, 2004–Union Bank of California, N.A., was ranked as the No. 4 overall employer for the second year in a row by Fortune magazine in its June 28, 2004 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 sixth consecutive year.

Union Bank was among the top five companies in key categories such as managerial diversity (ranked No. 2), purchasing diversity (No. 3) and workforce diversity (No. 5). As indicated by Fortune, minorities comprise 55 percent of the bank’s workforce, with 26 percent Asian employees, 21 percent Hispanic and 8 percent African American. 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 high rankings for 2003, 2002, 2001 and 2000 (No. 4, No. 6, No. 16, and No. 11, respectively). 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.

“As a company, we have set diversity as one of our core values, which makes it quite humbling to continue getting recognition for doing what we feel is our responsibility,” said Paul Fearer, executive vice president and director of human resources for Union Bank. “We achieve success 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 diverse markets administration in 1997 to cultivate business and 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 in bank-wide purchasing and contracting opportunities and to increase the amount of business conducted with those vendors.

Union Bank received the Opportunity 2000 Award in 2000, 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 $46.1 billion at March 31, 2004. Its primary subsidiary, Union Bank of California, N.A., had 298 banking offices in California, 4 banking offices in Oregon and Washington and 21 international facilities at March 31, 2004. The company’s Web site is located at



Union Bank of California

Alicia Romero



Sharon Woodson-Bryant


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