News
September 8, 2020
New report reveals America's racial gap in big tech
From Deutsche Bank Technology Strategist Apjit Walia
A new Deutsche Bank Research report, America’s Racial Gap & Big Tech’s Closing Window, uncovers a host of stark statistics on the digital racial gap and possible long-term employment implications for minorities.
Deutsche Bank’s Global Head of Technology Investment Strategy Apjit Walia conducted the bottom-up societal study and concluded that if this “digital racial gap is not addressed, in one generation alone, digitisation could render the country’s minorities into an unemployment abyss.”
Walia found the data to be more glaring than expected, as indicated in some of the key findings:
Can Big Tech close the gap?
Big Tech can play a critical role in finding a solution. Walia argues that if large companies commit USD 15 billion dollars over the next five years– which equates to less than 1 percent of the USD 2 trillion dollar increase in Big Tech 5’s market cap during Covid – there would be a meaningful shift in the racial digital divide.
“There are no guarantees in life or investing, but for Big Tech to come together and find a solution or a small step in the direction of the solution to one of the most egregious divides in our society could change the national discourse on these companies,” Walia said in the note. “And that would only boost their long term prospects and returns.”
America’s Racial Gap & Big Tech’s Closing Window can be downloaded from the public Research site.
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