Jim Cramer: Wall Street Needs More Diversity

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How important is it to diversify Wall Street? 

Jim Cramer, in an interview with McDonald's CEO Chris Kempczinski on Mad Money, was told that McDonald's has "probably...created more millionaires within the Black community than probably any other corporation on the planet, but there’s still work to do."

A 2015 McKinsey study showed that "companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry medians."

"Companies in the bottom quartile both for gender and for ethnicity and race are statistically less likely to achieve above-average financial returns than the average companies in the data set (that is, bottom-quartile companies are lagging rather than merely not leading)," the study continued.

And it's not just gender diversity, either. 

"Racial and ethnic diversity has a stronger impact on financial performance in the United States than gender diversity, perhaps because earlier efforts to increase women’s representation in the top levels of business have already yielded positive results," the study stated.

Watch the video above for more.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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