Banking is less of an old boys’ club but there’s still work left to do to improve diversity in the industry
A report released today has praised the banking industry for its efforts to improve diversity but cautions that there is still more to do.
In particular, the British Bankers’ Association (BBA) paper highlights that 31 per cent of board directors at FTSE 100 banks are women, compared to 26 per cent for FTSE 100 companies overall.
However, the report also warned that, although many banks had launched notable diversity-boosting initiatives, the perception of the sector being bias towards white, male employees still existed and that there had been limits to how people were held accountable for their approach to diversity.
Anthony Browne, chief executive of the BBA, remarked that the report was a positive sign that “the days of the old boys' club in banking are numbered”, but also added: “Work still needs to be done to increase the number of female senior managers and address the problem of the corporate pipeline. Diversity is more likely to be achieved if there are internal consequences for not trying to improve it. Our industry intends to lead, not to follow.”
Positive initiatives noted by the BBA included Deutsche Bank UK’s diversity council and JP Morgan Chase’s ‘Blueprint for Diversity and Inclusion’ toolkit, which provides practical pointers for managers.