Women only make up 19% of senior leadership roles at financial services businesses

Just 19% (12,430) of the 66,860 senior executives in the UK financial services businesses are women according to analysis. by Fox & Partners.

The share of senior roles held by women within financial services businesses has increased only marginally on the 18% of senior roles held by women a year ago. The data covers senior executive roles such as CEOs, Executive Directors, Chief Risk Officers through to non-exec roles such as Senior Independent Director.

Women make up just 9% of the 5,140 CEOs of financial services businesses covered by the study. The survey comes after the Prudential Regulation Authority and the Financial Conduct Authority this year dropped plans to make banks, insurers and other financial firms report and set diversity targets.

Catriona Watt Partner at Fox & Partners said  “The proportion of women in senior leadership of financial services companies has been moving forward but at a remarkably slow pace.

“There is a concern that the reversal of many DEI initiatives at financial services businesses in the US could lead to a slowing of investment in programmes in the UK that improve diversity at senior levels within banks and fund managers.

“A lot of financial services businesses that operate both in the UK and the US will be wondering if they want to be so vocal about diversity – it would be a real shame if momentum is lost.”

Barclays has also faced challenges, with women comprising just 27% of executive committees in 2023, below the 40% target set by FTSE 350. Several U.S. banks are scaling back their DEI programmes to adapt to the evolving corporate landscape.  For example, Goldman Sachs axed their IPO diversity pledge – a pledge to only take companies public in the U.S. or Europe with at least two board members from an ethnic minority background.

Watt added “UK financial service businesses still need to do more to attract women to the industry and promote more women from within their businesses. Financial services firms need to create a positive work-place culture that incentivises women to stay long term and show them what their career path can look like. They also need to be given the experience and exposure to roles that allow them to compete for senior leadership positions.”