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WOMEN IN FINANCIAL SERVICES 2020
women
in financial services 2020
3WOMEN IN FINANCIAL SERVICES 2020 A PANORAMIC APPROACH
WOMEN IN FINANCIAL SERVICES 2020
FOREWORD
The financial services industry is finally making progress on gender whole have a responsibility and opportunity to improve gender equality
balance in the workforce. Mindsets are shifting and, as a result of hard in society more broadly.
work and commitment, progress is beginning to be reflected in the
numbers. Recognizing the connections between these different stakeholders will
become increasingly important as both the opportunities and pressures
But 20 percent representation of women on executive committees and from each group grow. A handful of firms are starting to push the
23 percent on boards is not enough. There is still a long way to go to boundaries by thinking in this way, but most are not there yet.
create an industry in which women have equal access to opportunity
and positive outcomes. In this report, we take a panoramic view of gender balance across
all stakeholders. This new approach will lead to creative solutions in
The industry has made progress to date by focusing on the workforce. defining an action plan, embed diversity and inclusion as part of the
This narrow viewpoint helped grab the low-hanging fruit. But what got business strategy, and call for public commitment to gender equality.
us to where we are today will not get us to our ultimate destination.
It will push the issue into the daily path of the CEO and executive
So we set out to answer: what will deliver the next wave of change as we committee. And it will ultimately drive better business outcomes and the
enter a new decade? next wave of progress.
We believe the answer lies in recognizing that the workforce is not We hope this work sparks discussion, debate, and, ultimately, change
the only stakeholder group to which a firm is accountable. There is at across the industry.
least a $700 billion revenue opportunity from better serving women
as customers. Supervisors and shareholders are increasingly applying Jessica Clempner, Principal, Financial Services
pressure on firms to embed stability and drive better returns through Lead author, Women in Financial Services 2020
diversity and inclusion. And both individual firms and the industry as a Ted Moynihan, Managing Partner, Financial Services
“We can see some improvement in the numbers, but we are just “Having a diverse workforce is not only the right thing to do, it’s a
scratching the surface. There is a huge way to go to get to a place where business imperative. You will lose the war for talent and business if this
the financial services industry is gender equal.” – isn’t a top priority.” –
Dame Jayne-Anne Gadhia, UK Government Women in Finance Stephanie Cohen, Chief Strategy Officer, Goldman Sachs
Champion, CEO UK&I of Salesforce, Chair of Snoop
“A holistic view of women is needed across customers, employees,
“If we rely on what we have today, we will get stuck. It was not easy to shareholders, and all stakeholders – it is human.” –
get to where we are today. To go further, we need to imagine something Michael Cole-Fontayn, Chairman, Association for Financial Markets
different.” – in Europe
Jean-Laurent Bonnafé, CEO, BNP Paribas
1CONTENTS WOMEN IN SERVING WOMEN THE CANARY IN THE COAL THE WORKFORCE AS CUSTOMERS MINE FOR SUPERVISORS 05 17 31
A PANORAMIC APPROACH
42
CHANGE SOCIETY,
CHANGE YOURSELF
39
ACCELERATING CHANGE
AS SHAREHOLDERS
35WOMEN IN FINANCIAL SERVICES 2020 4
WOMEN IN FINANCIAL SERVICES 2020
WOMEN IN THE
WORKFORCE
AUTHORS: JESSICA CLEMPNER, MICHELLE DAISLEY, ASTRID JAEKEL
5WOMEN IN FINANCIAL SERVICES 2020
Exhibit 1. REPRESENTATION OF WOMEN ON EXECUTIVE COMMITTEES AND BOARDS IN MAJOR FINANCIAL SERVICES FIRMS GLOBALLY (%)
INCLUDES 468 COMPANIES ACROSS 37 COUNTRIES/JURISDICTIONS
35
30
25
23%
20%
20 19%
17%
16%
15 14%
13% 13%
11% 11%
ExCo
10
Boards
5
Interquartile
range
(25th to 75th
0 percentile)
2003 2008 2013 2016 2019
% WOMEN EXCO BOARD EXCO BOARD EXCO BOARD EXCO BOARD EXCO BOARD
=0 46 37 37 30 33 23 26 20 19 15
>30 9 9 15 9 15 19 18 22 26 37
Source: Oliver Wyman analysis of organization disclosures
6WOMEN IN FINANCIAL SERVICES 2020
When we wrote our first Women in Financial LET’S START WITH THE BROADENING
Services report in 2014, the dialogue on gender GOOD NEWS FAMILY FLEXIBILITY
balance in the industry was still evolving. We Flexible work for all, not just women.
focused on bringing facts to bear, creating “This is the first time we can say that things Introducing shared, or in some cases equal,
an index to track representation of women are really changing. Yes, the progress in the parental leave, one of the major structural
in senior leadership. In our second report, in numbers is too slow, but everyone is finally imbalances in policy for men and women in
2016, we honed in on the crucial obstacle getting impatient.” – Diony Lebot, Deputy the workforce today.
standing in the way of progress for women: CEO, Société Générale
the mid-career conflict. SETTING CLEAR GOALS
The industry is making the fastest progress Articulating gender-specific ambitions,
This year, in our third report, we have on increasing the number of women in senior measuring progress, and, for some, making
expanded our analysis to include more than leadership roles since the start of our index in public commitments to deliver against this.
460 firms, about 9,000 senior leaders, and 2003. We have reached 20 percent of women
37 countries and jurisdictions.1 We spoke to on executive committees and 23 percent “The recent change in mindset is very
over 100 senior executives across the industry.2 on boards. There are a growing number of important. The old view in the industry
outperformers compared to this average: that there should not be quotas has now
In this chapter, we share key observations from 26 percent of firms have more than 30 percent completely changed. It is not a question
the 2019 index, while recognizing the need to women at executive committee level, with this of quotas but of setting KPIs, a question of
go beyond numbers. Diversity must go hand number rising to 37 percent for boards. becoming a top management priority and
in hand with creating a culture of inclusion and breaking old habits – it can no longer be
sense of belonging. Many executives in the industry have felt the overlooked.” – François Riahi, CEO, Natixis
shift in dialogue on gender in recent years.
It is no longer box-ticking; gender diversity We should pause to reflect on the good
is now recognized as a strategic issue that progress the industry and individual firms have
impacts business outcomes. We are seeing made. Financial services is now outpacing
more creativity and commitment in attracting, other industries in making change at the board
recruiting, and retaining women, with senior level. In 2016, representation of women on
leadership starting to be held to account financial services boards was 3 percentage
by linking results to remuneration. Tactical points greater than for other industries. The
initiatives are starting to make a real change: gap has continued to widen to 4 percentage
points since then.3
STRENGTHENING INITIATIVES
Moving from one to “at least two” women The senior time, attention, and commitment is
candidates on all recruitment/promotion starting to pay off.
lists. Leadership programs at critical career
inflection points. Recognizing the importance
of genuine male-allyship.
7WOMEN IN FINANCIAL SERVICES 2020
Exhibit 2. REPRESENTATION OF WOMEN ON EXECUTIVE COMMITTEES BY ROLE IN MAJOR FINANCIAL SERVICES FIRMS GLOBALLY (%)
WOMEN ON EXECUTIVE COMMITTEES BY ROLE 2019 (%) Change 2016-19 Average change
(ppts) (ppts)
CEO 6% -2 CEO
Vice CEO 16% +4
COMMERCIAL
+5 ROLES
Business Lines 21% +6
CTO 13% +3
Finance 17% +1
Risk and Actuarial 19% +3 ROLES WITH LOWER
+4 REPRESENTATION
Strategy 21% +7 OF WOMEN
COO 21% +8
Audit 25% -3
Compliance 34% +8
Legal 35% +9 ROLES WITH HIGHER
+10 REPRESENTATION OF
Marketing 46% +13 WOMEN
HR 58% +12
Source: Oliver Wyman analysis of organization disclosures
8WOMEN IN FINANCIAL SERVICES 2020
THE BAD NEWS outlier, struggling with gender balance at the CULTURAL CHALLENGES
board level. The industry has been grappling with gender
“We can’t have a first-class workforce diversity for years, and as a result a lot of
if we aren’t including 50 percent of The geographic gap is not closing. Countries the low-hanging fruit has been picked. Now
the population.” – Ana Peralta, Board that were leading in 2016 have continued to comes the tough stuff: cultural change,
member, BBVA progress faster than average, while on the tackling unconscious bias, and changing
whole the bottom quartile is stalling. Part of the behaviors. As the issues get harder to address,
“The biggest untapped resource in the gap can be attributed to different cultural norms it will create greater differences of opinion
marketplace is women.” – Sergio P. Ermotti, across geographies, but a country's economic on how (or whether) to solve them. The
Group CEO, UBS Group AG health also plays a part. dialogue around gender diversity has already
started to become more polarized. Some view
When you dig into the numbers, it becomes “During the crisis in Greece, banks focused on certain promotion policies as box-ticking
clear that there is still a lot of work to do. The the big existential issues, and gender diversity or anti-meritocratic. Others have reported
industry cannot afford to become complacent. didn’t receive the attention that it should concern that men may feel marginalized or
have. Diverse teams are better at anticipating wary of mentoring women. If the industry is to
Most roles occupied by women on executive risks and are more resilient during downturns. progress, we need to address these challenges.
committees continue to be within corporate Organizations need to attract talent, achieve
functions. There has been some improvement gender balance, and put together diverse DIGITIZATION
in the representation of women leading teams so as to achieve the management The lack of women in technology is becoming
revenue-generating businesses – those most team’s highest capabilities.” – Pavlos Mylonas, increasingly important to address as the
likely to provide the next generation of CEOs. CEO, National Bank of Greece industry digitizes. In the future, many of the
But we are not seeing this change translate roles with the most impact on the industry
into the most senior position. Only 6 percent As we look to the future, the industry is facing and on customers will be digital. If we do not
of CEOs are women. Some still view placing headwinds that could slow progress: the threat recruit, train, and re-skill women accordingly,
a woman in this role as a riskier option, with of an economic downturn, cultural issues there will be a gap in the most influential
higher scrutiny and expectations. that are tough to solve, and the digitization of positions. With automation, many of the
the industry. front-line roles traditionally held by women
“Expectations to achieve great things in branches and call centers are likely to
are even higher for the woman ECONOMIC OUTLOOK be endangered.
CEO.” – Ruenvadee Suwanmongkol, As seen in Greece, economic turmoil could halt
Secretary General, Securities and Exchange progress, or even reverse it. If gender balance “Digital disruption is bringing new ways of
Commission, Thailand is not core to a firm’s business strategy, it risks working within banks. This offers unique
being deprioritized in the event of a downturn. opportunities to improve diversity within
The story for boards is no different, with only an organization through flexible working
9 percent of chair roles held by women. “The numbers show we are getting better arrangements.” – Piyush Gupta, CEO,
slowly, but it’s easy to forget that things can DBS Group
Certain sectors within financial services be worse again in a recession. Change is not
continue to lag. Banks and insurance firms just in one direction.” – Alice Hu Wagner,
have failed to reach 20 percent executive MD for Strategy, Economics, and Business
committee representation. Despite starting Development, British Business Bank
with a blank slate, fintech has emerged as an
9WOMEN IN FINANCIAL SERVICES 2020
Exhibit 3. REPRESENTATION OF WOMEN ON EXECUTIVE COMMITTEES
IN MAJOR FINANCIAL SERVICES FIRMS BY COUNTRY/JURISDICTION (%)
WOMEN ON EXECUTIVE COMMITTEES 2019 (%) Change 2016-19 (ppts)
Israel 38% +11
Australia 34% +10
Sweden 33% +3
Finland 32% +12
Thailand 31% +0
Norway 31% -2
Canada 30% +6
South Africa 30% +4
USA 26% +6
Netherlands 25% +9
Nigeria 24% +9
Singapore 23% +3
Colombia 22% +15
Spain 22% +11
UK 20% +3
Hong Kong SAR 20% +7
France 20% +6
Global average 20% +4
Russia 19% +2
India 19% +8
Portugal 19% +5
Indonesia 18% +6
Switzerland 17% +10
Poland 16% -1
Germany 15% +5
Denmark 14% +3
Mexico 13% +7
Italy 13% -2
UAE 11% -2
Turkey 11% -1
Austria 10% -3
Brazil 10% +1
Greece 6% +2
Kuwait 6% +1
China* 5% -3
Japan 5% +3
South Korea 4% 0
Saudi Arabia 4% 0
* Excluding Hong Kong SAR
Source: Oliver Wyman analysis of organization disclosures
10WOMEN IN FINANCIAL SERVICES 2020
Exhibit 4. REPRESENTATION OF WOMEN IN LEADERSHIP IN MAJOR FINANCIAL SERVICES FIRMS GLOBALLY, BY SECTOR (%)
WOMEN ON EXECUTIVE COMMITTEES 2019 (%) Change 2016-19 (ppts) WOMEN ON BOARDS 2019 (%) Change 2016-19 (ppts)
Payments 34% +13 Payments 22% +1
Public sector 25% +4 Public sector 25% +3
Asset management 24% +5 Asset management 26% +7
FinTech banks 21% n/a FinTech banks 14% n/a
Exchanges 20% +6 Exchanges 21% +6
Insurance 18% +4 Insurance 24% +4
Banks 18% +4 Banks 23% +5
FinTech payments 18% n/a FinTech payments 24% n/a
Note: Payments data includes a small number of key global players (Visa, Amex, Mastercard, Paypal) that have made significant progress. This may not reflect the industry as a
whole, which is dispersed across the banking sector. No data was collected on FinTech banks and FinTech payments prior to 2019, as companies included in the sample are recent.
Source: Oliver Wyman analysis of organization disclosures
STRUCTURAL THE MIDCAREER GAP ‘effective.’ When you look at what you
CHALLENGES “The issues surrounding gender equality judge to be the behavior that belongs to
TO DIVERSITY increase as you go up the pyramid, and you the perfect leader, that behavior often is
can pinpoint maternity. Naming maternity associated with men.” – Sylvia Butzke, COO
In our interviews with senior executives, we leave ‘leave’ is already counterproductive Investments, PGGM
heard that many firms continue to face the and shows the gender biases that are so
same challenges. The midcareer conflict, embedded. We need to tackle the conscious “We haven’t seen any data indicating that
where the cost and benefits of a career in and unconscious side.” – Luisa Gomez Bravo, men overall outperform women in the
financial services can seem to be out of Global Head of Corporate & Investment workplace, suggesting that gender biases in
balance, remains. Addressing unconscious Banking, BBVA evaluation, hiring, and promotion processes
bias in promotion is still a challenge, and remain. We need to focus on these areas and
firms are grappling with how to shift cultural “Whilst you can promote senior, prominent hold managers accountable for creating an
expectations to embed flexible working. women, the difficulty can often be further inclusive work environment.” – Samantha
down the organization where there is affinity Saperstein, Head of Women on the Move, J.P.
“It is not low-hanging fruit anymore. It is the bias which permeates but which is often Morgan Chase
tough stuff. Going forward, we must be laser invisible to senior management, and very
focused so we can continue to move the challenging to address.” – Richard Lacaille, FLEXIBILITY
needle for women.” – Holly O’Neill, Chief Global Chief Investment Officer, State Street “In many companies, flexibility continues to
Client Care Executive and Head of Consumer Global Advisors be a source of social embarrassment in the
Client Services, Bank of America workplace, when it should be normalized.
PROMOTION This cannot happen unless senior leaders
“I think there is a lot of unconscious bias and men do it as well.” – Euan Munro, CEO,
when judging someone’s behavior as Aviva Investors
11WOMEN IN FINANCIAL SERVICES 2020
IS 30 PERCENT REALLY GOING
TO BE A TIPPING POINT?
Thirty percent representation is widely thought to
be the point at which any minority group reaches
critical mass and becomes influential. Research
has shown that this is the tipping point to start
shifting culture and inclusion.
However, the 30 percent target has become
so ingrained in the industry’s lexicon that it
risks being interpreted as the point at which
gender diversity will “fix” itself through natural
momentum and achieve a balance.
We have seen that this is not the case. Firms with
more than 30 percent representation on executive
committees in 2016 have not had better or
worse progression in gender balance than other
firms – in fact, many have moved backward.
As the industry starts to creep towards this target,
we need to make sure the goals are redefined and
that momentum is not lost.
12WOMEN IN FINANCIAL SERVICES 2020
THE DIVERSITY OF Some firms design and analyze their employee
INDIVIDUAL EXPERIENCES engagement surveys by different minority
IN FINANCIAL SERVICES groups to understand the specific biases that
exist within their business. This can help to
Of course, the experience of one woman is identify trends in the experiences of each
not the same as another woman. Individual minority group.
experiences are shaped by the intersection
of race, ethnicity, gender, sexual orientation, Employee resource networks, supported and
socio-economics, age, physical abilities, and advocated by senior leaders, are well known to
more. help foster a sense of community and provide
effective channels of communication. And
Just as financial services products can default education can make this topic easier to talk
towards men, gender initiatives that do not about in the workplace.
consider other aspects of diversity can also
default towards women from majority groups. When it comes to gender, firms should now be
actively considering the diversity of women’s
“Intersectionality is where the richness of experiences. When launching a new gender
the debate is coming from. What you are initiative, this means asking the questions:
experiencing is a multitude of things. A white how will this impact women of color? Women
woman's experience is not the same as what in the LGBTQ community? Women from
an ethnic or black woman is experiencing, different socio-economic backgrounds?
for example.” – Vandana Siney, Group
CCO, Barclays Doing so will broaden gender initiatives and
help them to become more inclusive of the
The challenges of addressing intersectionality whole business, as well as fostering a sense of
are clear: talking about the range of identities belonging. In addition to ethical authenticity,
in the work place is hard, there can be a lack people are more productive when they can be
of psychological safety, and data collection is themselves.
much more complex than for gender.
“The existing picture is a result of insufficient
So, what can help to address these challenges? attention having been paid to the topic,
particularly in the pipeline for senior roles.
Firstly, in the countries where this is permitted, You need to diversify your pipeline at every
gathering the data, setting targets, and level and need a wider talent pool to recruit
measuring against them is critical. For from.” – Sandra Kerr CBE, Race Equality
example, there have been calls for disclosure Director, BITC
and pay reporting on race and ethnicity
in certain countries. Looking at data more
granularly can reveal skews, such as the
underrepresentation of black women and men
in senior positions in UK financial services.
13WOMEN IN FINANCIAL SERVICES 2020
WHERE IS THE Other innovative players have cast the net
CUTTING EDGE? outside financial services to recruit women
leaders from other industries. Doing so
The financial services industry needs to can accelerate transformation but requires
continue to pull all levers available to improve commitment to set up these individuals for
gender balance for all women. This includes success. This means more than just training
strengthening existing initiatives, broadening and planning. Support networks and vocal
family flexibility, and setting clear goals. From advocacy (both internally and externally) can
our interviews with senior executives, we have have a real impact.
found three cutting-edge ways in which firms
can learn from others and add new ideas to the Where targets have been reached, some
existing toolkit. leaders have responded by raising their
aspirations. They recognize that we must
“It is fundamental to increase women's redefine the ambition as we progress.
representation in leadership in order to view
things from different perspectives and find “We need sponsors that support women
innovative solutions.” – powerfully, with conviction and without
Gilson Finkelsztain, CEO , B3 any preconceived bias. This is how we
will encourage more women into top
1. DIVERSITY: JUMPSTARTING positions.” – Debbie Crosbie, CEO, TSB
THE CHANGE FOR LEADERSHIP
As gender-based targets for senior leadership “As an industry, we cannot live with such a
become the norm, firms are starting to discrepancy between the company’s overall
explicitly set those targets at a more granular population and the most senior circles of the
level in the organization – for middle company.” – Jacques Ripoll, CEO, CACIB
management and for specific roles, including
commercial ones. These firms recognize that “The industry is focusing on tactical solutions,
getting women into the top CEO role requires and it helps. It is now about understanding
the board’s commitment and conviction, the root cause and how we fix it for the long
combined with proactive succession planning term. We looked at what blocks women from
and promotion. progressing through the ranks and developed
new programs that provide focused support
Some firms have found success with tailored and one-on-one coaching.” – Diane S. Reyes,
solutions to support programmatic activity, Global General Manager and Head of
detecting the biggest barriers each woman Liquidity and Cash Management, HSBC
faces and working to craft an individual
solution. What works for one woman will not
necessarily work for another.
14WOMEN IN FINANCIAL SERVICES 2020
2. INCLUSION AND BELONGING: signalling during meetings. Tools and nudges “If it is not measured, it is not getting
MAKING IT HAPPEN on how to listen, demonstrate empathy, and done.” – Stephen Jones, CEO/ CIO,
It is well understood that diversity alone is not value others, all help to reward the right Kames Capital
enough. It must be supported by an inclusive behaviors. And processes and structures
culture that nurtures diversity of thought and reinforce them. “Treat gender equality as a business
creates a sense of belonging. But changing opportunity. When it comes to business,
behaviors is easier said than done. “There is no simple fix. To create an inclusive you use metrics, so do the same with
culture, organizations need a range of options gender diversity.” – Giovanna Gallì,
“Diversity is fundamental to an organization to drive meaningful change and increase Financial Services Practice EMEA Leader,
where all employees don’t just feel included, the diversity of their workforce. Collectively, SpencerStuart
they belong.” – James P. Gorman, Chairman these initiatives will make people feel like
and CEO, Morgan Stanley they are in a place where they want to be.” – “It seems that a lot of discussion is focused
Charlotte Hogg, CEO, Visa Europe on finding a perfect metric or set of metrics,
“Everyone’s voice is important in the broader rather than considering what might be the
conversation surrounding diversity and “The leaders in the industry will be those purpose of the exercise. It is much more
inclusion. Unlocking the power of diversity is who bring diversity and inclusion to every effective to go for something simpler and more
only possible when we are inclusive. Anyone business discussion – when it’s embedded in headline-worthy, like the gender pay gap, to
who leads an organization or manages people the business and very importantly embedded provoke change.” – Sarah Bates, Chair, The
needs to regard inclusion as a competency in the growth strategy. It’s about how you Diversity Project Charity
and make greater effort to empower people to take a great business and make it even
make their differences matter.” – Laura Ahto, better.” – Shelley O’Connor, Chairman and “For me, inclusion is the most important
COO, Asset Servicing, BNY Mellon CEO, Morgan Stanley Private Bank, National topic – without it, nothing will change.
Association and Morgan Stanley Bank, N.A. Measuring inclusion, that’s another matter. We
“A culture of inclusion is huge. It creates a understand the sentiment of our employees
fundamental shift around that table. When a 3. MEASURING PROGRESS: through pulses, but putting a KPI on inclusion
senior leader who is a man works at inclusion FINDING THE RIGHT METRIC is a challenge.” – Samaa Al-Azzawi, Group
or takes the initiative to mentor young women BEYOND DIVERSITY Head of Culture, Inclusion & Diversity, AXA
or ethnic minorities, it creates fundamental Senior leaders are wrestling with how to
changes.” – Margaret Tahyar, Partner, measure progress beyond diversity numbers. “I am a great believer in metrics. But there are
Davis Polk so many factors contributing to commercial
Setting targets and measuring success helps success, trying to attribute this to diversity is
The firms that do this successfully find tactical to drive better outcomes. Firms are now something that is near impossible to build into
ways to embed inclusion in their DNA. This starting to measure culture, as well as diversity. a model.” – Madhabi Puri Buch, Whole Time
starts at the top, with leaders finding the To do so effectively means tracking behaviors, Member, SEBI
moments that matter to put new behaviors attitudes, and what is driving them. It requires
into practice. This could range from finding the real-time data instead of annual surveys to
high-profile projects that can help accelerate provide actionable insight.
career progression, to vocal support and
15WOMEN IN FINANCIAL SERVICES 2020 16
WOMEN IN FINANCIAL SERVICES 2020
SERVING WOMEN
AS CUSTOMERS
AUTHORS: CHAITRA CHANDRASEKHAR, JESSICA CLEMPNER,
MADELINE KREHER, MARIYA ROSBERG, ELIZABETH ST-ONGE
17WOMEN IN FINANCIAL SERVICES 2020
>50% When retired, women have
30−40%
of women
who purchase FS products
Exhibit
for their 5. THE GROWING
corporations ROLE OF WOMEN IN FINANCE AND THEIR UNMET NEEDS
express
dissatisfaction with the gender lower balances than men and
balance of teams that serve them9 are more likely to be in poverty4
CONTROL OF INCREASING RISE IN GROWING
CONSUMER SHARE OF BUSINESS CORPORATE
SPENDING WEALTH OWNERSHIP BUYING POWER
⅔
Globally
12%
of CFOs in
of global
large-cap firms
household
are women and
spending
is controlled
by women.1
34%
40%
of total global wealth
40%
of CFOs in
mid-cap firms
are women.7,8
of entrepreneurs around
is now held by women.3
the world are women.5
Globally, women are
25% less confident
in their financial acumen,
compared to men.2
Women entrepreneurs are
30%
>50%
less likely
to have access to sufficient
In retirement, women have of women
funding for their businesses
30−40%
who purchase
compared to men.6
financial services products
for their corporations express
lower balances than men and dissatisfaction with the gender
are more likely to be in poverty.4 balance of teams that serve them.9
18WOMEN IN FINANCIAL SERVICES 2020
Women are the single largest underserved THE REVENUE
group of customers in financial services. OPPORTUNITY FROM
Despite playing increasingly influential roles as BETTER SERVING WOMEN
buyers, their needs consistently are not being AS CUSTOMERS
met.
“We target women as customers because
“Globally, women are becoming more they represent half of the population. We do
educated, economically independent, and these things because they are commercially
financially aware. Businesses must not ignore smart.” – Brian Hartzer, CEO, Westpac
them.” – Vishakha Mulye, Executive Director,
ICICI Bank We estimate that financial services firms
are missing at least a $700 billion revenue
The debate around serving women as opportunity each year by not fully meeting
customers in financial services has not yet the needs of women customers. As we see
been fully explored. Although a few firms are on the following page, these opportunities
advanced in this area, most remain relatively come from a combination of new clients, new
narrowly focused on financial inclusion or on products and services, and increased market
the well-trodden topics of the gaps in wealth share.
and venture capital.
Despite being conservative and quantifying
When we spoke to senior executives, we only the areas where we believe there is
heard some initial concern that treating sufficient empirical evidence, we still found
women differently from men could be at best opportunities that represent 5 percent to
unnecessary, and at worst reductive. 20 percent of the total revenue for each
financial services sector. This is already far
However, evidence shows that approaches greater than the annual revenue of the largest
that may appear to be gender-neutral in fact financial institutions globally.
default toward men’s needs and preferences.
There are unintentional blind spots in It is only the start of what is possible; there
how the industry meets the needs of half are undoubtedly many more ways in which
the population. women’s financial services needs could be
better served. And the opportunities will
In a competitive world and in an era of the continue to grow as women increasingly
experience economy, firms are shifting their control more wealth, buying power, and
approaches to increase their connection with financial decisions.
the client. While many factors lead to greater
client centricity, gender is an important
element. We believe there is significant
revenue uplift for those institutions that listen
to and understand their customers.
19WOMEN IN FINANCIAL SERVICES 2020
Exhibit 6. WHAT IF… WOMEN WERE BETTER SERVED BY THE FINANCIAL SERVICES INDUSTRY?
INSURANCE WEALTH AND ASSET
MANAGEMENT
Women are more Women invest more of their
likely to be un- and wealth in cash than stocks
under-insured than men. and bonds compared to men.
What if… What if…
insurers sold life insurance to women at the wealth managers invested women’s wealth in
same proportion of their income as men? the same way as for men?
~$500 billion ~$25 billion
new written premiums from new customers new fees to wealth and asset managers from
and higher premium per customer, even moving money held in deposits into AUM, in the
after accounting for differences in income. first year alone. This uplift would be compounded in
This would translate to a margin of roughly the years to come as women’s wealth grew.12, 13, 14, 15
$100 billion accounting for claims returned
to customers, distribution costs, and investment
income. The opportunity could be even higher
if the value of unpaid domestic work and
childcare was insured.10, 11
Note: Revenue for the insurance sector is not directly comparable to the revenue for the banking and wealth and asset management sectors. Based on the standards for these sectors,
insurance revenue is reflected as written premiums, a large portion of which will be paid back to the policyholders in the form of benefits, whereas banking and wealth and asset management
revenues are reflected as a mix of fees and net interest income (accounting for the cost of funds), which together are retained to cover operational expenses. The comparable insurance margin
on written premiums is approximately 20%.
20WOMEN IN FINANCIAL SERVICES 2020
BANKING
Women are Women are less Women corporate and
less likely to be likely to receive institutional clients
approved for funding to start are not being serviced
mortgages and and grow their equally and effectively.
other retail credit. businesses.
What if… What if… What if… banks managed
banks provided women with credit banks provided women with SME relationships with women clients
at the same rate as men? loans at the same rate as men? better to win share from competitors?
~$65 billion ~$30 billion ~$80 billion
new net interest income and fees new net interest income extending opportunity to capture existing
from extending loans to existing SME loans to new customers. This revenue controlled by women clients.19
retail customers. 16, 17, 18 could create even more value by
helping businesses to expand and
creating broader SME banking
relationships such as through cards
and deposits.
21WOMEN IN FINANCIAL SERVICES 2020
STRUCTURAL SO, WHAT DOES
DIFFERENCES FOR WOMEN THIS REALLY MEAN
THAT SHAPE FINANCIAL FOR CUSTOMERS?
NEEDS AND EXPERIENCES
This is not about treating women as a single
There is a robust set of evidence showing that customer segment or addressing their needs
women face structural differences from men superficially. As many rightly point out, this has
that affect their financial lives. For example, been done in the past and typically fails.
traditional wealth-planning assumes income
will increase steadily year after year. On Financial services firms need to understand
average, this is more likely to be true for the needs of women as customers and create
men than women, given career breaks for propositions that meet these needs. The
caregiving. Add to this to the fact that women innovative solutions that will result from taking a
tend to retire earlier, live longer, and have gender-lens will not only benefit women, but all
higher medical expenses – and standard customers.
retirement planning quickly appears ill-suited
to the average woman. “The product you are selling to men is probably
a good product for them. But the product you
We do need to be thoughtful in how we design for women is going to work better for
interpret the data and apply insights. For everybody. Unfortunately, it does not work the
example, although data shows that women other way around.” – Mary Ellen Iskenderian,
typically invest in more conservative financial President and CEO, Women’s World Banking
products than men, this does not mean
women are necessarily more risk averse. “All too often, traditional wealth management
Recent evidence shows that when differences services are off-putting for women. Firms need
in income volatility and lower net wealth to design and deliver services that appeal equally
are adjusted for, contrary to popular belief, to both women and men, taking into account
risk appetite between women and men the different goals that female clients may
may be comparable.20 Observed behavioral have, such as their retirement or paying for their
differences do not always reflect intrinsic children’s education rather than outperforming
differences. benchmarks.” – Charlotte Ransom,
CEO, Netwealth
When talking about average trends for
women, it is important to recognize that
any person may fall anywhere on the range.
Cultural context will mean that insights will
manifest differently in individual geographies.
The goal should be to understand real,
unmet needs, rather than falling back on
reductive or superficial gender stereotypes
and “pinkification”.
22WOMEN IN FINANCIAL SERVICES 2020
Exhibit 7. STRUCTURAL DIFFERENCES FOR WOMEN THAT SHAPE FINANCIAL NEEDS AND EXPERIENCES
LIFE
Globally, women spend Between the ages of
2−10x
more hours per
30-50
women are less likely to 35%
week on make sacrifices in their of women worldwide have
unpaid private life than men, with experienced domestic violence,
Women on average
housework societal expectations with many survivors losing jobs
outlive men by
and caregiving around caring for children due to reasons related to the
6−8 years.21
than men.22 or elderly parents coming
into play.23
abuse and experiencing economic
abuse, including coerced debt.24
FINANCIAL
Women’s household
It is income decrease by
Globally women are ~3x 41%
paid 63%
of what men earn,
more likely for
employed women
in developed
64%
of 8.8 million
after divorce in
the US,
more than twice
ranging from 30% nations to work people struggling as much as
in Yemen/Syria/Iraq part-time than with debt in the UK men’s.28
to 91% in Laos.25 employed men.26 are women.27
MINORITY
Minorities in work environments face more stress and pressure to combat stereotypes.29
BURDEN
23WOMEN IN FINANCIAL SERVICES 2020
Exhibit 8. LET’S IMAGINE WHAT THIS COULD MEAN FOR WOMEN AS CUSTOMERS
LIFE INSURANCE CUSTOMER WEALTH CUSTOMER RETAIL CUSTOMER
WOMEN’S EXPERIENCES TODAY
SOPHIA, JING YI, SHERELLE,
PART-TIME CALL CENTER CARDIOLOGIST IN SINGAPORE ASSISTANT STORE MANAGER
AGENT IN McALLEN, TEXAS, US IN MANCHESTER, UK
“I am working part time to look after my “My husband passed away last year and I don’t “I feel like I’m wasting money renting and
children as childcare is too expensive. I trust our current financial advisor. Quite frankly, know I can afford a mortgage to buy my own
know my family would struggle financially when I’ve joined meetings with him in the place - I already have enough for a 30% down
if something were to happen to me, but past he has ignored me, used unnecessary payment. But I keep getting rejected because
I’m not sure it’s worth getting insured jargon, and tried to sell me products that aren’t of my credit rating. It's probably because I had
since my husband is already covered. I suited to my needs. I’ve worked hard over my to take unpaid maternity leave and then scale
don’t think it's worth the extra premiums career – my goal is to enjoy my retirement back on hours when I came back to work. And
on top of my healthcare coverage and and be able to look after my kids, not ‘beat I bet the credit card I used to cover extra costs
retirement contributions.” the market’.” doesn’t help, even though it's now paid off.”
Jing Yi's financial
Sophia sees an ad advisor understands
that her priorities Sherelle sees an ad
for life insurance at for mortgages that is
might be different
WHAT COULD HAVE BEEN DIFFERENT?
work which shows specifically designed
that women like her to her husband's.
He takes the time to take into account
pay a lot less than changes in her income.
she thought. to ask her about her
life goals.
A loan officer helps
An online calculator
He designs specific her get approved for
shows much better
portfolios tailored to a competitive rate
coverage than she
Jing Yi’s goals, risk after taking the time
expected – it takes into
profile and timeline, to consider her credit
account her unpaid
laying out options and utilization, financial, and
domestic work as well
trade offs clearly. employment history.
as her income!
The life insurance Sherelle has the
Jing Yi receives
agent suggests flexibility to overpay
personalised updates on
flexible products when she can, and take
portfolio performance
to account for how a payment holiday with
in language which
Sophia’s coverage no penalty when she
resonates with her
needs may evolve. needs – great for her
- without the jargon.
next maternity leave.
24WOMEN IN FINANCIAL SERVICES 2020
SMALL BUSINESS LOAN CUSTOMER CORPORATE & INSTITUTIONAL BANKING CUSTOMER
NEHA, KATRIN,
SMALL BUSINESS OWNER IN MUMBAI, INDIA CFO OF AIRCO IN FRANKFURT, GERMANY
“I want to take my business to the next level by expanding to new “We need a restructuring advisor and this is my first big make-or-break
locations. I filled out a loan application with 80 pages on my business moment as CFO. I just met another potential advisor and even though I
plan, financials, and viability, but the bank manager barely looked at am the most senior team member, they focused on my colleagues who
it. Instead, he focused on why my business may fail and didn’t take are men and made me feel like I had to prove myself at my own meeting.
me seriously. I don’t know any other business owners who I could ask They presented the same pitch and solutions as their peers and didn’t
for advice.” listen to my firm’s needs. As usual, I was invited to golf, but I have better
things to do with my time.”
Using her bank’s Katrin is impressed with
“women in business” the diversity of one
hub, Neha connects team in particular, and
with other business feels more confident in
owners to hear their their ability to deliver The team asks open
experiences on effective solutions and questions to really
raising capital. new thinking. understand her business
and directs their
The bank’s tailored resources responses to her. They
give her tips, such as uncover new priorities
including her 5-star online together and she feels
reviews in her application. It respected.
helps her to develop upside
and downside forecasts as Firms offer a variety of
well as just the baseline, to activities for informal
compare to other applicants. relationship building – a
concert, a family-friendly
football match, a museum
exhibit. One firm even
The bank reviews her asked her preference!
application gender
blind and her loan
is approved for the
full amount.
25WOMEN IN FINANCIAL SERVICES 2020
A FOCUS ON CORPORATE Only 30 percent of women surveyed were This does not mean women consistently prefer
AND INSTITUTIONAL satisfied with the gender diversity of their to be served by women. The solution is not box
BANKING (CIB) financial services providers. And while only ticking by having a woman on the sales team.
27 percent would say that gender diversity Our survey respondents cautioned that they
All corporate and institutional clients, impacts purchasing decisions, 77 percent can easily see through superficial attempts
regardless of gender, make buying decisions believe it is important to be served by to appear diverse. But better balance within
according to how well a product or service a gender-diverse team. Respondents coverage teams would improve a firm’s ability
meets the needs of their business, rather emphasized that gender diverse teams to address a broader range of purchasing
than personal preferences. So can, or indeed provide better service; teams that lack gender styles and bring more diverse ideas to the
should, this thinking be applied to clients who diversity often fall short in four key areas, table – for everyone.
are women? listed below.
“It’s less common but one still sees all-white,
We surveyed senior women treasurers, CFOs, Women want to be treated with equal respect all-male pitch teams turning up. These days
and other C-suite executives responsible to their counterparts who are men. They seek it is very rare for them to make it to the short
for financial decisions to find out. We were service providers that will understand their list.” – Elizabeth Corley, former CEO, current
surprised not only by the results, but also by corporation’s needs and can generate the most Senior Advisor, Allianz Global Investors
the strength of the conviction in the responses creative and effective solutions. While women
we received. This is not a topic that senior make their choices on product fundamentals, “If the image you portray externally is not an
women in corporations get asked about often, diversity can be a competitive differentiator outward manifestation of true internal culture,
and they were eager to articulate the changes because it recognizes the client’s context and then it will become obvious sooner or later and
they would like to see. brings broader ideas to the table. will lead to a loss in credibility.” –
Christiana Riley, CEO, Deutsche Bank
USA Corp, Senior Group Director,
Americas Region
Exhibit 9. FOUR KEY AREAS IN WHICH TEAMS THAT LACK GENDER DIVERSITY OFTEN FALL SHORT
“Relationship managers and sales people who are women tend to ask questions and listen
FAILURE OF EMPATHY up front, then address their firm’s capabilities after listening. The men dive right into their
firm’s capabilities and listening to our needs was secondary.” – CFO, financial services
“Gender-diverse teams provide differing outlooks and will recommend a complete
LACK OF DIVERSITY IN IDEAS picture.” – CFO, technology, media & telecommunications
“I think in some ways my abilities and knowledge are more scrutinized. I have to prove
UNCONSCIOUS BIAS UNDERVALUING certain things, while the perception is that some of my counterparts who are men
OR MARGINALIZING WOMEN are assumed to know things until they prove otherwise.” – CFO, technology, media
& telecommunications
“Men tend to invite people to attend sporting events; I’d honestly prefer to go to a show or
DEFAULT TO MEN’S PREFERENCES concert instead.” – CFO, financial services
Source: Oliver Wyman Survey
26WOMEN IN FINANCIAL SERVICES 2020
27WOMEN IN FINANCIAL SERVICES 2020
WHERE IS THE listen to customers and clients to understand complementary skills – product expertise,
CUTTING EDGE? their needs. listening, problem-solving – are needed,
together with the ability to connect with each
We spoke with a few of the firms that are For customers, we recommend actively client on a personal level.
pushing the boundaries thinking on women as including gender as one of the lenses applied
customers, listed below. to proposition design, ruthlessly grounded in Coverage approaches are starting to become
the customer need. While empathy has and more personalized, seeking to understand
These, and other leading firms, use data to will continue to be core to customer-centric each client as an individual. Frustration
identify gaps and blind spots, recognizing that design, it is not enough to rely on this alone to with the frequency of sporting events for
gender-neutral approaches do not necessarily understand the needs of a diverse customer networking can be avoided if clients were
deliver gender-neutral outcomes, measuring base. simply asked about their hobbies. While not
customer outcomes, such as differences in possible in mass market segments, firms are
product penetration, utilization, and pricing For clients, this means consciously assembling finding ways to structure optionality – such as
to detect blind spots, and evaluating how diverse coverage teams. This includes and using a set of goals to guide wealth discussions
coverage teams line up against clients and goes beyond gender to reflect a range of and draw out individual priorities.
cognitive and behavioral styles. A mix of
Exhibit 10. FIRMS THAT ARE PUSHING THE BOUNDARIES THINKING ON WOMEN AS CUSTOMERS
Firm What they say… What they do…
“We strongly believe in the power of diversity. We need to not only reflect Offers lower mortgage payments during
WESTPAC our customers internally, but also change our approach in how we deliver parental leave as well as supporting domestic
to them.” – Lyn Cobley, Chief Executive, Westpac Institutional Bank violence survivors with financial management.
“We’re not asking our bankers to sell differently to men and women, but Created a Certified Women’s Business
be cognizant of broad-based differences. Once you know your customer, Advocates program to help their staff better
PNC then serve that individual.” – Beth Marcello, Director, Women’s Business support female financial decision-makers.
Development, PNC
“We are fully committed to addressing the funding gap that female and Created the Multicultural Innovation Lab
MORGAN multicultural founders face in today’s investment landscape. They are to fund and incubate startups led by women
STANLEY a vibrant and growing segment of our economy.” – Carla Harris, Vice and multicultural entrepreneurs.
Chairman, Managing Director, Morgan Stanley
“We asked our clients what they were looking for. The challenge they Through the Scotiabank Women Initiative™ for
face is advancing their careers and advancing inclusion agendas at their Global Banking and Markets, provide access to
SCOTIABANK own firms.” – Loretta Marcoccia, Exective Vice President and Chief tailor-made education, advisory, and innovative
Operating Officer, Global Banking and Markets, Scotiabank solutions to help female clients take their
careers and businesses to the next level.
“One size does not fit all. We have invested to understand the needs of Offers an online insurance calculator that
women at various life moments and developed specific services to meet takes into account the financial value of unpaid
AXA those needs.” – Samaa Al Azzawi, Group Head of Culture, Inclusion & domestic work.
Diversity, AXA
28WOMEN IN FINANCIAL SERVICES 2020
1. UNDERSTANDING THE NEEDS 2. APPLYING A GENDER LENS TO 3. FOSTERING AUTHENTICALLY
OF WOMEN AS CUSTOMERS PROPOSITION DESIGN DIVERSE COVERAGE TEAMS
“It would help financial services greatly if “Having a woman in the room isn’t enough. “Women don’t necessarily want to be served by
they thought about disaggregating their If you want design that reflects your actual women. But if you don’t have women in your
data by gender. You need to analyze things customers, you have to give a voice to women advisory team, you won’t be able to advise
by gender to come to a true gender-neutral (and every other diverse voice). It’s not clients effectively.” – Jenny Tozer, Partner and
outcome.” – Sian Fisher, CEO, Chartered about being invited to the table, it’s about Investment Manager, LGT Vestra
Insurance Institute making sure every voice is included at the
table.” – Cory Cruser, Partner, Lippincott “We want to give our clients the best
“Our DNA is about leading with listening. relationship manager that we can. If we do
What gives you credibility with diverse “We should not have products for women not have a diverse population ourselves, it is
clients is listening first, and then listening and products for men. But we need to hard to match up with a client who is looking
a second time, and then asking follow-up design products knowing that the approach for diversity.” – Loretta Marcoccia, Exective
questions.” – Jennifer Auerbach-Rodriguez, is different for women compared to Vice President and Chief Operating Officer,
Head of Strategic Growth Markets, Merrill men.” – Dulce Mota, CEO, Montepio Global Banking and Markets, Scotiabank
“Firms need to reflect the diversity of their “We cannot tell women we are the best
customer base in top management positions, institution for them to bank with if we are not
in order to better understand the needs of also the best place for women to work.” –
women as customers through a range of Beth Marcello, Director, Women’s Business
perspectives." – Sylvia B. Coutinho, Country Development, PNC
Head, UBS Group Brazil, Head WM LATAM
2930
WOMEN IN FINANCIAL SERVICES 2020
THE CANARY IN
THE COAL MINE FOR
SUPERVISORS
AUTHORS: DOUGLAS ELLIOTT, MARIA JARDIM FERNANDES, TED MOYNIHAN
31WOMEN IN FINANCIAL SERVICES 2020
In the past, miners would carry canaries
down into the tunnels with them as an early
warning for danger. If gases collected in
the mine, the canaries would become sick
first, providing a warning to miners to exit
the tunnels as quickly as possible. Can the
lack of gender diversity in financial services
institutions be a canary in the coal mine for
financial supervisors?
We spoke to supervisors across the world and
found that, especially in the most developed
financial markets, they are taking gender
diversity seriously. This is both due to the
risks associated with non-diverse corporate
cultures, as well as to achieve a broader
societal good, sometimes tied to mandates
to promote good conduct, governance, and
culture. In addition, a number of academic
analyses highlight the positive impact of
gender diversity on business performance.
For supervisors who place a stronger
emphasis on culture, diversity is recognized
as contributing to better decision-making
and conduct, reducing “groupthink”, and
as a sign of overall good governance. At the
same time, diversity is also recognized as a
broader societal good, improving fairness
and participation in modern societies as well
as enabling access to a wider talent pool and
improving staff retention.
Most supervisors we spoke to are leading by
example, focusing heavily on internal efforts
to improve their own diversity. As examples,
the Bank of England (BoE), Financial Conduct
Authority (FCA), European Central Bank
(ECB), and Federal Reserve (FED) have all
been taking an active and visible role, with
transparent efforts in published strategic plans,
speeches, and activity reports. Internally, they
32WOMEN IN FINANCIAL SERVICES 2020
have promoted measures such as reforming A MIXED VIEW important in an economic downturn, which
recruitment, increasing flexible working may disproportionately affect vulnerable
arrangements, fostering networks for women, This sentiment is not uniform across groups in society. In addition, focusing on
and encouraging mentoring. In particular, jurisdictions. The emphasis on gender diversity without fostering an environment of
they have set (and publish progress reports diversity is generally greater with those inclusion and openness for staff to speak up
on) internal targets for diversity in their own supervisors who place more emphasis on may prevent firms from reaping the benefits of
management and board positions.1 Mark culture. Some of our interviewees would prefer diverse cultures.
Carney, Governor of the Bank of England, also to see clearer evidence on the correlation of
calls out the importance of “reflecting the diversity with different policy objectives before “We need to see gender diversity as part of
diversity of the public they serve”.2 becoming an advocate. Often there are no broader diversity – not just having women, but
formal legal mandates for diversity. also having diversity in backgrounds, cultures,
"Internally, at Bank of Spain we are already at a ethnicities.” –
balanced rate of 50% women representation Likewise, on policy, we found a mixed view. Christopher Woolard, Executive Director,
at entry point expert level, and around 40% There is most often no explicit regulation Strategy and Competition, Financial
in middle management. These are good and there are different views on how to fit Conduct Authority
numbers, and it's important we as supervisors diversity into the supervisory toolkit. As of
lead by example." – Margarita Delgado, 2019, it seems unlikely any firm will receive a WHERE IS THE
Deputy Governor, Banco de España supervisory investigation or sanction based on CUTTING EDGE?
lack of gender diversity alone.
Beyond leading by example, a number of Overall, it is clear from our research and
supervisors are influencing firms through It seems easier for national governments interviews that diversity has made its way
indirect or even direct ways. In some cases, to take on the policymaking role, which firmly onto the supervisory agenda, at
they are communicating clear expectations is seen as effective even if not specific to least in the largest financial markets. Policy
to firms to focus on diversity, or are asking financial institutions. In the United Kingdom, is starting to take specific shape in some
firms to set their own targets and plans on policymakers have contributed to indirect jurisdictions and many supervisors are
how to achieve them. And many look at pressure via visible initiatives such as the explicitly looking at diversity as a potential
diversity during authorization and certification Women in Finance Charter pledge created indicator of business and risk culture. Given
processes, including in “fit and proper” by Her Majesty’s Treasury (to which 351 that the goal is long-term, leading by example
assessments, as an indicator that selection institutions have already committed, including seems to be a good choice for supervisors. As
processes were robust and merit-based, and the BoE and the FCA).3 As another example, Christine Lagarde takes on the ECB, this is
consistent with national law. Some supervisors the United Kingdom and France have issued likely to increase, given her view that “if it was
made it clear that diversity could be part of legislation requiring firms to publish gender Lehman Sisters, the world might well look a
culture or conduct investigations when this pay gap data. The European Union’s Capital lot different today”.5 Some financial services
arises in combination with other factors of Requirements Directive requires institutions firms are taking a proactive stance with their
concern. to adopt a diversity policy, although the supervisors and demonstrating their cultural
European Banking Authority (EBA) conducted and business progress through both planning
"Good governance is a key foundation and published a benchmarking analysis and outcomes on diversity.
for resilience and long-term viability showing that many institutions still need to
of institutions – and we need to see adopt these policies.4 “A core focus of the agenda needs to be on
increased diversity as part of good creating an inclusive environment – both
governance." – Linette Field, Deputy Director More broadly, most of our interviewees to take the benefits from and ensure the
General DG Microprudential Supervision IV, have flagged the importance of seeing sustainability of diversity. In practice, diversity
European Central Bank diversity not just in terms of gender, but also is an outcome – inclusion is how you get
other ethnic, social, cultural, and economic there.” – Sarah Breeden, Executive Director
backgrounds. This may be particularly UK Deposit Takers, Bank of England
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