Awards for Excellence 2016
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Also shortlisted: |
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Lloyds Banking Group |
There are very few banks where one can say diversity and inclusion (D&I) are embedded within the business. To make it a reality, that ethos needs to come from the most senior management. At Bank of America Merrill Lynch, chief executive Brian Moynihan chairs the global diversity and inclusion council that sets goals and practices, and he attends every meeting.
That level of C-suite engagement shows, and this year BAML wins Euromoney’s inaugural award for the world’s best bank for diversity.
In gender diversity, the bank is unrivalled. Some 52% of its global workforce are women, and representation by women on the executive board is 38% – more than double that of the average board among other Fortune 500 companies. This year marks the third year of its global women’s conference, which brings together 300 of its top female leaders from around the world, while it also has a women’s leadership programme for mid-level managers.
More than 30,000 employees across the bank are part of its many women’s networks and councils that offer internal mentoring, but that also partner with external charities to create dialogue around gender equality in industry, and to inspire future generations of women leaders.
What is truly impressive at BAML is that its D&I initiatives are not mere lip service within certain cultures – they are rolled out globally, but on a tailored basis. Purna Saggurti, chairman of global corporate and investment banking and one of three vice chairs on the council, says: “It’s not a case of taking a one-size-fits-all approach.”
For example, says Saggurti, gender equality in the financial services industry is different in the UK versus the US, while in India some 75% of bank CEOs are women.
He also points out that racial and ethnic diversity is a greater issue in the US than elsewhere. The bank has worked hard to ensure it is meeting its goals, with 44% of its US workforce being racially and ethnically diverse. To support and encourage employees, it hosts a Black Executive Leadership summit to connect black executives in the US with senior leaders on actions and obstacles to career advancement, and to discuss ways to increase the development and retention of black employees. It hosts a similar summit to cultivate Hispanic-Latino leaders within the firm.
Educating the workforce on unconscious biases has been a large part of the bank’s success. Nearly 30,000 employees have taken the training. There are also training modules and events for employees to become better informed about the issues facing the LGBT community – which also has its own forum that was launched this year with an LGBT Executive Leadership Council Meeting.
The bank has also been clear on its position against legislation in its home state of North Carolina that prevents rights of LGBT people. It also supports transgender employees looking to transition, and provides resources for anyone transitioning within the workplace and for their colleagues.
Other initiatives go beyond the normal remit of diversity. For example, the bank hosted a session for managers on including and engaging introverts as much as extroverts. It was watched by 13,000 employees.
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Cynthia Bowman, BAML |
Many of those programmes and initiatives are spearheaded by Cynthia Bowman, chief diversity and inclusion officer, who has been with the firm since 2007. From personal experience, Bowman says she has witnessed the results of biases and perceptions, and it is obvious she has dedicated herself to making positive change, not just within the bank but throughout the industry. Bowman is often asked to present to other firms looking to implement a diversity and inclusion strategy. She says that not only is it the right thing to do for employees, but that it is also imperative for good business. “Our clients want a diverse attendance of bankers, and they want to know they are working with a company that cares about solving society’s issues of gender or racial inclusion.”
To be effective in a D&I strategy, Bowman says attracting a diverse workforce is key. Last year it expanded its speciality sourcing recruitment teams. Beyond gender, sexuality and racial and ethnic diversity, the bank is committed to hiring 10,000 military veterans over the next few years, as well as supporting stay-at-home caregivers’ return to employment. It also has a department that provides job opportunities to people with intellectual or developmental disabilities.
Bowman says one of the keys is to measure progress. Diversity is included in every business review, measuring the success of its initiatives by tracking career progression for underrepresented employees.
“We want to know – are the programmes having a tangible impact? And if they are, only then do we know we are being successful,” says Bowman.
