Euromoney Foreign Exchange Awards 2023: Best bank technology, infrastructure and innovation – best FX bank for diversity: Royal Bank of Canada
D&I is recognised and promoted as one of five core values at Royal Bank of Canada (RBC), the others being Client First, Collaboration, Accountability and Integrity.
RBC’s FX division has 145 employees, 33% of which are female with a broad ethnic representation. The bank has invested substantially in promoting gender equality in particular, having increased its female headcount and, more importantly, ensuring that women are able to progress through the business to senior positions.
The commitment to D&I begins during the recruiting process, where RBC has D&I requirements factored into the approval governance structure.
RBC has also worked towards achieving broad ethnic representation across its FX business. It has established Employee Resource Groups (ERGs), which are professional networks of employees that meet and organise employee engagement activities. RBC’s network of ERGs provides professional communities for: women, (visible) minorities, employees with disabilities, TSLGBTQ+ individuals and more.
The value of mentorship is also recognised and RBC is a platinum sponsor of Women in the City Afro Caribbean Network in London. The group provides empowerment and elevation for black women hoping to enter any industry in the City of London.
RBC is a signatory to the Women in Finance Charter. One of the metrics the charter uses to measure its D&I efforts are the number of women it has in senior roles, director and above. This currently stands at 24% across RBC in Europe. RBC is also a signatory of the Race at Work Charter demonstrating its commitment to improving the experience of ethnic minority employees.
RBC is making progress in expanding the representation across leadership roles, with a particular focus on women, BIPOC, persons with disabilities and individuals who identify as LGBTQ+. In 2022, women and BIPOC represented 43 per cent and 31 per cent of new executive appointments, respectively.
“We are honoured to have been awarded Euromoney’s best FX bank for diversity,” says Sian Hurrell, global head of sales & relationship management and European head of global markets, RBC. “Our vision is to be among the most inclusive workplaces and successful companies, and we are focused on putting diversity into action to help our employees, clients and communities thrive.
"This recognition of our FX business is a tangible demonstration of our commitment to developing diverse talent, improving representation and promoting an inclusive environment where unique contributions are not only valued, but celebrated.”