Diversity in finance: special focus


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Euromoney closely follows how financial institutions are supporting diversity within the industry. How are banks addressing pay equity and upward mobility across gender, race and sexual orientation – among both employees and clients? What are the challenges and how can they be overcome? Here is a selection of the latest news and opinion.




Calling all women and children: Aramco widens net in bid to secure valuation
November 2019
Saudi Aramco’s intention to list aims to clear up any doubts wealth managers may have about investing on behalf of women, but it also draws attention to the fact that, despite reforms, the full inclusion of women in Saudi society is still a distant reality.

Political crackdown harms Tanzania's infrastructure ambitions
November 2019
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A number of contentious political reforms under president John Magufuli have weakened investor enthusiasm for Tanzania in recent years.

2020: The year women will take Wall Street
November 2019
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Next year promises to be such an exciting year in banking that our resident soothsayer, Mystic Maca, couldn’t wait to share his predictions…

First Women Bank: Agent of change
September 2019
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Created to promote the social development of women alongside its commercial interests, First Women Bank has led the way in financial inclusion.

World's best bank for diversity and inclusion 2019: Bank of America
July 2019
The financial industry was designed to create opportunity in communities – Bank of America works tirelessly to ensure that opportunity is open to everyone.

Asia's best bank for corporate responsibility 2019
July 2019
Bank of America Merrill Lynch.

Women rule the roost in Hong Kong banking
June 2019
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Hong Kong’s belated embrace of diversity has meant a dozen of its banks are now run by women, but there’s clearly more work to be done.

The CEO agenda: Mike Corbat, Citi
June 2019
People rise to the top of the agenda.

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Binta Touré Ndoye: Making space for women in business
May 2019
As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Africa focus.

Mandy DeFilippo: Setting new goals
April 2019
As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.

US banking inches closer to ESG alignment
March 2019
JPMorgan Chase to stop financing private prisons; Aspiration shows values-based banking model.

Responsible banking moves a few steps closer
February 2019
I am delighted to see two large sustainable bond issues from US banks already this year.

Women in private banking: Why we need a new normal
February 2019
Wealth management was built by men for men, but now that women will become the largest beneficiaries of the $30 trillion intergenerational wealth transfer, the industry needs to overhaul itself. If it doesn’t, it will be letting down more than just its female clients.

CSR: Going guerrilla on finance
February 2019
Looking back over 50 years, it is surprising how finance has changed its role in protest.

Impact investing: The mindless mantra – ‘doing well by doing good’
January 2019
To bring about fundamental change and to find long-lasting solutions, isn’t always pretty and it is certainly not always a win-win in the financial sense.

Gender lens investing: Banks not included
November 2018
At the tail end of 2018, banks still seem to be a long way from equality.

CSR: Asset managers need to rethink governance
November 2018
Environmental and social issues not separate; BlackRock still not voting on climate reporting.

Gender-lens investing doubles in a year
November 2018
$2.4 billion in dedicated mandates; expectations to reach $20 billion to $30 billion by 2023.

What do investors want? ESG research. When do they need it? Yesterday
October 2018
Research, research and more research is needed for investors to navigate the complex world of ESG and SDG investing.

Are the SDGs truly investable?
October 2018
Natixis surveys large institutional investors and produces framework to avoid ‘SDG-washing’.

Family offices direct their efforts to making an impact
October 2018
Larger family offices are taking on the private equity firms as they focus on investing directly.

Corporate responsibility: For banks to change, everyone must change
September 2018
We need to change the banking model – and that means every person has to take some responsibility. Perhaps UNEP FI’s principles are the way forward.

Impact banking champion: Colleen Briggs, JPMorgan
September 2018
Executive director of community innovation for JPMorgan.

Impact banking champion: Jackie VanderBrug, Bank of America
September 2018
Investment strategist, Bank of America Global Wealth Management.

Impact investment: Private equity puts its money where its mouth hasn’t been
September 2018
Impact investing would seem an unlikely business for avaricious private equity funds. But many are embracing what they see as a new opportunity. Should we be sceptical or see private equity’s buy-in as proof of the impact investment concept?

Impact banking: Can this generation of leaders change banking for good?
September 2018
From the United Nations and the European Commission to customers and shareholders, the world’s banks face increasing pressure not only to consider their broader role in society but also to take actions that have a positive impact on it. There is no doubt that most chief executives take this challenge seriously. Whether they take it far enough remains to seen.

Diversity and inclusion: What the next generation thinks
July 2018
Which banks are doing the most to impress and attract their future employees? A potential young recruit gives her opinion.

Financial inclusion: The paradox of the city
May 2018

As cities around the US see populations increase, so the smaller banks that serve low- to moderate-income urban families are being squeezed out. New York is no exception. Financial inclusion is at risk of becoming an urban myth.

Financial inclusion is improving, but is it impactful?
May 2018
Global Findex Report released by World Bank; usage and savings targets remain elusive.

CSR: Time's up for finance's gender pay gap
May 2018
Gender pay gap disclosure has arrived in the banking industry, but a movement that aims to bring gender equality across the whole financial sector is just beginning. Euromoney speaks to some of the pioneers.

CSR: Failure not an option for First Women Bank
May 2018
Tahira Raza was among Pakistan’s pioneering FWB's first employees 30 years ago, with a mission to advance female empowerment in the country. Having returned as chief executive, she is battling to compete with bigger local rivals.

Financial inclusion: American tragic
April 2018
The plight of the unbanked in the US’s poorest regions is a modern-day scandal in the world’s richest nation. Southern Bancorp is one bank seeking to address the problem. Euromoney goes to the heart of the battle to beat financial exclusion in rural America.

UBL's pioneering CEO sets ambitious targets
March 2018
As a woman running one of Pakistan’s leading banks, Sima Kamil has already made her mark. But her goal is for UBL to snatch top place, elbowing aside HBL, her former employer.

How are private banks responding to women in wealth?
March 2018
Euromoney research shows disparity among regions in capturing the female wallet; hiring seems to be the quick solution.

Gender pay gap: Time to pay attention
March 07, 2018
Next month, all UK employers with more than 250 workers must disclose the gender pay gaps for both salary and bonus.

CSR: Vive la 1% revolution!
February 2018
I often think that when it comes to closing the wealth gap, we will simply need a revolution by those at the wrong end of it, but in January I was comforted to discover that hundreds of people in the 1% are starting this revolution themselves.

The death of private banking… and how wealth management can have a brighter future 
February 2018


For many in a new generation of wealthy families and individuals, the concept of paying a bank to simply preserve and manage their money (let alone hide it from authorities) is untenable in an era of increasing inequity, government deficits, public spending cuts and growing global environmental concerns. Wealthy clients, conscious of these global challenges, are looking for institutions that can help them marry their financial needs with those of wider society. 

Gail Kelly keeps up the pressure
February 2018
As chief executive of Westpac, Gail Kelly was a trailblazer for women in finance. She learned the hard way about the battle for equal pay. Now she is trying to use her experience to encourage others.

ESG: the stewardship revolution
November 2017
“The market rewards leaders and innovators. They may seem to some as wild-eyed activists, but I think those who stand up to support gender equality, fair representation and not damaging the environment will be seen to have stood on the right side of history.”

Pay equity: Closing the gap
November 2017
Banks face lawsuits over pay inequity as regulators now take diversity into their own hands.

Diversity and inclusion: Thomson Reuters reveals Q3 bank rankings for D&I
November 2017
The top three banks globally for diversity and inclusion (D&I) are Bank of Montreal, BNP Paribas and Barclays, according to data from Thomson Reuters.

CSR and diversity: It’s time for banks to get naked
July 2017
Greater transparency on CSR would save banks from duplicated efforts while learning from each other.

CSR: Inclusion key to bank diversity efforts
July 2017
While an increasing number of studies point to diversity having a positive impact on business performance, it needs to be coupled with inclusion if financial services companies want to see cultural and societal change.

Are impact investments the new hedge funds?
April 2017
To keep the spirit of impact investing, it is worth opening up the terminology to be more inclusive of a myriad of strategies.

India: It’s a woman’s world
April 2017
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If this was supposed to be the century of the woman, no one thought to tell the international banking community. One country alone has closed the gender gap, and it happens to be Asia’s fastest-growing large economy. Step forward India, where the top ranks of finance are filled with high-flying women.

Latin America: Lenders warming up to Brazilian banks
March 2017
"Women tend to be less aggressive [in seeking financing terms] and more responsible – the sustainability of woman-owned enterprises is better."

UBS rethinks gender-lens investing
March 2017
Americas wealth management division partners with specialist investment fund to back tech companies with women at the helm.

The long road to gender equality
February 2017
The finance industry continues to struggle with the disconnect between talk and action on diversity. Is it time for the activists to shake things up?

Private Banking Survey 2017: Wealth leaders face a tough balancing act
February 2017

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one banker says there is an opportunity in hiring female advisers: "As an increasing number of women are seeking advice around financial decisions, we need to hire more female advisers to respond."

Private banking: Smarter, faster ways of giving
February 2017

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Steven Werlin works with Fonkoze in Haiti, a charity that seeks to help the poorest women in communities become self-sufficient…

CSR: SRI assets hit $8.72 trillion
December 2016
More than 70% of women consider social or environmental impact as important to investment decisions, compared with just 49% of men. 

CSR: The alpha female effect
December 2016

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Gender lens investing is on the rise, and with good reason. Not only do companies perform better with greater female representation on their boards, but a multi trillion-dollar wealth transfer to women and millennials means greater investment focus on social issues like diversity.

CSR: Can bank hiring help close the socioeconomic divide?
October 2016

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As political tensions around income inequality rise, so too does pressure on banks to hire employees from more varied backgrounds. While some have been early adopters of diversity, there is much still to do.

CSR: The unbanked – mind the gender gap
September 2016
Unbanked women an opportunity for banks; inclusion boosts economic growth.

How financial inclusion will change the face of banking
September 2016 


In many regions, the unbanked, particularly unbanked women, complain that they do not feel comfortable entering a bank, that the ID requirements are too onerous to start a bank account, or that bank branches are simply too far away.

Sex discrimination and the City
July 2016
Sex discrimination is still rife in the City, but new gender pay reporting rules threaten to expose the gender pay gap at investment banks and compel them to bring real equality to the trading floor.

FX: Fired currency traders fight back
April 2016

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Ex-Citi trader Carly McWilliams’ employment tribunal win will spur on other fired currency traders waiting for their day in court and encourage more women to bring unfair dismissal claims, say legal experts. The banks’ argument that a handful of rogue traders acting behind senior managers’ backs were to blame for the currency rigging scandal is contested.

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Fintech 2016: Global Invest Her teaches women entrepreneurs to play the funding game
April 2016
As evidence emerges that start-ups led by women make more money for venture capitalists than those led by men, a new platform aims to help women entrepreneurs get funded.


FX: Battle of the sexes
December 2015
Leading women in FX talk about breaking the glass ceiling as the latest scandals reinforce the macho stereotype of the industry. Could the rise of electronic trading influence gender dynamics?


World's best bank for diversity and inclusion 2018: Bank of America
July 2018 
Improving social mobility, caring in the community, supporting employees in challenging times and committing to equity – Bank of America has shown a long-standing commitment to D&I.
For more Awards for Excellence recognising diversity, see full results.

World's best bank for diversity and inclusion 2017: Lloyds Banking Group
July 2017
From challenging views on diversity in advertising to increasing productivity through homeworking initiatives, Lloyds is changing the way the corporations and society tackle D&I.

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World's best bank for diversity 2016: Bank of America Merrill Lynch
July 2016
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.


Banking: Botín’s shelf-awareness
January 2020
Lights, camera, reaction: Santander chairman Ana Botín opens up on TV.

Gender equality: Divertingly dismal diversity
July 2018
The pitches for the Euromoney Awards for Excellence always provide a revealing window into the inner workings of banks and part of the fun of it all is to separate the grand statements from the reality.

Gender inequality – Diversity: the alternative view
February 2017


In a month that saw hundreds of thousands of women worldwide unite in disgust at the proposed policies of new US president Donald Trump, one Chinese investor has provided a shocking example of how pervasive a problem gender inequality still is in the financial markets.

Even Leibovitz can’t make banks look good
June 2016

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Star photographer Annie Leibovitz was in Singapore recently, promoting a new exhibition commissioned by UBS.

Shorting anti-LGBT rights
May 2016 
Credit Suisse equity analysts in April revealed that a proprietary benchmark basket of 270 companies with progressive pro-lesbian, gay, bisexual and transgender polices (LGBT), outperformed the MSCI All Country World Index by 3% a year over the last six years.

Diversity double fault for BNP Paribas?
April 2016
BNP Paribas takes the issue of diversity in the workplace very seriously. A quick glance at its website tells you as much. So it must have prompted some embarrassment when…

Corporate social responsibility: Pinked off
November 2015

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The work being done by banks globally in the corporate and social responsibility sectors continues to impress. But must there be so much pink?