Diversity in finance: special focus
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.
NEWS AND OPINION
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.
A number of contentious political reforms under president John Magufuli have weakened investor enthusiasm for Tanzania in recent years.
Next year promises to be such an exciting year in banking that our resident soothsayer, Mystic Maca, couldn’t wait to share his predictions…
Created to promote the social development of women alongside its commercial interests, First Women Bank has led the way in financial inclusion.
The financial industry was designed to create opportunity in communities – Bank of America works tirelessly to ensure that opportunity is open to everyone.
Bank of America Merrill Lynch.
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.
People rise to the top of the agenda.
As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Africa focus.
As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
JPMorgan Chase to stop financing private prisons; Aspiration shows values-based banking model.
I am delighted to see two large sustainable bond issues from US banks already this year.
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.
Looking back over 50 years, it is surprising how finance has changed its role in protest.
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.
At the tail end of 2018, banks still seem to be a long way from equality.
Environmental and social issues not separate; BlackRock still not voting on climate reporting.
$2.4 billion in dedicated mandates; expectations to reach $20 billion to $30 billion by 2023.
Research, research and more research is needed for investors to navigate the complex world of ESG and SDG investing.
Natixis surveys large institutional investors and produces framework to avoid ‘SDG-washing’.
Larger family offices are taking on the private equity firms as they focus on investing directly.
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.
Executive director of community innovation for JPMorgan.
Investment strategist, Bank of America Global Wealth Management.
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?
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.
Which banks are doing the most to impress and attract their future employees? A potential young recruit gives her opinion.
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.
Global Findex Report released by World Bank; usage and savings targets remain elusive.
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.
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.
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.
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.
Euromoney research shows disparity among regions in capturing the female wallet; hiring seems to be the quick solution.
March 07, 2018
Next month, all UK employers with more than 250 workers must disclose the gender pay gaps for both salary and bonus.
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.
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.
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.
“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.”
Banks face lawsuits over pay inequity as regulators now take diversity into their own hands.
Greater transparency on CSR would save banks from duplicated efforts while learning from each other.
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.
To keep the spirit of impact investing, it is worth opening up the terminology to be more inclusive of a myriad of strategies.
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.
"Women tend to be less aggressive [in seeking financing terms] and more responsible – the sustainability of woman-owned enterprises is better."
Americas wealth management division partners with specialist investment fund to back tech companies with women at the helm.
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
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."
Steven Werlin works with Fonkoze in Haiti, a charity that seeks to help the poorest women in communities become self-sufficient…
More than 70% of women consider social or environmental impact as important to investment decisions, compared with just 49% of men.
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.
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.
Unbanked women an opportunity for banks; inclusion boosts economic growth.
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 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.
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.
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.
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?
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.
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.
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.
Lights, camera, reaction: Santander chairman Ana Botín opens up on TV.
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.
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.
Star photographer Annie Leibovitz was in Singapore recently, promoting a new exhibition commissioned by UBS.
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.
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…
The work being done by banks globally in the corporate and social responsibility sectors continues to impress. But must there be so much pink?