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Globally women account for only one-fifth of boards and 16
percent of executive committees in financial services, the
management consultancy said.
Thirty percent is the level at which research suggests a
minority's voice can be heard and a separate initiative called
The 30 Percent Club campaigns for a similar global target for
company boards.
"The industry is far from where it should be on gender balance,"
"The low representation of women on executive committees in
particular is a problem," said Ted Moynihan, managing partner of
Financial Services, Oliver Wyman. "An organization’s key
business and strategic decisions are made by its Executive
Committee and they are also highly visible, both internally and
externally, making them effective as role models and sponsors –
and driving business success."
The global financial services industry has long been seen as
male-dominated.
Female executives in financial services are 20 to 30 percent
more likely to leave their employers than their peers in other
industries, citing inflexible working hours, inequalities in
promotion and pay, and unconscious bias, the report found.
There are also marked differences in the executive jobs awarded
to women, who take largely HR, marketing and compliance roles.
Only 8 percent of CEOs are women whilst 50 percent of HR heads
are women, according to the report.
In banking and insurance, women make up only 14 percent of
executive committees compared to 22 percent and 18 percent in
the public sector and asset management sectors respectively.
The report analyzed 381 financial services organizations in 32
countries and surveyed 850 financial services professionals.
(Reporting by Anjuli Davies; Editing by Ruth Pitchford)
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