Despite years of new policies and plans to increase diversity at banks and financial firms, the lack of minorities, women and other underrepresented groups on boards and in management positions remains a major issue for the industry.
The finance industry is, in fact, one of the least diverse in the country. A recent report by the Committee for Better Banks found that Black and Latino employees had a less than 25% chance of being promoted or hired for a senior management or executive position, compared with their white peers. A study by the House financial services committee found that women in banking made up less than 33% of the executive and senior level workforce despite representing 51% of the population.
Related: Notable Diverse Leaders in Banking and Finance
But real change might finally be on the way.
The New York state Department of Financial Services is stepping up oversight of diversity and inclusion in the banking and finance industries. It is requiring banks and other financial institutions with more than $100 million in assets to provide data on the gender, racial and ethnic composition of their boards and senior management teams. The data is expected to be published on an aggregate basis this year.
Some financial institutions are addressing the issue at the ground level, with programs to help minorities enter the field. The Colin Powell School for Civic and Global Leadership at City College recently announced a $300,000 initiative with Santander Bank to create a boot camp and fellows program to prepare students for careers in finance.
With these factors in mind, Crain’s presents its first list of Notable Diverse Leaders in Banking and Finance, comprised of 52 executives who are each a key player in initiatives to modernize their industry
Click here to see the Notable Diverse Leaders in Banking and Finance