Globally the number of females represented on financial services boards continues to grow, but a stagnancy at the executive level is disenfranchising millennials as they get to grips with a workplace stuck in its gendered past. Oliver Wyman’s 2016 Women in financial services report revealed that financial services will not reach 30% female executive committee representation until 2048. Millennial women are facing the same problems as their counterparts in the 1980s and 1990s, just without expecting to. This leads to a ‘culture shock’ as they realise traditional gender roles continue to exist in the workplace.
Ellevest CEO Sallie Krawcheck on Wall Street “bro-talk” and how encouraging a more diverse workforce in the financial industry is a way to mitigate risk.
At the current pace of progress, it will take more than three decades for women in the financial services industry to hold 30% of positions on executive committees globally, a report published Monday by Oliver Wyman shows. The report also finds that female executives in financial services are 20-30% more likely to quit their employer than their peers in other industries.
Bloomberg has unveiled a new index intended to showcase what the biggest financial players are doing to promote gender equality. The index, called the Bloomberg Financial Services Gender Equality Index (GEI), includes 26 public companies that are best-in-class in the financial industry in terms of providing opportunities for women. 100% Talent member Bank of America is one of the leaders in the index.