The devil is in the details
One might think that since women represent more than 50 percent of the total workforce at most banks, these are successfully implementing measures to foster D&I. Recent company filings, however, reveal a mixed picture at the largest U.S. banks. Looking at gender diversity at the executive and senior level, the share of female employees is much lower than in the total workforce. The share of female directors is similarly low: Out of the 15 largest U.S. banks, only two had more female directors than male. The relatively high share of female employees in the total workforce is mainly a result of the high share of women in lower-level corporate roles, such as administrative support positions. At PNC Financial Services, for instance, the share of female executive and senior-level employees is three times lower than the share of female administrative support workers.
Gender diversity in the financial sector: Work in progress
Data on the financial sector in general also shows the underrepresentation of women in most corporate roles, especially on senior management and above. The low share of women in leadership positions is not only an issue in the financial industry: Even in the consumer business sector, the one with the highest share of women on the boards of directors, the share female directors is below 30 percent. The silver lining is that progress has been made in recent years: Between 2014 and 2021, the share of women on boards in the financial services sector in the U.S. almost doubled. In addition, the share of women in C-suite and senior leadership roles is forecasted to grow further in the coming years.
