Women make up less than a fifth of senior leadership roles at UK financial services companies, according to new data analysis from Fox & Partners.
The law firm found that out of 66,880 senior executives in the sector, only 12,430 are held by women.
However, the share of senior roles held by women increased slightly from 18% in 2023 to 19% in 2024.
Senior roles encompass job titles including CEOs, executive directors and chief risk officers, alongside non-executive roles such as senior independent director.
Women make up only 9% of the 5,140 CEOs of financial services companies covered by the study.
Senior women in finance
The figures suggest that City firms continue to make slow progress on gender diversity.
Last year, it was revealed that only a third of organisations that signed the Women in Finance Charter met or exceeded their gender diversity targets in 2023.
Catriona Watt, a partner at Fox & Partners, said the pace of change was “remarkably slow”.
“There is a concern that the reversal of many DEI initiatives at financial services businesses in the US could lead to a slowing of investment in programmes in the UK that improve diversity at senior levels within banks and fund managers,” she said.
“A lot of financial services businesses that operate both in the UK and the US will be wondering if they want to be so vocal about diversity – it would be a real shame if momentum is lost.”
She pointed to the fact that a number of US banks have scaled back on diversity and inclusion programmes following executive orders issued by president Donald Trump.
Watt added: “UK financial service businesses still need to do more to attract women to the industry and promote more women from within their businesses.
“Financial services firms need to create a positive workplace culture that incentivises women to stay long term and show them what their career path can look like.
“They also need to be given the experience and exposure to roles that allow them to compete for senior leadership positions.”
The law firm gathered data shared with the Financial Conduct Authority with the year-end September 2024.
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