Financial Gender Gap: UK Firms Struggle with Diversity Goals

A UK finance ministry report reveals the slow progress in promoting women to senior roles in the financial sector, as companies face challenges balancing diversity commitments with new policies. Though some firms have made strides, many fall short of set targets amid hiring freezes and restructuring.

The UK's financial industry remains stagnant in increasing female representation in senior roles, according to a recent report by the UK finance ministry. Despite women holding 36% of senior positions in 2023 – a slight increase from previous years – progress is considered "unacceptable," as stated by Aviva's CEO Amanda Blanc.

The HM Treasury Women in Finance Charter, which includes commitments from around 450 firms, has seen uneven adherence to gender diversity targets, with many businesses struggling to meet their own goals. These developments occur amid shifting political climates like those under U.S. President Donald Trump, who emphasized a crackdown on diversity agendas.

The report highlights that while companies like Natixis and Commerzbank made incremental gains, significant barriers like hiring freezes persist. Additionally, 95% of signatories have now adopted hybrid-working models, a move seen as beneficial for women juggling caregiving duties.

(With inputs from agencies.)