Gender diversity in banking reflects the reality in financial services overall, with an even split between men and women at entry level that declines with each rung up the ladder. For example, the share of women of color in entry-level roles has decreased slightly in the past three years.īanking. Of particular concern is that the representation of women of color has not meaningfully changed since 2018-and has actually gone down at critical levels of the pipeline. 2 Our analysis of asset management excludes private-equity companies. The asset-management industry lags behind financial services in the representation of women across most levels. Despite progress, 64 percent of financial-services C-suite executives are still White men, and 23 percent are White women-leaving just 9 percent of C-suite positions held by men of color and 4 percent by women of color (Exhibit 1).Īsset management. During that time, the share of women grew by 40 percent at the senior-vice-president (SVP) level and 50 percent at the C-suite level-though this increase is off a low starting point. The highest levels of corporate leadership are still dominated by men, though women have made notable gains in the past three years. This slide is particularly steep for women of color (Black, Latina, Asian 1 “Asian women” refers to women who self-identify as East Asian, South Asian, or Southeast Asian.): from entry level to the C-suite, the representation of women of color falls by 80 percent.
While women have a slight edge at the entry level (comprising 52 percent of the industry workforce), their representation falls off at every step of the corporate pipeline. A leaky pipeline for women-especially women of colorĪt the beginning of 2021, the representation of women and women of color in the financial-services workforce had increased across all ranks above entry level, compared with 2018.
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As financial-services firms plan for a return to the office, they need to do more to create an equal and inclusive workplace where all women of all backgrounds feel supported, valued, and recognized for the full extent of their contributions. Yet women do not always feel that they can request the support they need, including the flexibility to work remotely. 1 Industry-specific n sizes may differ from the Women in the Workplace report because of differences in groupings for analysis.Īs demands continue to escalate, it is no surprise that women in financial services are more likely than men to report feeling burned out. We also isolated 8,470 survey responses from employees in the financial sector. To learn more about the financial-services sector specifically, we carved out the employer data of 27 asset-management companies (excluding private equity), 25 banking and consumer-finance companies, ten insurers, and nine payments companies, which collectively employ over 500,000 employees. All data were collected between May and August of 2021. The latest Women in the Workplace report, released in September 2021, is based on data from 423 employers across the United States and Canada as well as a survey of more than 65,000 people from 88 companies. At the same time, women leaders have taken on the additional responsibilities of supporting employees and investing in diversity and inclusion during the COVID-19 pandemic-but they aren’t being rewarded for this critical work.įor the past seven years, McKinsey and LeanIn.Org have tracked the progress of women in corporate America. Consistent with previous years, women in financial services continue to experience a “broken rung” at the first step from entry level to manager-where they are significantly less likely than men to be promoted (for more about our research, see sidebar “About the research and findings”). A new industry-specific analysis of data from the latest Women in the Workplace report, a McKinsey collaboration with LeanIn.Org, reveals a leaky pipeline from which women are falling out in greater numbers as they progress up the career ladder, resulting in significant inequality at the top. At the beginning of 2021, women in North America remained dramatically underrepresented in the financial-services workforce-particularly at the level of senior management and above.
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