Andrew Haldane: The diversity project

Opening remarks by Mr Andrew G Haldane, Executive Director and Chief Economist of the Bank of England, at the Investment Association Launch of the Diversity Project, London, 8 November 2016.

Let me start by congratulating Helena for launching the Diversity Project. It is a great initiative. The UK's financial services industry is a world-leader in a great many respects - and long may that remain the case. Yet when it comes to issues of diversity it is often a laggard. For example, recent work by PWC has shown that the gender balance in Financial Services diminishes sharply with seniority. Despite women making up 60% of all employees, only 25% make it to middle-management and only 19% to more senior roles.

This is deeply disappointing. But it also presents the industry with a real opportunity to make some great strides forward. I hope the Diversity Project under Helena's leadership, and the announcement of Jayne-Anne as the Government's new Women in Finance Champion can help seize that opportunity and propel financial services into a leadership role on diversity too.