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.

The views expressed in this speech are those of the speaker and not the view of the BIS.

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.