Banks criticised by MPs for failing to commit to gender diversity pledge

Nicky Morgan has written to 33 banks and financial firms, including Goldman Sachs, JPMorgan and BNP Paribas

‘The aim must be to see all firms in the financial sector sign up to the charter and make a concerted effort to improve gender diversity,’ says Nicky Morgan, chair of the Treasury Select Committee
‘The aim must be to see all firms in the financial sector sign up to the charter and make a concerted effort to improve gender diversity,’ says Nicky Morgan, chair of the Treasury Select Committee

Major banks including Goldman Sachs and JP Morgan have been called out by an influential parliamentary committee for failing to sign the Women in Finance Charter – which pledges to promote gender diversity across their businesses.

Conservative MP and head of the influential Treasury Select Committee Nicky Morgan has written to 33 financial services firms, including BNP Paribas, PIMCO and UBS, who have yet to become signatories.

She has given companies until Friday to confirm they plan to join the initiative, or provide details of why they have decided not to do so.

“The progress of the Women in Finance Charter is to be welcomed. The aim, however, must be to see all firms in the financial sector sign up to the charter and make a concerted effort to improve their gender diversity, particularly in senior roles,” said Ms Morgan.

“As the charter states, a balanced workforce is good for customers, profitability and workplace culture.

“Huge multi-nationals including Goldman Sachs, JP Morgan and UBS are yet to sign up to the charter, and if they don’t intend to do so, the Treasury Committee wants them to explain why.”

Committee members – who are due to meet on February 20 – could agree to publish banks’ responses as early as next week.

A spokeswoman for JP Morgan said the bank supports the goals of the charter and is “considering signing up”.

Ms Morgan’s letter was also sent to the likes of Close Brothers, AIG Europe, Metro Bank, Vanguard Asset Management and Seedrs.

More than 160 companies had signed up to the charter as of November, representing more than 600,000 employees in the financial services industry.

That means around 50 per cent of the industry’s workforce is currently covered by the charter – accounting for pledges from firms including Standard Chartered, Credit Suisse, Morgan Stanley International and Deutsche Bank.

The Women in Finance Charter was first published in March 2016 and commits firms to supporting the progression of women into senior roles, to publicly report on progress on delivering internal diversity targets, and have at least one member of the executive team responsible and accountable for gender diversity and inclusion.

PA

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in