The stark – sometimes racist – reality of being a Black woman in finance

I get asked questions like, ‘What do you do?’, followed by incredulous responses such as, ‘Really? How did you get that role?’, writes deputy bank CEO Paulette Simpson

As a Black woman in the finance sector, I often face difficulty being heard and taken seriously. My contributions have regularly been overlooked or dismissed in many meetings and discussions, especially with external parties. While addressing this, there is the age-old question of whether I am being “assertive” or “aggressive”.

I would get asked questions like “What do you do?” which were often followed by incredulous responses such as “Really? How did you get that role?”

The other challenges Black women in finance face are the constant pressure to prove themselves, feeling as though they must work 10 times harder than their counterparts to achieve recognition and opportunities. Sometimes feeling subtly pressured to feel “grateful” for occupying such a role. Despite having decades of experience, there’s a pervasive assumption, especially in the last few years, that our success must be attributed to diversity initiatives rather than our merit and dedication.

A colleague vividly recalls instances where individuals would direct their questions towards a junior colleague, seemingly unable to fathom that this Black woman could hold a leadership position.

I also spoke to some of my Black female friends working in the City’s banking sector to get their take. They shared with me that in their younger years, they would try hard to “fit in”; for example, participating in off-site company activities seemingly planned with only men in mind. One said: “A lot of social activities were centred around men and their interests, such as golf and ski trips.”

Additionally, scrutiny of appearances, and particularly comments on hair, is still an uncomfortable reality. Despite strides in diversity and inclusion efforts, such microaggressions persist in the workplace. Comments about hairstyle not only feel invasive but also underscore the ongoing challenges of being a Black woman in predominantly white, male-dominated spaces such as finance. 


That being the case, it’s not all doom and gloom.

The finance sector and government are taking steps towards improving diversity and inclusion. The Financial Conduct Authority and Prudential Regulation Authority have released a consultation paper on improving diversity, equity, and inclusion. Many are suggesting that financial institutions should be held accountable for improving and evidencing diversity.

These include requirements like having at least 40 per cent of the board comprised of women, at least one senior board position filled by a woman, and at least one board member from a non-white ethnic minority background.

While there is a promising influx of bright young talent, the challenge lies in retaining and supporting them as they progress within such organisations.

Ensuring equal access to opportunities for all employees, regardless of social circles or connections, is crucial. HR departments are pivotal in identifying and nurturing talent across organisations, promoting diversity, and creating avenues for growth and advancement.

But the onus isn’t wholly on others: this International Women’s Day, let’s not shy away from acknowledging our achievements; let others know of our successes. Remind ourselves and others that our roles are earned through our skills and experience.

It’s about being authentic in your discussions – whether it’s in meetings or by declining ski trips or golf outings, feel empowered to say no and explain why politely. Like many others, the finance industry strives for inclusivity, and your authenticity should be celebrated, not compromised. You shouldn’t have to pretend to be someone you’re not. Colleagues will thank you for being open and honest. So stand tall, know your worth and go for it.

I also strongly believe that knowing why you want to work for a specific organisation is essential; its purpose forms the foundation for personal fulfilment and professional success.

In my case, I work for JN Bank UK (JN Group); because of its 150-year-old heritage and its vision to enrich lives and build communities. The organisation stands as a beacon for a community often overlooked by major financial institutions. While it serves the wider community, it also represents a diaspora group that deserves attention, care and tailored financial solutions.

I feel strongly that I have a real opportunity to make a meaningful difference. I want to serve and advocate for a community that deserves, among other things, equitable access to banking services and opportunities for financial growth.

Paulette Simpson CBE is deputy CEO of JN Bank UK