The news: US banks are making progress on closing the gender gap in the financial industry, but there’s still work to be done, especially at the leadership level.
This is according to a recent study by DBRS Morningstar, which looked at women in leadership roles at 28 banks in the US.
Key stat: In 2021, women made up 26% of executive management teams at banks, and 32% of their board of directors. But even though these percentages are low, they’re an improvement from 2014, when women represented 18% of executive management teams and 22% of boards of directors.
Source: DBRS Morningstar, Company Documents
A trend on roles: The study also examined the types of roles women held at banks and found that they were generally less financially focused roles within the executive team.
The report argues that the presence of women in less-financially-focused roles suggests the gender gap at banks is even larger than reported.
Around the world: The US isn’t the only country struggling with gender gaps in the financial industry. Europe and the UK are also dealing with a disparity.
Why does it matter? Gender diversity leads to more than just diversity of thought. Banks and financial institutions stand to gain much more.
This article originally appeared in Insider Intelligence’s Banking Innovation Briefing—a daily recap of top stories reshaping the banking industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.