Firms failing to promote women to top ranks as quickly as they add Directors

Business Woman

Financial firms are failing to promote women to the ranks of top managers as quickly as they’re adding female directors to their boards, a report from consulting firm Oliver Wyman found.

Bloomberg News reports that women made up 13% of firms’ executive committees in 2013, up from 10% a decade earlier, and more than a third of the companies had no females in their top management group, according to the study released today. Women comprised 20% of firms’ directors in 2013, an increase from 12% in 2003.

While women are almost as likely as men to move from junior employees to mid-level managers at U.S. financial companies, their relative progression to senior roles is the worst among all industries, according to the report, which looked at more than 150 financial firms globally. Banks need to rotate women with leadership potential into revenue-generating units to better position them for broader roles including chief executive officer, the study found.

To access the complete Bloomberg News article hit the link below:

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