WASHINGTON–There was a slight increase in representation of minorities, defined as racial/ethnic groups other than White, as well as women in management positions in the financial services industry from 2007 to 2020, according to a new report from the Government Accountability Office.
Despite that, the report found White males continue to dominate leadership within the industry, with more than two in every three senior executives and more than four in every five CEOs being White.
GAO said it analyzed data from the Equal Employment Opportunity Commission (EEOC) on diversity in the financial services industry. For 2007-15, the GAO said the EEOC data showed Asian representation increased to 5% from 4%, while Black and Hispanic representation was about 3% and female representation remained around 29% in the period measured.
More Recent Trends
But analyzing a more recent time frame, 2018-20, the data show growth of representation for both minorities and women was “relatively flat or marginally increased.” According to GAO, Black and Hispanic representation remained at about 3% and 4%, respectively, while female representation increased from 31% to 32% in that period.
Additional Findings
In addition, the report further found:
- Gender representation among executive/senior level management in the financial services as of 2020 was 68% male, 32% female.
- For race/equity representation of executives and senior level leaders, the GAO reported, the breakdown was 85% White, 3% Black, 4% Hispanic, 7% Asian, and 1% categorized as “other.
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