One of the world’s biggest investment firms is trying to triple the number of BAME staff in senior roles while cutting down on the hiring of white men as part of a new diversity drive.
State Street Global Advisors aims to triple the number of black, Asian and other minority staff in senior roles by 2023 as part of a drive to improve diversity within its middle and senior management.
Failure to meet the target will result in a drop in executives’ bonuses, reports The Times.
State Street, which has 30 offices worldwide, including Canary Wharf in London, currently employs 39,400 people.
Jess McNicholas, the bank’s head of inclusion, diversity and corporate citizenship in London, said: ‘This is now front and central for State Street — it’s on every senior executive’s scorecard. All of our leaders have to demonstrate at their annual appraisals what they have done to improve female representation and the number of colleagues from ethnic-minority backgrounds.’
Recruiters must now create a panel of four or five people that includes a woman and someone of an ethnic-minority background when hiring middle management staff – employees at vice-president and above. Ms McNicholas added that the firm will still hire white men, but recruiters will now need to show that women and ethnic minority candidates have been interviewed by the diverse panels, according to The Times.
However, State Street denied bosses need special approval when hiring for roles. A spokesperson said: ‘Hiring managers do not need special approval to hire white men. This is factually incorrect.
Read More: One of the world’s biggest investment firms State Street are trying to triple the number of BAME staff in senior roles