Diversity is good for business. It leads to higher returns and more innovation, as a growing body of research makes clear. But the financial services industry still has a long way to go. For example, a recent study of financial services companies by management consulting firm Oliver Wyman found that only 13 percent of executive committee members and 4 percent of CEOs were women.
The chances of women rising through the ranks are lower in financial services than in other industries, according to Oliver Wyman (See video below). "Women's probability of progression from middle to senior levels of management, relative to their male counterparts, is worse in financial services than in any other sector," says the report. "It is less than half as likely for a woman in financial services to progress from a middle- to a senior-level position as it is for a man."