In an organization, diversity, equality, and inclusivity (DEI) help bring diverse viewpoints and ideas to build more inventive, productive, and resilient enterprises. It also contributes to equality of opportunity and treatment in the workplace at all stages of the employment relationship, including recruitment, retention, promotion, remuneration, and access to training and skills development.
Over the past three decades, the gender gap in organizations has narrowed, attributed to labour mobility worldwide. There has been an increasing global awareness that all workers have a right to a dignified and respectful workplace irrespective of their sexual orientation and ethnicity, which helps to promote an open and inclusive workplace. The labor market disruption due to the COVID-19 has had devastating consequences globally. According to International Labour Organization (ILO), women’s employment declined by 5% globally in 2020 compared with around 4% for men.
Globally, banks are reporting diversity and inclusivity to ensure that all genders and backgrounds have a more equitable and inclusive workplace. Companies and banks benefit from a diverse workforce by attracting new customers as people want to do business with institutions that share their values.
Truist Financial, U.S. Bancorp, Bank of America, Wells Fargo, and Citigroup are major banking companies with significant women representation in their US workforce.
Truist Financial is a financial holding company that offers retail and commercial banking products and related financial solutions through subsidiaries. In 2021, the banking company reported 63.5% women participation in its workforce, a decrease of 0.8 percentage points over 2020. Representation of women in the company at the senior management level was 28.6%, an increase of 1.8 percentage points.
U.S. Bancorp is a diversified financial services company that offers retail and commercial banking, private banking, and wealth management solutions through its subsidiaries, reported 56.6% women participation in its workforce in 2021, a decrease of 0.2 percentage points over 2020. Representation of women in the company at the senior management level was 32.1% in 2021.
Bank of America is a bank and financial holding company that offers a range of banking products, wealth management services, and other related financial solutions through its subsidiaries. The company has 53.5% of women participating in its workforce in 2021, a decrease of 0.1 percentage points over 2020. Representation of women at the senior management level was 36.7% in 2021.
Wells Fargo is a diversified financial service holding company that offers retail and wholesale banking, and wealth management services to individuals, through its subsidiaries, reported 53% women participation in its workforce in 2021, a decrease of 1.1 percentage points over 2020. Representation of women in the company at the senior management level decreased to 25% by 23 percentage points over 2020.
Citigroup Inc is a provider of diversified financial services. The company reported 51% women participation in its workforce in 2021, an increase of 0.2 percentage points over 2020. Representation of women in the company at the senior management level increased to 37.6% by 2 percentage points over 2020.
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