Women - Oliver Wyman
women
in financial services 2016
WOMEN IN FINANCIAL SERVICES Time to address the mid-career conflict 5
SHOULD I STAY OR SHOULD I GO? A cross-generational view from the US 31
WOMEN IN THE PUBLIC SECTOR Ahead of the curve
but room for improvement 40
WOMEN'S FINANCIAL INCLUSION How to get a billion new customers
45
FEMALE LEADERSHIP IN GERMANY AND SWITZERLAND
Culture trumps policy 52
RISK MANAGEMENT Where are the female CROs?
58
CONTENTS
WOMEN LEADERS IN CHINESE FINTECH A force for change? 62 QUIT THROWING MONEY AWAY! 66
GENDER VS. LEADERSHIP DIVERSITY 70
WOMEN IN PORTFOLIO MANAGEMENT The missing diversity multiplier 74
PAY EQUITY IN FINANCIAL SERVICES 80
LADIES FIRST? 84
FOREWORD
WOMEN IN FINANCIAL SERVICES
This is our second report on Women in Financial Services. We'd be glad if we could say it was our last. Unfortunately, we can't. The industry is still far from where we believe it should be on gender balance.
Following the publication of our first Women in Financial Services report at the end of 2014, we had many executive discussions that revealed a real hunger to move the dial on gender balance. There is intense focus on this question in the industry. We offer this second report in the hope of advancing the discussion on this important topic and supporting change in the industry.
In our main article, we analyze the state of gender balance in financial services. Our findings are drawn from extensive research and multiple sources: We analyzed female representation on the Boards and Executive Committees of 381 financial services organizations in 32 countries (a significantly augmented sample compared to our 2014 report). We surveyed 850 financial services professionals around the world. We worked closely with our sister company Mercer to leverage their extensive internal labor market data, allowing us to make comparisons between the progression of women in financial services and other industries. We interviewed a large number of senior female and male leaders in the industry ? over 100 interviews in more than 20 countries ? and conducted focus groups and roundtables.
In a series of shorter articles we more closely examine the situation in individual countries, sub-sectors and roles. We look at areas where there may be cause for concern (Germany and Switzerland, asset management and risk functions), where there are more women in leadership positions (the public sector) and where a new dynamic may be emerging (China's Fintech sector and millennial women in the US). We look at specific aspects of diversity (pay equity, leadership styles) and how to get there (a call for action by Tamara Box of the 30% Club).
We explore the topic of the financial inclusion of women building on a roundtable that we conducted in collaboration with Women's World Banking. At Oliver Wyman, we are also working on the issue and still have too few senior women. Our President and CEO, Scott McDonald, shares his views on our own progress.
Preparing this report has been an insightful and encouraging journey. We would like to express our thanks to all our interviewees and focus group participants and to our collaborators in creating this report: the 30% Club, Women's World Banking, and our sister company Mercer.
We were inspired by the caliber, dynamism and stories of the women we talked to. Our overarching conclusion is that there is a mid-career conflict for women in our industry that still need to be addressed. However, our work on this report leaves us confident that, by improving the cost-benefit trade-off women face when it comes to a career in financial services, we can unleash underutilized leadership potential that will help the industry to transform in these challenging times.
We hope you find this publication useful for yourself and for your organization, and that it thereby contributes to making financial services a more gender balanced industry.
Astrid J?kel Partner, Financial Services Lead author, Women in Financial Services
Ted Moynihan Managing Partner, Financial Services
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