City remains male-dominated as women hold only 9% of chief executive roles in financial services, study finds
Regulatory pullback on diversity targets raises concerns about progress in the UK financial sector
Women account for just 9% of chief executives at financial services companies in the City, according to an analysis by employment law specialists Fox & Partners. The study surveyed 66,860 senior executives across banks, insurers and fund managers, and found that 19% of those roles were filled by women, up one percentage point from last year. The data covers leadership from chief executives to senior non-executive directors and senior independent directors.
While the overall share of women among senior executives ticked up slightly, the figures underscore a persistent leadership gap at the top of the industry. Analysts say the rate of increase remains insufficient to close the gap quickly. The report notes that the sample includes a broad range of roles, from CEOs to non-executive positions, highlighting the depth of the imbalance at the highest levels of financial services. The findings come as regulators and industry observers watch for signs of progress in diversity and inclusion within banks, insurers and fund managers.
The analysis also highlights a regulatory backdrop that some critics say could dampen momentum. The Prudential Regulation Authority and the Financial Conduct Authority this year dropped plans to require banks, insurers and other financial firms to report diversity data and to set mandatory targets for representation. Catriona Watt, a partner at Fox & Partners, said: "There is a concern the reversal of many initiatives at financial services businesses in the US could lead to a slowing of investment in programmes in the UK that improve diversity at senior levels within banks and fund managers." The absence of formal targets or mandatory reporting signals a shift in how progress is tracked and measured across the sector.
The decision by UK regulators to withdraw the reporting and target framework follows broader debates about diversity metrics in financial services. Industry observers say the move could influence corporate priorities and budgets for gender diversity initiatives, potentially slowing the expansion of programs designed to broaden the pipeline of women into senior roles. While some firms have committed to their own voluntary targets, critics argue that without regulatory pressure, progress may stall as firms reassess costs and focus on other priorities. In the wake of policy changes in the US and Europe, the UK industry remains wary of oscillations in how diversity is prioritized within the City.
The data set’s breadth — spanning chief executives to senior independent directors — underscores how far representation remains from parity in the upper tiers of financial services. Analysts say the leadership gap has implications for decision-making, governance, and the perception of the City among investors and global markets. The persistence of gender imbalances at the top may influence talent strategy, succession planning, and risk governance in a sector that stays a major driver of the UK economy.
The report arrives amid ongoing scrutiny of diversity within financial services and the broader corporate world. While some UK firms have publicly committed to expanding female representation, the regulatory environment has shifted in ways that could shape future progress. Fox & Partners notes that even modest year-on-year gains may take years to translate into sustained, systemic change at the leadership level. For stakeholders, the key question remains whether voluntary measures, corporate culture shifts, and targeted development programs can compensate for the absence of mandatory targets in sustaining momentum.
As the City navigates these dynamics, investors and industry participants will be watching both representation metrics and the resilience of diversity initiatives in a changing regulatory and global context. The latest analysis by Fox & Partners provides a data point in a long-running conversation about women’s representation in senior roles within financial services, an issue with potential implications for corporate governance, talent retention, and market performance. The absence of mandatory targets could compress or delay broader progress, even as some firms pursue their own internal programs and partnerships designed to foster advancement for women in senior leadership.
