London’s financial services firms are failing to uphold diversity standards with two in three black and minority finance workers in the City and Canary Wharf suffering discrimination at work, according to a new study shared with City A.M. this morning.
Around 66 per cent of BAME – Black, Asian, Minority, Ethnic – staff suffer discrimination of some kind in their job, according to Reboot, a collective of professionals from city’s major firms including managers from Legal & General and State Street.
Nearly half (48 per cent) reported that they had bleaker prospects than their white colleagues in their current firm.
The group’s Race to Equality report surveyed 800 employees from 440 companies with total revenue of £1.4 trillion, and found that more than a quarter (28 per cent) of BAME staff suffered a setback in their career due to discrimination.
Many employers show no empathy
Four in 10 said their employers failed to show empathy to the cause of diversity and create an inclusive environment, while only half said their leadership expressed faith in the diversity and deemed it critical for their business’ success.
The report gives lie to claims for diversity made by business community in the wake of the George Floyd killing in the US that gave rise to Black Lives Matter movement in that country.
Jörg Ambrosius, the European chief executive of the US investment manager State Street, acknowledged the lack and called for a collective redressal.
“There is more work for all of us, and the problems and challenges that remain will only be solved if we address them collectively. This must have everyone’s attention,” he said this morning.