The Government Accountability Office report entitled ““Financial Services Industry: Trends in Management Representation of Minorities and Women and Diversity Practices, 2007-2015” was recently released and gave an update of an April 2013 report on the same data.  According to the report, “Representation of minorities at the overall management level increased by 3.7 percentage points and representation of minorities among senior-level managers increased by 1.7 percentage points during the same period.  Overall representation of women was unchanged from 2007 through 2015. Representation of women among first- and mid-level managers remained around 48 percent and senior-level managers remained about 29 percent during this period.”

While the increase in the minority representation is a positive, the stagnant growth of women over the 8 year period has some in the Federal government concerned.  In addition, the minority growth was in spite of a small decrease in African American representation from 6.5% to 6.3%.

The report was updates at the request of “Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, Senator Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, and Congressman Al Green (D-TX), Ranking Member of the House Financial Services Subcommittee on Oversight and Investigations.”

Still all in all the increase can be see as a good thing and, with a few adjustments, can result in a push forward for women and African Americans over the next few years.

Diversity in the Financial Services Industry

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