Major banks pledge more senior Black staff

The Black Lives Matter protests have some big firms asking if they need to do more on equality.

At least some major banks have decided the answer is a clear 'yes'.

HSBC now aims to double the number of Black staff in senior roles.

That’s according to an internal memo by Chief Executive Noel Quinn, seen by Reuters.

The note says Black employees at the bank have felt overlooked for promotion, and “uninspired by the lack of senior role models”.

A spokeswoman for HSBC confirmed the contents of the memo.

Now the bank aims to double the number of Black staff at director level or above by 2025.

It didn’t give a figure for what percentage of current senior employees are Black.

Rival Lloyds has done though, and it’s not high.

Earlier this month the UK lender said it would aim to increase the number of Black staff in senior roles to at least 3% by 2025.

That would be up from just 0.6% now.

It will also publish an ethnicity pay gap report, and is setting up an advisory board made up of Black, Asian and Minority Ethnic staff.

Few major western financial institutions have been led by Black chief executives.

London’s FTSE 100 index did not feature a single firm with a Black boss until 2009.

In that year Tidjane Thiam was appointed to run insurer Prudential.

He later went on to take the top job at Swiss bank Credit Suisse.

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