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We are well aware of how damaging it can be for organizations to be composed only of people from similar backgrounds who think the same way: the lack of diversity and inclusion in financial services has contributed to the taking of unchallenged and dangerous decision that helped drive the 2008 financial crisis.

After the gruesome murder of George Floyd last year, I had a series of high-profile and, frankly, humiliating conversations with my minority ethnic colleagues at the Bank. I want to thank everyone who has been so open and honest with me about their experiences. It was evident that, despite the organization’s substantial efforts over the past decade, we were making insufficient progress on diversity and inclusion, especially in the area of ​​ethnicity. And it is in this context that I – alongside other governors and the tribunal (our board of directors) – commissioned a study on ethnic diversity and inclusion, which we published today.

The review found that, despite our efforts to improve diversity and inclusion at the Bank, there are still significant disparities between the collective lived experiences, career opportunities and outcomes of ethnic minority colleagues and their families. white counterparts. The goal of the review is to help all of us, including me, better understand where we are today and what we need to do to achieve our ambition for tomorrow. This ambition is to create a truly diverse and inclusive bank where all colleagues – regardless of personal characteristics – can realize their full potential. It is no exaggeration to say that, as with all organizations, such ambition is critical.

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