Benefits April 28, 2006

EEOC Says Not Enough Women and Minorities in Finance Industry

April 28, 2006 (PLANSPONSOR.com) - The number of women and some minority groups as finance industry managers is lagging behind, according to a new report by the US Equal Employment Opportunity Commission.
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The finance industry study examined the banking, credit, securities and insurance sectors, with particular attention to the status of women and members of diverse groups in management positions.

The report found that the percentage of women officials and managers is highest in banking/credit, with 48.6%, and the lowest in the securities sector, with 33.8%. African Americans holding the same higher-level positions amount to 7% in banking/credit and 4.4% in the securities industry.

The percentage of Hispanic officials and managers is highest in Central Banking (5.1%) and lowest in Securities (2.9%).

The highest percentage of Asian officials and managers is in securities (6.4%) and the lowest percentage of Asian officials and managers is in central banking and insurance (2.8%). Like the other groups examined, the percentage of Asian officials and managers falls below the percentage of Asian professionals in each sector of the finance industry

“This report shows that we still have some ways to go,” Cari Dominguez, chair of the EEOC ,said in a press release. “The report found that women of all races and backgrounds advance more slowly as they climb up the career ladder.”

The EEOC’s report is based upon EEO-1 data required of private sector employers with a minimum of 100 employees, listing percentages of women and others in broad job categories.

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