GENDER DIVERSITY IN TODAY’S FINANCIAL SERVICES INDUSTRY | 05 The lower representation of women does not appear to be driven by attrition; in fact, company-level attrition among females is either equal to or lower than attrition among males for every financial Women of color services role, except for the most senior positions. And yet, as they advance through their careers, are 34 percent women steadily lose ground to their male peers at every stage. The biggest drop occurs early in less likely to make their tenure, where women are 24 percent less likely to attain their first promotion than their male their first promotion peers, even though they request promotions at similar rates (Exhibit 2). Women of color are particu- larly disadvantaged; they are 34 percent less likely to make their first promotion than men in finan- than men in cial services (see sidebar “For women of color, an even steeper path to leadership,” page 8). financial services. Exhibit 1 Exhibit 2 Women, especially women of color, are underrepresented in the leadership of Women–and North American financial-services firms. women of color in r–are Employees by level, % share A = Entry level D = Vice president particula B = Manager E = Senior vice president significantly less likely C = Senior manager/director F = C-suite than men to attain their first promotion. Promotions as share of total White men Men of color employees of the same gender/race in previous level, % A B C D E F A B C D E F Manager 10 31 43 49 60 70 73 100% 18 17 14 14 10 8 100% 8 8 6 Entry level C-suite Entry level C-suite White Men White Women men of women of White women Women of color color color A B C D E F A B C D E F Senior manager 8 8 30 27 28 21 17 17 100% 21 13 9 5 3 1 100% 6 6 Entry level C-suite Entry level C-suite White Men White Women men of women of color color Note: Figures may not sum to 100%, because of rounding. Total C-suite representation for women overall is 19%. Source: Women in the workplace 2017, a joint report from LeanIn.org and McKinsey, 2017, womenintheworkplace.com Source: Women in the workplace 2017, a joint report from LeanIn.org and McKinsey, 2017, 5 Many companies engage in a multitude of activities. For the purposes of this report, financial services companies have been assigned to a pri- womenintheworkplace.com mary classification. Private equity sits within the asset management and wholesale banking sub-sector.