Investment firm bosses told they need approval to hire white men in diversity drive

7 November 2021, 10:46 | Updated: 10 November 2021, 15:13

State Street has told managers special approval is needed to hire a white man over a woman or an ethnic-minority candidate
State Street has told managers special approval is needed to hire a white man over a woman or an ethnic-minority candidate. Picture: Alamy

By Asher McShane

Bosses at one of the world's biggest investment firms have been told they will need to seek special approval to hire white men as part of a diversity drive.

State Street Global Advisors are seeking to triple the number of black, Asian and other minority staff in senior roles by 2023.

According to The Times, the goal is to improve diversity within middle and senior management and failing to hit targets will impact executives' bonuses.

Jess McNicholas, the bank’s head of inclusion, diversity and corporate citizenship in London, said: "This is now front and central for State Street — it’s on every senior executive’s scorecard.

"All of our leaders have to demonstrate at their annual appraisals what they have done to improve female representation and the number of colleagues from ethnic-minority backgrounds.'

During the recruitment process, managers have been told the must assemble a panel of four or five people, including a woman and a person of colour.

The company will still hire white men but recruiters have to show they have interviewed women and ethnic minority candidates.

State Street employs 39,400 people in 27 countries and  It is recognised as one of Ireland’s leading financial services companies.

More Latest News

See more More Latest News

This year, the cost of a minimum retirement living standard for a one-person household has decreased by £1,000 per year to £13,400

Cost of minimum retirement falls by £1,000 amid lower energy bills and changing expectations

The legal dispute between the two stars began in December 2024, when Lively alleged that Baldoni created a toxic environment during filming, causing “severe emotional harm” to her and her family

Blake Lively moves to withdraw emotional distress claims against Justin Baldoni amid legal battle

Prime Minister Keir Starmer is shown a new autonomous drone, the "StormShroud" during a visit to a defence contractor on May 2, 2025 in Bedfordshire, England.

‘The kit of the future’ - Lasers, drones and AI part of plans to get Britain back to ‘war-fighting posture’

The plates have a reflective coating, which prevents them from being identified by police cameras

Ministers urged to crack down on 'ghost plates' letting criminals dodge police cameras

Ministers are seeking to create the new criminal offence to crack down on the action known as "plugging" typically used by organised criminals to move goods from one place to another in county lines drug running.

Gang leaders who force children to smuggle drugs in their bodies face 10 years in prison under new law

Main entrance to the Queen’s Medical Centre. The QMC is part of the Nottingham University Hospitals NHS Trust in Nottingham, England, UK.

Police launch corporate manslaughter case after baby deaths in maternity services at scandal-hit NHS trust

Sgt Graham Saville, 46, who worked for Nottinghamshire Police, was fatally injured on the line in Balderton.

Cop uncle of Premier League star died after being hit by train while trying to save man on tracks

Experts have raised concerns after a new study found that 17 per cent of Brits admitted they don't bother washing their greens before eating them

Deadly bacteria found on popular salad leaves – experts warn Brits to rethink this common habit

Ian "H" Watkin from the "Steps" band.

Steps star says it is ‘mindblowing’ that Coachella forced his small Welsh festival to change its name

William Jonzi, 24, reportedly followed a paying customer through the international airport's e-gates and attempted to board the flight with no documents last Wednesday morning

Man wrestled off TUI flight at Gatwick after breaching security and boarding without documents

According to documents filed for the federal criminal case, officers found at least 14 unused Molotov cocktails in Soliman's possession when they arrested him.

Colorado firebomb attack was year in the making, FBI says, as suspect faces terror and hate crime charges

In the years leading up to the attack, Robert Price, 76, had been the target of a prolonged campaign of harassment and criminal damage, the Old Bailey was told.

Teenagers jailed for manslaughter after firework attack which killed widower in his own home

Cameron Norrie of Great Britain plays a forehand against Novak Djokovic of Serbia.

Cameron Norrie out of French Open after convincing defeat to Novak Djokovic

Exclusive
Lord George Robertson has warned the enemy is already at our door

'Our enemies are at our door', warns Lord Robertson as government unveils Strategic Defence Review

Households across the UK can claim up to £300 this June in payments to help with essential costs amid the cost of living crisis.

UK households to get £300 summer cost of living payment from this month

Britain's Jack Draper reacts as he plays against Kazakhstan's Alexander Bublik

Jack Draper knocked out of the French Open by Alexander Bublik