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

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.