DEFICIT IN MANAGEMENT DIVERSITY FOR MANY IN FINANCE INDUSTRY, EEOC STUDY FINDS

PRESS RELEASE
4-26-06

WASHINGTON -- The U.S. Equal Employment Opportunity Commission (EEOC) has released a report showing women, African Americans, Hispanics, Asians and American Indians /Alaskan Natives are still lagging behind as managers in a large share of finance industry firms.

EEOC Chair Cari M. Dominguez unveiled the report, "Diversity in the Finance Industry," in San Francisco Tuesday during a presentation to the Financial Women's Association, which is observing its 50th anniversary.

"This report shows that we still have some ways to go," Chair Dominguez said. "The report found that women of all races and backgrounds advance more slowly as they climb up the career ladder.

"By issuing this report, we hope to spur action to level a key playing field. Because the finance industry offers many well-paying jobs, and is expected to see growth in the coming years, we must continue to mentor professional women and people of color," Chair Dominguez told the Financial Women's Association.

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 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. Among the report's findings:

• Throughout the finance industry, a large portion of establishments reported much lower ratios of officials and managers to professionals and sales workers for women and African Americans, Hispanics and Asians. On the other hand, this suggests that there are a number of firms that have been able to present opportunities for female and minority employees to enter management ranks.
• The percentage of women officials and managers is highest in Banking/Credit (48.6 percent) and lowest in Securities (33.8 percent).
• The percentage of African American officials and managers is highest in Banking/Credit (7.0 percent) and lowest in Securities (4.4 percent).
• The percentage of Hispanic officials and managers is highest in Central Banking (5.1 percent) and lowest in Securities (2.9 percent).
• The highest percentage of Asian officials and managers is in Securities (6.4 percent) and the lowest percentage of Asian officials and managers is in Central Banking and Insurance (2.8 percent). 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.

The finance report is the newest in a series of special reports by the EEOC examining equal employment opportunity in various industries. Previous reports have addressed the distribution centers and high-end department stores in the retail industry, law firms, and media industries. These reports can be found at http://www.eeoc.gov/stats/reports/index.html.

The EEOC enforces the nation's laws in the private and federal sectors prohibiting employment discrimination based on race, color, gender, religion, national origin, age and disability. These statutes include Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, sections of the Rehabilitation Act of 1973, the Equal Pay Act of 1963, Title I of the Americans with Disabilities Act of 1990, and sections of the Civil Rights Act of 1991. Further information about the Commission is available online at www.eeoc.gov.

This page was last modified on April 27, 2006.