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Diversity in the management of financial services up only slightly: GAO



There was only a small increase from 2007 to 2020 in the percentage of women and minorities working in senior positions in the financial industry, the US Government Accountability Office said in a report released on Tuesday.

US Equal Employment Opportunity Commission data for 2007-2015 showed that for senior positions, Asian representation increased to 5% from 4%. Black and Hispanic representation remained around 3%, and female representation remained around 29% for the period, according to the report.

Meanwhile, EEOC data for 2018-2020 showed that representation for both minorities and women was relatively flat or increased only marginally, the report said.

Black and Hispanic representation remained at around 3% and 4%, respectively, while female representation increased to 32% from 31

% during that period.

A GAO study of diversity efforts by the Federal Home Loan Banks, Fannie Mae, and Freddie Mac found that challenges to improving diversity included high competition for diverse talent and bias in the selection of service providers, with a preference for larger firms with brand recognition.

It said key approaches to meeting these challenges include conducting targeted outreach and communicating diversity and inclusion priorities and goals within the organization.


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