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A calculation by the British “Financial Times” shows that Deutsche Bank will have to appoint women to about 50% of senior management positions in order to achieve its new 2025 gender goal.
The largest German bank pledged last week to increase the proportion of women among its 600 or so top executives to at least 30% by 2025, up from the current 24%.
According to data from the British Financial Times, there are only a small number of job vacancies each year, so this goal can only be achieved if the lender selects female candidates for at least every other senior position and promotion.
Michael Ilgner, head of global human resources at Deutsche Bank, told the Financial Times: “A greater difference between senior managers is necessary for our business.” “This will make us stronger because There is a lot of evidence that more types of teams can achieve better results and can adjust more quickly in response to changing circumstances.”
Ilgner declined to comment on the British “Financial Times” estimates, but said that the new gender quota will not change the bank’s personal recruitment decision. “Of course we will choose the most suitable candidate for the position. We don’t want to make any compromises on quality.”
The largest bank in Germany announced a gender target and a green finance target on Thursday as part of the target Wider push Make environmental, social and governance principles “the new normal of Deutsche Bank”.
Self-imposed quotas are stricter than those stipulated by German law. Since 2016, 30% of the supervisory seats must be held by women, which is a rule that Germany complies with. Earlier this year, a new legal requirement for listed companies to have at least one female management committee member also came into effect.
Deutsche Bank also announced a goal to increase the proportion of female managers in middle-level managers by 2025. Among them, middle-level managers account for thousands of managing directors, directors and vice president positions. Now this proportion has increased from the current 29%. To 35%.
Ilgner admits that achieving goals is not easy. He said: “Our goal is ambitious, but if we implement the actions that have been identified, it can be achieved.” He added that the goal and close tracking of mid-term results will help raise awareness of unconscious bias. .
Measures include linking the remuneration of German senior managers to the achievement of these goals. Ilgner said: “This is part of several parameters that affect our management’s variable compensation,” and Deutsche Bank also supports female interns and graduates to “increase the talent pool.”
Deutsche Bank’s gender quota is roughly the same as that of its peers. Goldman Sachs’ goal is to increase the proportion of female vice presidents to 40% by 2025, while HSBC’s goal is to reach 35% of women in “senior leadership positions” by the same year. Credit Suisse and Bank of America have not yet released gender equality targets.
Bayer, the German pharmaceutical and agrochemical group, said in February that it hopes to increase the proportion of women among its 540 senior managers to at least 33% by 2024.
In a speech to investors on Thursday, Ilgner acknowledged that Deutsche Bank has so far “failed to meet the broader gender diversity target we set in 2019.” In the past three years, the proportion of women in the senior management of lenders has remained basically the same.
He said the ongoing restructuring of Deutsche Bank has made it more difficult to achieve the goal. In mid-2019, the bank announced that it would lay off 18,000 jobs by the end of 2022, which is part of the retreat of investment banking. Since then, Deutsche Bank has reduced external recruitment and drastically reduced the number of senior positions.
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