People who don’t conform to this perspective suffer, he said.
Mel Stride, a Tory MP who is chairman of the Treasury Select Committee, said: “As the Governor himself admitted, the Bank’s record was not good enough.
“The report makes it difficult to read and unfortunately there will likely be more uncomfortable conversations to come, but it is encouraging to see that the Bank’s leadership is committed to creating a more diverse and inclusive organization. “
Half of applicants to the Bank’s graduate program identify as ethnic minorities, as do 44% of experienced applicants. However, in both cases the proportion of minority applicants who get an interview is lower. It falls again on hiring decisions, at 44% for graduates and 29% for senior executives.
Once workers joined the bank, the report found “a leaky pipeline” with minorities struggling to be promoted and typically receiving lower performance marks and bonuses. He added that there is also a failure to drive out minority leaders when hiring external candidates for higher positions. Minorities are also more likely than white staff to leave the bank.
Sir Ken Olisa, a city grub who was previously London’s first black Lord Lieutenant, said the report shows diversity is being taken seriously in the Square Mile following Mr Floyd’s death.
He said, “The sign of virtue is gone – people are really worried. “
Sir Ken said it was particularly important that the Bank and the companies that follow it see diversity not only as a matter of social justice, but also as a way to hire the best people for the job.
He added, “Once you think, ‘if I can get this talent, I’ll be a better performing organization,” it will be a better performing organization. “
Randall Peterson, professor at the London Business School, said the Bank of England is setting an example for the City.
He said: “When big institutions do these things, it sends a signal that it’s not weird. “
Arun Advani of the Royal Economic Society said the Bank must translate the report into action quickly: “All eyes will be on who is chosen as the next Chief Economist as the first public test of whether the Bank is ready to go.
Mr. Bailey said he “will drive the changes we need to implement the review recommendations in their entirety.”
“Making the Bank a genuinely inclusive workplace is essential for working well on a daily basis. We need people to bring their different experiences to the table and to fully represent the people of this country, ”he said.