Management consulting firm Oliver Wyman finds slow progress for women leaders in financial services, according to a newly released study. How does Asia fare in the report?
The second global Women in Financial Services report finds slow progress for women leaders in financial services. At current progress, female representation at executive committee level is set to hit 30 percent only by 2048.
Women Leaving Financial Services
The report includes an analysis of 381 financial services organizations in 32 countries, a survey of 850 financial services professionals around the world and interviews of more than 100 senior female and male leaders.
The report also found that Female executives were more likely to leave their employer at mid-career in financial services than any other industry.
Asia Split
Unsurprisingly, women have the highest representation on ExCos in the Scandinavian nations of Norway and Sweden. But they are also relatively well represented in the Asian nations of Thailand and Singapore.
Japan and South Korea have the lowest representation. Chie Toriumi, President & CEO, Nomura Trust and Banking & Senior Managing Director, Nomura Holdings commented, «Many other Asian countries I visit have more female senior management in Financial Services than Japan. Japan is more masculine. But we are seeing this situation slowly change as increasing numbers of highly educated women want to build or restart their careers and the labor market becomes more fluid.»
One of the three arrows of Abenomics, so called «womenomics» was supposed to dilute this long standing gender imbalance, however the jury is still out on that as well as the other arrows.
