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According to a Financial Times calculation, Deutsche Bank will have to appoint women to 50% of senior management vacancies to meet the new 2025 gender target.
Last week, Germany’s largest lender promised to increase the share of women among its nearly 600 top executives to at least 30% by 2025, up from the current 24%.
However, there are only a limited number of these vacancies per year, so this goal can only be achieved if the provider chooses at least female applications in all other contracts and promotions for seniors, according to the figures of the FT.
“Greater diversity among senior executives is a business necessity for us,” Deutsche’s global head of human resources told the Financial Times. “This will make us weird, as there is a lot of evidence that more diverse teams get better results and adjust more quickly to a changing environment.”
Ilgner declined to comment on FT’s estimate, but said the new gender quota would not change the bank’s individual hiring decisions. “Of course, we will choose the candidate who best suits a position. We don’t want to compromise on quality. ”
Leading German lender announced gender targets on Thursday, along with green finance targets a wider thrust make environmental, social and governance principles “the new normality of Deutsche Bank”.
The self-imposed fee is stricter than the requirements of German law. Since 2016, 30% of the seats on the supervisory board must be occupied by women, a standard that Deutsche meets. Earlier this year, the new legal requirements that listed companies have at least one female board member also came into force.
Deutsche has also announced targets to increase the share of female staff in medium-sized administrations, representing thousands of general manager, director and vice president positions, from 29% to 35% by 2025.
Ilgner acknowledged that it would not be easy to achieve the goals. “Our goals are ambitious but achievable if we implement the actions we have identified consistently,” he said, adding that goals and close monitoring of interim results would help raise awareness of unconscious biases.
The measures include linking the remuneration of Deutsche’s senior executives to the achievement of these objectives. “This has been part of several parameters that influence the variable compensation of our management,” Ilgner said, adding that Deutsche also supported internal and graduate women to “increase the talent pool”.
Deutsche’s gender share is roughly in line with its peers. Goldman Sachs aims to raise the share of female vice presidents to 40% by 2025, while HSBC has targeted 35% of the “leadership roles” that women will occupy in the same year. Credit Suisse and Bank of America have not published gender equality targets.
Bayer, the German group of medicines and agrochemicals, said in February that it wanted to raise the share of women among its top 540 executives to at least 33% by 2024.
Ilgner acknowledged in a speech to investors on Thursday that Deutsche “so far had not achieved the broader gender diversity targets we set in 2019.” In the last three years, the proportion of women in senior management of the lender has become widespread.
Deutsche’s ongoing restructuring has made it difficult to achieve the goals, he said. In mid-2019, the lender announced that it would allocate 18,000 jobs by the end of 2022 in a partial withdrawal from investment banking. Since then, Deutsche has reduced outsourcing and significantly reduced the number of jobs for the elderly.
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