Driving change in finance leadership

Women’s History Month Highlights Progress in the City

Women’s History Month has provided a timely platform to spotlight efforts to expand access and representation within the Square Mile. Nationwide Group CEO Dame Debbie Crosbie used a recent conversation to outline how leadership can act as a catalyst for change across financial services. Her remarks come against the backdrop of HM Treasury’s latest progress update, which shows that female representation in senior management across the public sector has reached around parity as of March 2025. This milestone underscores why leaders in both public and private institutions are intensifying their focus on inclusion.

Leadership and Early Career Confidence

Crosbie traced her own path into financial services back to a graduate programme in Glasgow, describing her rise as a product of embracing stretch opportunities and learning through experience. Reflecting on her journey, she emphasised the importance of confidence and early risk-taking. Waiting for complete readiness, she suggested, can hold people back from valuable opportunities. Instead, she highlighted the role of supportive networks and visible leadership in accelerating professional development - an approach echoed in HM Treasury’s findings and broader industry commitments.

Closing the Gap and Preparing for Change

In her role as Women in Finance Champion, Crosbie identified two pressing challenges: closing the executive pipeline gap and addressing the mid-career attrition of women. At the same time, she pointed to the need for firms to anticipate workforce shifts driven by artificial intelligence. Industry bodies are responding with increasingly ambitious targets, moving beyond interim benchmarks toward parity-focused pledges. These numerical goals are becoming a cornerstone of accountability, signalling a shift from aspiration to measurable progress.

The Business Case for Inclusion

Crosbie also made the business case for inclusion, arguing that diversity strengthens both talent acquisition and customer engagement. A more inclusive City, she noted, is better equipped to reflect and serve a diverse population. Evidence from organisations such as the Financial Reporting Council supports this view, demonstrating how targeted commitments can reshape leadership structures. Internal figures show significant gains in female representation at senior and executive levels following sustained inclusion efforts.

The Role of the Women in Finance Charter

Central to this progress is the Women in Finance Charter, which Crosbie described as an essential co-ordinating mechanism. By creating shared obligations across firms, the charter helps embed practical interventions such as modern career pathways and sponsorship programmes. Case studies from across the sector illustrate the impact: institutions like Standard Chartered and Unum report notable increases in senior female representation after linking executive accountability and reporting to diversity targets.

Addressing Gaps in Technology and Retention

However, challenges remain - particularly in high-growth areas such as technology and data, where women continue to be under-represented. Crosbie called on firms to address these gaps while also ensuring that mid-career women are supported through flexible and modernised career frameworks. Global examples suggest that sustained accountability and transparent targets can gradually reduce structural inequalities, with measurable improvements in leadership representation and pay equity.

Sustaining Momentum for the Future

As the City looks to maintain its status as a global talent hub, the message from its leaders is clear: progress will depend on more than setting targets. It will require building workplaces where individuals feel a genuine sense of belonging and have opportunities to advance at every stage of their careers. The next phase of change will hinge on sustained executive ownership, targeted action in under-represented fields, and a renewed focus on retaining talent through the middle stages of professional life. Only then can the gains of recent years be consolidated and meaningfully expanded.