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Bank of England’s BAME drain

DIVERSITY: Bank of England governor Mark Carney has said there is BAME under-representation in the organisation on every metric

BLACK, ASIAN and minority ethnic (BAME) staff are leaving the Bank of England at a disproportionate rate, it has been revealed.

The findings have been made apparent following internal research by the organisation.

Minutes of a directors’ meeting in November revealed that the Bank of England was failing on every metric when it came to BAME diversity.

During the meeting, the Bank of England governor, Mark Carney, said that “on every metric there was BAME under-representation in the organisation” and “it required a step change in approach. Affinity groups were not enough – the problem would not solve itself and there needed to be advances on multiple fronts”.

The BAME resignation rate was above that for the Bank as a whole.

As well as leaving the organisation at a higher rate than their peers, BAME employees also expressed that they were not as happy with the organisation as their counterparts.

“Sentiment surveys had tended to be less favourable among BAME than non-BAME colleagues,” the minutes documented.

Carney, had set targets in 2017 to increase BAME representation by 20 per cent and in those in senior roles to 13 per cent by 2022.

While the bank is said to be close to the 20 per cent target, when it comes to senior roles, representation is around 5 per cent.

Among the 12 members of the Bank of England court, there is not one director from a BAME background.

Speaking in 2017, Carney said: “It isn’t enough for us to reflect diversity, however; we need also to choose inclusiveness. Inclusiveness unlocks the true value of an organisation’s diversity; through inclusion people can realise their full potential. That’s why as we increase the diversity of the Bank, we are focussing on building a culture that values diverse ideas, encourages open debate, and empowers people at all levels to take initiative.”

In its efforts to address the lack of representation, the bank has sought to remove barriers to entry by hiring from more than 40 universities. Ten years ago it hired from just 11 universities for its graduate intake. The governor has also called on the education sector to do more to improve the diversity of those studying economics related subjects.

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