“This was achieved by focusing on succession plans and creating a strong talent pool,” she said. “But our progress does not stop there, we continue to focus on recruiting, promoting and retaining women and on our strategic goals to achieve gender balance at the highest levels.”

The initiative, dubbed 25×25, is one of many aimed at increasing the number of women in leadership positions, such as Hampton Alexander magazine.

Launched on Equal Pay Day, which is the time of year when women effectively stop being paid compared to men in the UK, other companies participating in the 25×25 initiative include Baker & McKenzie, Lombard Odier and BP.

READ Here’s how to accelerate the “glacial” progress of women in leadership positions

The lobby group developed the framework by working with CEOs, presidents and human resources directors of more than 200 companies to highlight best practices in succession planning and talent management. It also sets objectives and accompanying measures.

“We have been delighted with the response from the companies and organizations we have approached so far and the engagement of our founding members,” said Tara Cemlyn-Jones, Coordinator and Director of 25×25. “We do recognize, however, that different companies are at different stages of development in terms of gender balance at management levels. “

Financial services have long been seen as an “old boys club,” with banks and law firms reporting the biggest pay gaps across the city.

Research by the Financial Services Skills Commission and Standard Chartered, which surveyed more than 2,300 industry people, found that 25% of postmenopausal women said a lack of support made them more likely to leave the workforce before retirement.

READ Equal Pay Day shows why the City must strengthen diversity

The pandemic made matters worse: Research published earlier this year by PwC warned that the Covid-19 crisis caused a ‘demise’ because women had to juggle more care tasks during shutdowns and take a step back in relation to work.

Catherine Mann, one of the Bank of England’s nine interest rate setters, said Financial news This month, hybrid work could have more impact on women as they miss out on opportunities in the office: “There is potential for two avenues, those on the physical and those on the virtual. We know who will be on whom ”.

To contact the author of this story with comments or news, email Bérengère Sim