Big Six Canadian banks are all led by men, and a recent report illustrates the discrepancies between the larger institutions and credit unions when it comes to ‘gender parity’
The industry has undergone years of turnover among women in senior ranks who were considered chief executive candidates. In January, CIBC’s head of personal and business banking, Laura Dottori-Attanasio, left to take the top job at another company. Last year, Teri Currie left her job leading Canadian retail banking at TD. In 2021, Joanna Rotenberg quit as Bank of Montreal’s head of wealth management to join Fidelity Investments.
Women are far less likely to lead financial or revenue-generating business segments that offer opportunities to develop the skills and experience often required to run a bank. Women account for 82 per cent of chief human resources officers and 55 per cent of chief legal officers at banks. Meanwhile, they make up only 18 per cent of chief financial officers and chief risk officers.
Even among financial advisers, only 15 per cent are female, while assets controlled by women are expected to almost double by 2028, according to a report released Wednesday by Sun Life Global Investments. According to Bloomberg’s Gender-Equality Index, which was cited in the report, the eight participating Canadian banks rank among the top financial institutions globally when it comes to attracting, retaining and developing women for senior leadership positions.
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