Women made up just 21% of employees being put forward for top jobs at financial services firms last year, compared to 79% who were men.
The limited number of women taking senior management roles shows there has been little progress in hiring and promoting more women at senior levels within financial services.
This is despite the broad consensus about the importance of improving gender diversity in financial services.
A review of 4044 individuals taking up senior roles at financial services firms last year shows that approximately 833 were women and 3211 were men.
This data refers to all financial services firms, including banks, insurers, fund managers, hedge funds and private equity funds.
One of the reasons often given for the low number of women in senior roles in financial services is that the industry is less friendly towards women who wish to work more flexible hours, or from home, due to childcare requirements.
Pinsent Masons adds that firms need to be committed to making the cultural changes that allow for women to excel in financial services.
A growing number of firms are signing up to the Treasury’s Women in Finance Charter in order to deliver these cultural changes.
A recent analysis of 187 Women in Finance signatories found 64% had increased the proportion of women in senior roles last year while 12% had maintained the same level of representation.
Previous research showed that in 2018/19 women represented 26% of individuals put forward for senior roles, compared to 71% for men.
However, this year’s figures are not directly comparable as the latest figures includes d data on a wider range of financial services businesses.