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Bankers’ bonuses to be based on team diversity

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Santander
Santander

Santander bankers will get bigger bonuses for hiring more women and ethnic minority staff next year, as the finance industry attempts to shake off its image of white male dominance.

Bruce Carnegie-Brown, Santander’s vice chairman, said the Spanish bank plans to introduce a new “score card” in 2022 that will link senior executives’ pay to diversity targets, along with progress on climate change.

Mr Carnegie-Brown said: “If businesses want to be responsible they need to align their financial incentives with their corporate objectives.

The move, which will affect bankers’ long-term incentive plans and vary between countries, has emerged days after Andrew Bailey came under pressure to reform the Bank of England after an internal report found that “unconscious bias” and “microaggressions” are holding back ethnic minority staff.

The Governor was told that minority workers suffer from “material disparities” with non-white employees more likely to be interrupted at meetings, feel hesitant about voicing controversial views and find that others take credit for their work.

Earlier this month the City watchdog also said it could force financial services firms to link bosses’ pay to diversity and inclusion targets in a bid to make senior staff directly responsible for inclusion. In March, the FCA’s chief Nikhil Rathi also warned that firms looking to list in London could face quotas on the diversity of their boardrooms.

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