Performance, not privilege, should determine success in financial services
Financial services leadership is still too dominated by a privileged few, says for Lord Mayor Vincent Keaveny
When I served as Lord Mayor of London, I often heard the City described as a meritocracy. Yet, behind the polished façades and success stories, I saw the hidden barriers that still shape who truly gets ahead. That experience cemented my belief that opportunity in financial services must be open to all – not just those who look, sound, or network in a certain way.
That conviction is now backed by hard data. Progress Together’s latest report, produced in collaboration with The Bridge Group reveals that employees from lower socio-economic backgrounds take 16 per cent longer to reach senior roles than their more privileged peers, without any link to performance. Men from higher socio-economic backgrounds are 3.4 times more likely to progress into leadership than women from lower socio-economic backgrounds.
Meanwhile, London – home to over half of the sector’s senior roles – remains the least socio-economically diverse region, with 60 per cent of financial services employees coming from higher socio-economic backgrounds, compared to 40 per cent in the West Midlands.
I’m pleased that for Progress Together members who have been reporting data for three years in a row, progress is being made, particularly at senior levels, but it is moving far too slowly.
Financial services is a powerhouse of the UK economy, but its future competitiveness depends on unlocking talent from every background. Too much potential is still going to waste – and that is not only unjust, that is economically self-defeating. According to the Financial Services Skills Commission, more than 260,000 highly skilled workers are expected to leave the sector by 2035 through retirement or career moves, creating a major talent gap. Now is the time to rebuild – through upskilling, reskilling and fairer recruitment and promotion – so that performance, not privilege, defines success.
Skills gap
The scale of disruption from artificial intelligence makes this even more urgent. The challenge is not a “tech gap” but a human and skills gap. If technology advances faster than investment in people, the sector risks creating a two-tier workforce – one empowered by new tools and knowledge, and another excluded from them.
Recruitment must be both fair and forward-thinking. Firms must source and attract candidates from underrepresented backgrounds, use socio-economic data to support equitable hiring, refine job descriptions and search criteria to minimise bias and ensure that assessment and onboarding practices are truly inclusive. It’s not just about opening doors; it’s about ensuring everyone has an equal chance to thrive once inside.
During my mayoralty, my focus on People and Purpose was never abstract. It meant bringing business leaders, regulators and civic institutions together to tackle these invisible barriers – to replace polish with potential and redefine what good leadership looks like.
Progress Together, which I chair, exists to ensure we seize this moment. Our members, representing over a third of the UK financial services workforce, are moving beyond awareness to measurable action – from improving data disclosure to embedding accountability frameworks and mentoring and sponsoring talent from all backgrounds into leadership roles.
The business case is clear: diverse teams make better decisions, manage risk more effectively, and deliver stronger performance. But the moral case is even clearer – no one should be held back because of the job their parents did, the accent they have or the postcode they grew up in.
If we want to keep the UK at the forefront of global finance, talent and competitiveness must go hand in hand. Unlocking talent from every background isn’t just good for society – it’s good for business.
Let’s make sure the future of finance is built on performance, not privilege.
Vincent Keaveny CBE is chair, Progress Together and Former Lord Mayor of London