{"id":2753,"date":"2025-07-10T14:00:00","date_gmt":"2025-07-10T13:00:00","guid":{"rendered":"http:\/\/167.172.54.60\/?p=2753"},"modified":"2026-04-14T14:11:46","modified_gmt":"2026-04-14T13:11:46","slug":"20-years-of-culture-change-in-financial-services-whats-moved-what-hasnt-and-why-it-still-matters","status":"publish","type":"post","link":"https:\/\/staging.talking-talent.com\/us\/20-years-of-culture-change-in-financial-services-whats-moved-what-hasnt-and-why-it-still-matters\/","title":{"rendered":"20 Years of Culture Change in Financial Services: What\u2019s Moved, What Hasn\u2019t, and Why It Still Matters\u00a0"},"content":{"rendered":"\n<div id=\"hero-article-6a038ae99b086\" class=\"hero-article page-block page-block--pdtop-reg page-block--pdbot-reg\">\n\t\n\t<div class=\"container\">\n\t\t<div class=\"hero-article__content\">\n\t\t\t\t\t\t\t<span class=\"pill-tag pill-tag--blue-20\">Connection<\/span>\n\t\t\t\n\t\t\t\t\t\t\t<span class=\"hero-article__date\">10 Jul 2025<\/span>\n\t\t\t\n\t\t\t<h1 class=\"hero-article__title\">20 Years of Culture Change in Financial Services: What\u2019s Moved, What Hasn\u2019t, and Why It Still Matters\u00a0<\/h1>\n\n\t\t\t\t\t\t\t<div class=\"hero-article__author\">\n\t\t\t\t\t<div class=\"hero-article__author-avatar\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/staging.talking-talent.com\/us\/wp-content\/themes\/talking-talent\/library\/images\/branding\/logo-icon.svg\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<span class=\"hero-article__author-name\">Dru Patel<\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div class=\"hero-article__image\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1707\" src=\"https:\/\/staging.talking-talent.com\/us\/wp-content\/uploads\/sites\/4\/2026\/04\/tt-lifestyle-branded.png.webp\" class=\"\" alt=\"\" srcset=\"https:\/\/staging.talking-talent.com\/us\/wp-content\/uploads\/sites\/4\/2026\/04\/tt-lifestyle-branded.png.webp 2560w, https:\/\/staging.talking-talent.com\/us\/wp-content\/uploads\/sites\/4\/2026\/04\/tt-lifestyle-branded.png-300x200.webp 300w, https:\/\/staging.talking-talent.com\/us\/wp-content\/uploads\/sites\/4\/2026\/04\/tt-lifestyle-branded.png-1024x683.webp 1024w, https:\/\/staging.talking-talent.com\/us\/wp-content\/uploads\/sites\/4\/2026\/04\/tt-lifestyle-branded.png-550x367.webp 550w, https:\/\/staging.talking-talent.com\/us\/wp-content\/uploads\/sites\/4\/2026\/04\/tt-lifestyle-branded.png-768x512.webp 768w, https:\/\/staging.talking-talent.com\/us\/wp-content\/uploads\/sites\/4\/2026\/04\/tt-lifestyle-branded.png-1440x960.webp 1440w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/>\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n<div id=\"sticky-content-sidebar-6a038ae99e161\" class=\"sticky-content-sidebar page-block page-block--pdtop-none page-block--pdbot-xl\">\n\t\n\t<div class=\"container sticky-content-sidebar__wrap\">\n\t\t<aside class=\"sticky-content-sidebar__sidebar\">\n\t\t\t<div class=\"sticky-content-sidebar__sidebar-top\">\n\t\t\t\t\t\t\t\t\t        <div class=\"social-share\">\n            <h4 class=\"highlight\">Share<\/h4>\n            <a href=\"mailto:?subject=20-years-of-culture-change-in-financial-services-whats-moved-what-hasnt-and-why-it-still-matters&amp;body=Check out this post by US Site: https:\/\/staging.talking-talent.com\/us\/20-years-of-culture-change-in-financial-services-whats-moved-what-hasnt-and-why-it-still-matters\/\" title=\"Share by Email\"><i class=\"fa-regular fa-envelope\"><\/i><\/a><a class=\"social-share__link social-share__link--facebook\" href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Fstaging.talking-talent.com%2Fus%2F20-years-of-culture-change-in-financial-services-whats-moved-what-hasnt-and-why-it-still-matters%2F&amp;title=20+Years+of+Culture+Change+in+Financial+Services%3A+What%E2%80%99s+Moved%2C+What+Hasn%E2%80%99t%2C+and+Why+It+Still+Matters%C2%A0\" onclick=\"javascript:window.open(this.href,'', 'menubar=no,toolbar=no,resizable=yes,scrollbars=yes,height=600,width=600');return false;\"><i class=\"fa-brands fa-facebook-f\"><\/i><\/a><a class=\"social-share__link social-share__link--linkedin\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&amp;url=https%3A%2F%2Fstaging.talking-talent.com%2Fus%2F20-years-of-culture-change-in-financial-services-whats-moved-what-hasnt-and-why-it-still-matters%2F&amp;summary=\" onclick=\"javascript:window.open(this.href,'', 'menubar=no,toolbar=no,resizable=yes,scrollbars=yes,height=800,width=900');return false;\"><i class=\"fa-brands fa-linkedin-in\"><\/i><\/a><a class=\"social-share__link social-share__link--twitter\" href=\"https:\/\/twitter.com\/intent\/tweet?text=20+Years+of+Culture+Change+in+Financial+Services%3A+What%E2%80%99s+Moved%2C+What+Hasn%E2%80%99t%2C+and+Why+It+Still+Matters%C2%A0 https%3A%2F%2Fstaging.talking-talent.com%2Fus%2F20-years-of-culture-change-in-financial-services-whats-moved-what-hasnt-and-why-it-still-matters%2F\" onclick=\"javascript:window.open(this.href,'', 'menubar=no,toolbar=no,resizable=yes,scrollbars=yes,height=600,width=600');return false;\"><i class=\"fa-brands fa-x-twitter\"><\/i><\/a>        <\/div>\n        \t\t\t\t\t\t\t<\/div>\n\t\t\t<a href=\"https:\/\/staging.talking-talent.com\/us\/insights\/blog\/\" class=\"ui-btn ui-btn--outline-b sticky-content-sidebar__back\"><span>Back to articles<\/span><\/a>\n\t\t<\/aside>\n\t\t<div class=\"sticky-content-sidebar__content\">\n\t\t\t<div class=\"body-content\"><p>Twenty years ago, the financial services industry started talking seriously about diversity, equity, and inclusion (DE&amp;I).<\/p>\n<p>Since then, we\u2019ve seen some historic firsts, including the <a href=\"https:\/\/www.weforum.org\/stories\/2020\/09\/citicorp-wall-street-bank-female-ceo-gender-diversity-jane-fraser\/\">first woman CEO of a major Wall Street bank<\/a>. Women now hold around <a href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/women-now-make-up-43-britains-top-boardrooms-report-says-2025-02-25\">45% of FTSE 100 board seats<\/a>. Ethnic minority leaders are <a href=\"https:\/\/parkerreview.co.uk\/wp-content\/uploads\/sites\/4\/2025\/03\/The-Parker-Review-March-2025.pdf\">increasingly visible<\/a>. And in both the U.S. and UK, DE&amp;I is no longer a backroom HR topic\u2014it\u2019s a boardroom discussion.<\/p>\n<p>But real equity? Still out of reach.<\/p>\n<h2>Progress with a Catch<\/h2>\n<p>Yes, women\u2019s leadership has grown\u2014up from just 10\u201315% of senior roles in the early 2000s to about <a href=\"https:\/\/www.reuters.com\/world\/uk\/uk-finance-industry-slow-hire-women-top-roles-report-finds-2025-04-03\/\">36% today in the UK finance<\/a> and nearly a <a href=\"https:\/\/www.mckinsey.com\/featured-insights\/diversity-and-inclusion\/women-in-the-workplace\">third of all C-suite roles in the U.S<\/a>. But cracks in the pipeline remain stubborn: in the U.S., for every 100 men promoted to manager, only 81 women get the same nod. That number <a href=\"https:\/\/www.mckinsey.com\/featured-insights\/diversity-and-inclusion\/women-in-the-workplace\">hasn\u2019t meaningfully changed<\/a> since 2018.<\/p>\n<p>Pay gaps? Moving backward. In UK finance, men now earn <a href=\"https:\/\/thefintechtimes.com\/is-uk-finance-equity-going-backwards-gender-pay-gap-increases-11-yoy-while-salaries-shrink-3\/\">35% more<\/a> than women on average\u2014a sharp increase from 24% just a year ago. Despite years of pay gap reporting, the needle hasn\u2019t just failed to move\u2014it\u2019s swung in the wrong direction. At some banks, <a href=\"https:\/\/the-cfo.io\/2025\/04\/09\/women-in-uk-financial-services-still-earn-a-fifth-less-than-men\/\">women earn just 67p<\/a> for every \u00a31 earned by men.<\/p>\n<p>In the U.S., the uncontrolled pay gap <a href=\"https:\/\/www.forbes.com\/advisor\/business\/gender-pay-gap-statistics\/\">hovers at 16%<\/a>. The gap shrinks when adjusting for job level, but those jobs are still mostly filled by men. And don\u2019t forget the <a href=\"https:\/\/iwpr.org\/wp-content\/uploads\/sites\/4\/2025\/04\/Mothers-Equal-Pay-Day-Fact-Sheet-2025_embargo-until-050625-1.pdf\">motherhood penalty<\/a>\u2014mothers in the U.S. earn 75 cents for every dollar earned by fathers.<\/p>\n<p>Even where representation has improved\u2014like in boardrooms\u2014the story below the surface tells us this: the system still isn\u2019t working for everyone.<\/p>\n<h2>The \u201cBroken Rung\u201d Problem<\/h2>\n<p>One key reason is the <a href=\"https:\/\/www.mckinsey.com\/featured-insights\/diversity-and-inclusion\/women-in-the-workplace\">\u201cbroken rung\u201d<\/a>\u2014the first promotion to manager. It\u2019s here where many women and people of color stall, and the impact ripples upward. If you\u2019re not getting promoted early, you\u2019re less likely to reach senior leadership.<\/p>\n<p>That\u2019s why companies are zeroing in on the early pipeline: setting targets for manager-level promotions, building sponsorship programs, and tracking who gets stretch assignments. But most firms still have work to do in turning policy into results.<\/p>\n<h2>Why Inclusion Drives Retention and Performance<\/h2>\n<p>This isn\u2019t just about fairness. It\u2019s about business. Studies show <a href=\"https:\/\/www.greatplacetowork.com\/resources\/blog\/belonging-in-the-workplace-what-does-it-mean-and-why-does-it-matter\">employees who feel like they belong at work are 5 x more likely to want to stay<\/a>. Teams that feel safe and seen are more innovative and more likely to outperform financially. Yet many firms still treat inclusion as a bonus initiative\u2014not a business imperative.<\/p>\n<p>The ROI is clear: McKinsey reports that companies in the top quartile for gender diversity are <a href=\"https:\/\/www.mckinsey.com\/featured-insights\/diversity-and-inclusion\/women-in-the-workplace\">39% more likely to outperform peers<\/a> on profitability. That number used to be just 15% a decade ago.<\/p>\n<h2>The Backlash\u2014and the Real Risk<\/h2>\n<p>And then came the political headwinds. Especially in the U.S., some companies have <a href=\"https:\/\/www.nytimes.com\/interactive\/2025\/03\/13\/business\/corporate-america-dei-policy-shifts.html\">backpedaled on their DE&amp;I commitments<\/a>, responding to legal challenges and political blow back. Diversity targets have been scrapped, DEI roles cut, and programs rebranded. Even some of the financial institutions once considered leaders in inclusion have gone quiet.<\/p>\n<p>This moment of backlash reveals something critical: progress was never guaranteed. In many firms, it wasn\u2019t yet baked into culture\u2014it was a campaign, a KPI, a report. And that means it\u2019s vulnerable.<\/p>\n<h3>What Actually Works<\/h3>\n<p>At Talking Talent, we\u2019ve spent the past 20 years focusing on what actually drives lasting change. Here\u2019s what we\u2019ve learned:<\/p>\n<ul>\n<li><strong>Leadership drives inclusion.<\/strong> When leaders model empathy and connection they set the tone for the entire culture. We help build that capability.<\/li>\n<li><strong>Progression requires more than potential.<\/strong> Mentorship is helpful. <a href=\"https:\/\/staging.talking-talent.com\/us\/insights\/latest-thinking\/mentorship-and-sponsorship-what-they-are-and-why-they-matter\/\">Sponsorship is transformative<\/a>\u2014especially when it\u2019s tied to outcomes, tracked, and properly resourced.<\/li>\n<li><strong>Barriers need to be addressed at the root.<\/strong> We design talent solutions that remove structural blockers and open up opportunity for everyone.<\/li>\n<li><strong>Life phases shape careers.<\/strong> From caregiving to menopause to mental health, we help organizations support people through life\u2019s transitions\u2014so they can stay and grow.<\/li>\n<li><strong>Connection fuels culture.<\/strong> <a href=\"https:\/\/staging.talking-talent.com\/us\/our-work\/connection-code\/\">Inclusion doesn\u2019t stick without relationships<\/a>. When people feel connected\u2014to each other, to their teams, to a shared purpose\u2014they stay engaged and show up fully.<\/li>\n<\/ul>\n<p>Too often, companies chase representation metrics without understanding what\u2019s happening underneath\u2014why people burn out, drop out, or never get promoted in the first place. That\u2019s where we come in.<\/p>\n<h3>What\u2019s Next: From Performative to Purposeful<\/h3>\n<p>Looking ahead, the industry faces a choice. It can treat the past 20 years as \u201cmission accomplished\u201d\u2014or as groundwork.<\/p>\n<p>The next decade must be about systems, not slogans. That means:<\/p>\n<ul>\n<li>Redesigning promotion pathways.<\/li>\n<li>Investing in <a href=\"\/services\/accelerating-leaders\/\">early-career talent<\/a>.<\/li>\n<li>Making flexibility and <a href=\"\/services\/working-parents-carers\/\">caregiving support<\/a> core to the employee experience.<\/li>\n<li>Addressing not just diversity in hiring, but equity in advancement.<\/li>\n<li>Creating <a href=\"\/our-work\/connection-code\/\">cultures of connection<\/a>\u2014because without trust and belonging, even the best programs won\u2019t stick.<\/li>\n<\/ul>\n<p>We\u2019ve moved from \u201cfirsts\u201d to \u201cwhat now?\u201d It\u2019s no longer about proving that DE&amp;I matters\u2014it\u2019s about proving we\u2019re serious about it.<\/p>\n<h3>Our Call to Action<\/h3>\n<p>At Talking Talent, we\u2019re not here to pat ourselves on the back for slow progress. We\u2019re here to challenge the status quo, ask the uncomfortable questions, and help companies make inclusion real\u2014not just reportable.<\/p>\n<p>We work with organizations that are ready to dig deep. Ready to ask: \u201cWhy are we still seeing the same gaps after 20 years?\u201d And more importantly: \u201cWhat will we do differently in the next 10?\u201d<\/p>\n<p>If that sounds like you, let\u2019s talk.<\/p>\n<p><a href=\"\/contact\/\"><strong>Contact Us<\/strong><\/a><\/p>\n<\/div>\t\t\t\t\t\t\t<section class=\"sticky-content-sidebar__related-insight\" aria-labelledby=\"related-insight-heading\">\n\t\t\t\t\t<div class=\"sticky-content-sidebar__related-insight-header\">\n\t\t\t\t\t\t<h2 id=\"related-insight-heading\" class=\"sticky-content-sidebar__related-insight-heading h6\">Related insight<\/h2>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<h3 class=\"h6 sticky-content-sidebar__related-insight-title\">Featured Article: What Parenting Teaches Us About Professional Growth<\/h3>\n\t\t\t\t\t<a href=\"https:\/\/staging.talking-talent.com\/us\/insights\/news\/what-parenting-teaches-us-about-professional-growth\/\" class=\"arrow-link arrow-link--dark arrow-link--underline has-dolly-zoom-trigger\"><div class=\"arrow-link__arrow\"><svg width=\"16\" height=\"12\" viewBox=\"0 0 16 12\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M8.34192 10.7282L9.67518 12L16 6L9.67518 0L8.34192 1.27177L12.3761 5.08698H0V6.91315H12.3761L8.34192 10.7282Z\" fill=\"#2C2A29\"\/><\/svg><\/div> <span class=\"arrow-link__text\">Read more<\/span> <\/a>\t\t\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<div id=\"related-posts-grid-6a038ae9a6f84\" class=\"related-posts-grid page-block page-block--pdtop-reg page-block--pdbot-reg\">\n\t\n\t<div class=\"container related-posts-grid__wrap\">\n\t\t\n\t\t\t\t\t<div class=\"related-posts-grid__grid\">\n\t\t\t\t\t\t\t\t\t<div class=\"related-item\">\n\t\t\t\t\t\t<a href=\"https:\/\/staging.talking-talent.com\/us\/resilience-for-our-times-why-staying-calm-is-the-wrong-goal\/\" class=\"related-item__media\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"741\" height=\"486\" 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