In the 2021 Census, over 19% of the population of London (the heart of the banking and finance sectors and the professions) identified as Black or Mixed. However, the representation of Black/Mixed talent in senior executive positions in financial institutions and the professions bears no resemblance to these figures.
- In July 2020, Financial News reported data from leading banking headhunters in the City, which showed that, out of the 650 senior investment bankers at London’s top 11 investment banks, only 3 were black.
- In October 2020, out of 593 barristers in the six sets described by The Lawyer magazine as the ‘Magic Circle’ sets at the UK Commercial Bar, there were only 5 black barristers.
- In the same month, the Financial Reporting Council’s 2019 report on Key Facts and Trends in the Accountancy Profession revealed that BAME individuals made up only 6.7% of partner roles at the largest firms, and that “glaringly” no firms with under 200 employees reported that they had BAME managers.
- In Autumn 2022, a study sponsored by leading City law firms (The 1% Study) revealed that only 90 out of 13,000 partners in major UK law firms were black, and that law firms were particularly struggling to retain and progress black solicitors from junior ranks and middle management level to senior levels.