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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Lloyds Banking Group    LLOY   GB0008706128

LLOYDS BANKING GROUP (LLOY)
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British banks Lloyds and RBS set ethnic targets for top roles

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02/13/2018 | 03:43pm CEST
A sign is seen outside a branch of Lloyds Bank in central London

LONDON (Reuters) - Britain's two biggest banks have set targets for ethnic minority representation in top roles after criticism of some of the country's largest companies for being opaque about diversity.

Lloyds Banking Group (>> Lloyds Banking Group) said its targets marked the first time a FTSE 100 company had publicly laid out goals for ethnic diversity. The Royal Bank of Scotland (>> Royal Bank of Scotland Group) followed up with the release of targets it gave internally in December.

RBS hopes to nearly double the representation of black, Asian and minority ethnic (BAME) people in leadership roles, which include about 4,000 employees, by 2025. At RBS this would increase the figure from 8 percent to 14 percent, while Lloyds is targeting a rise from 5.6 percent to 8 percent by 2020.

Twelve percent of the British labor force and 14 percent of the country's total population are from a BAME background. At RBS 15 percent of its customer base identify as BAME, while the figure among Lloyds clients is 10 percent.

"To serve our customers well we need to truly represent the diversity of the communities we operate in," Marjorie Strachan, head of inclusion at RBS, said in a statement.

The Pensions and Lifetime Savings Association said in November that only 15 percent of FTSE 100 companies provided details of the ethnic diversity of their workforce.

Fiona Cannon, Lloyds' director of responsible business and inclusion, said the bank was committed to rapid change.

"Our data shows that while we are making good progress, we think this rate of progress is too slow," she said.

Omar Khan, director of race equality think-tank the Runnymede Trust, welcomed the moves.

"It is essential banking becomes more representative of its customer base," he said. "The private sector has shown that targets can be an effective tool, and we would like to see this best practice rolled out across the private, public, and charitable sectors."

Lloyds' goals come as part of a three-year strategy due to be set out alongside its annual results next week.

The bank declined to comment on a Sky News report on Sunday that said the strategy update would include an investment program costing roughly 2.6 billion pounds and potentially as much as 3 billion pounds.

Analysts are expecting it to concentrate on digital innovation, but it could also include a renewed push to ramp up the bank's insurance and wealth businesses.

RBS is due to report its full-year results on Feb. 23.

(This version of the story corrects to "nearly double" from "more than triple" in paragraph three.)

(Reporting by Emma Rumney; Editing by Kirsten Donovan, Alexander Smith and David Evans)

By Emma Rumney

Stocks treated in this article : Lloyds Banking Group, Royal Bank of Scotland Group
Stocks mentioned in the article
ChangeLast1st jan.
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
ROYAL BANK OF SCOTLAND GROUP -0.54% 294.4 Delayed Quote.6.47%
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Financials ( GBP)
Sales 2018 18 557 M
EBIT 2018 8 817 M
Net income 2018 4 413 M
Debt 2018 -
Yield 2018 5,14%
P/E ratio 2018 10,75
P/E ratio 2019 9,70
Capi. / Sales 2018 2,60x
Capi. / Sales 2019 2,58x
Capitalization 48 163 M
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Number of Analysts 22
Average target price 0,76  GBP
Spread / Average Target 14%
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António Horta-Osório Group Chief Executive Officer & Executive Director
Norman Roy Blackwell Chairman
Juan Calafat Colombás Chief Operating Officer & Executive Director
George Mark Culmer Chief Financial Officer & Executive Director
Anita Margaret Frew Senior Independent Non-Executive Director
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