Finance

Credit Suisse poaches from Lloyds to lead European diversity push

Credit Suisse has hired a new head of diversity for Europe, an increasingly important role in the sector as banks come under more pressure to diversify their workforce.

Zarina Mahmud has joined the Swiss bank from Lloyds Banking Group as head of diversity and inclusion for Europe, the Middle East and Africa and the UK, according to an internal memo seen by Financial News and confirmed by a bank spokesman.

“Zarina’s appointment is another important step to further elevate our efforts in delivering on our enhanced diversity and inclusion strategy,” the memo from Della Sabessar, who was appointed as global head of diversity and inclusion at Credit Suisse last June, said.

READ Credit Suisse shakes-up senior investment banking ranks following exits

Like many of its rivals, Credit Suisse has set new targets to increase the number of women and ethnic minorities in its workforce, with the Black Lives Matter movement last year exposing a stark lack of Black talent in banking in particular.

In the US and UK, Credit Suisse has pledged to double the number of Black senior executives and increase the number of Black employees in those locations by 50%. It is also aiming for 42% female representation globally.

In March, Citigroup hired Goldman Sachs’ Erika Irish Brown to lead its diversity efforts globally.

Citigroup has set a diversity goal of 50% women within its analyst and associate programmes and 30% Black and Hispanic/Latino in the US. The bank has also pledged to increase female representation to 40% by the end of this year, from the assistant vice president through to managing director level.

READ FCA mulls use of City’s listing rules to boost gender diversity

Meanwhile, private equity giant Blackstone, which has expanded the number of universities it recruits from in a bid to bolster diversity, has hired Devin Glenn as global head of diversity, equity and inclusion, the firm said in a 22 June statement.

To contact the author of this story with feedback or news, email Paul Clarke

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