Addressing Discrimination in the Banking Industry at Executive Level
Discrimination in the workplace is becoming more of a persistent problem, across a multitude of industries, including banking. It is an issue that affects all levels of an organisation including senior leaders, like CEOs and CFOs. Within the banking industry, where professionalism, ethics, and compliance are so important, paramount and critical, discrimination and unconscious bias can still create significant barriers to fair treatment, career progression, and workplace equality.
Damian McCarthy is an employment law specialist and has extensive experience on workplace discrimination. Through his knowledge and experience, he can offer expert guidance to senior leaders who may be experiencing and witnessing these challenges within their organisations. In this blog, we discuss how discrimination manifests at a senior level, the legal protections that are available under the Equality Act 2010 and how leadership can proactively challenge and address these issues.
Understanding Discrimination in Banking Leadership
Even at the highest levels, discrimination takes place, and it can impact recruitment, hiring decisions, training and career development opportunities and promotions, as well as motivation, morale and an individuals’ confidence and wellbeing. Discrimination against senior leaders can manifest in various ways, including exclusion from key projects and meetings, unequal pay, and being ignored for promotional and training opportunities.
Failing to address discrimination within leadership can have a negative and detrimental effect on the organisation’s culture, resulting in a lack of trust among employees, negatively impacting morale, and even impacting financial performance. An organisation within the banking industry that does not prioritise workplace equality risks potential legal implications, reputational damage, and difficulties in attracting the best candidates.
Types of Discrimination and How it Affects Senior Leaders in Banking
Discrimination at the executive level can often be more subtle but it can be just as damaging as open workplace bias. Below, we discuss different types of discrimination in more detail:
Unequal Pay and Benefits – Despite extensive experience and responsibility, some senior leaders, and this can be particularly women, ethnic minorities, and younger or older professionals, can face wage differences and disparities. These gaps may stem from historical biases, lack of transparency in salary structures, or systemic undervaluation of certain groups. Even in executive roles, differences in bonuses, stock options, and other benefits can persist, creating long-term financial disadvantages.
Barriers to Career Development – Even at the highest levels, career advancement opportunities can be shaped by unconscious biases and systemic barriers. Women, ethnic minorities, and professionals who are either younger or older than the perceived ‘ideal’ leadership age often find themselves overlooked for promotions or excluded from future plans. This lack of representation in top roles is not due to a shortage of talent but rather a reluctance to break traditional leadership moulds, limiting opportunities for diverse leaders to rise.
Exclusion – Discrimination in senior leadership can manifest in exclusion from key decision-making forums, strategic meetings, and high-profile projects. When leaders are systematically left out of influential discussions, it restricts their ability to contribute to company strategy and reduces their visibility within the business. This exclusion not only hinders individual career progression but also weakens the diversity of perspectives at the top, which is critical for innovation and balanced decision-making.
Harassment – Senior leaders, for many reasons may experience harassment or hostility or even be forced out through unfair dismissal. This can be as a result of protected characteristics such as age, gender, race, disability, or other factors covered under the Equality Act 2010. This type of mistreatment not only affects the individual’s wellbeing and career progression but also sets a damaging precedent within an organisation that can impact workplace culture and morale.
Retaliation – Many senior professionals are reluctant to challenge discriminatory practices due to concerns about backlash, reputational harm, or even job security. Fear of being labeled as ‘difficult’ or ‘disruptive’ can deter individuals from speaking out, especially in corporate cultures where discrimination issues are downplayed or ignored. Retaliation can take subtle forms, such as being sidelined from important projects, or more direct consequences, like contract terminations or reputational smearing, reinforcing a culture of silence.
Legal Protections Under The Equality Act 2010
The Equality Act 2010 offers legal protection against discrimination, ensuring that all employees, including those at senior levels are treated fairly. Under the Act, organisations must:
- Ensure equal pay for equal work across all levels of employment
- Provide fair access to leadership and development opportunities
- Prevent workplace harassment and discrimination
- Implement unbiased hiring, promotion, and equal pay
When organisations fail to uphold these legal standards, senior leaders have the right to challenge unfair treatment through internal grievance procedures or external legal action.
What Senior Leaders Can Do to Address Discrimination
If you are a senior leader experiencing discrimination, there are proactive steps you can take. Below we discuss them in more detail:
- Know Your Rights – Understanding legal protections under the Equality Act 2010 is crucial in recognising and addressing discrimination.
- Document Everything – Keep a detailed record of everything that you have experienced and that has taken place; all incidents, including dates, times, individuals involved, and any relevant communication. This information can be crucial if you need to make a legal claim.
- Raise the Issue Internally – Many companies have HR departments or grievance procedures to handle discrimination complaints. Submitting a formal complaint internally can sometimes resolve issues before legal action becomes necessary.
- Seek Legal Advice – If internal processes don’t bring a resolution, consulting with an employment law specialist can help you understand your rights, explore legal options and explain the steps you can take to challenge discrimination, making sure you receive fair treatment and the support you deserve.
The Role of an Employment Law Specialist
An employment law specialist plays a critical role in helping employees understand their rights and to challenge unfair treatment in the workplace. They provide expert legal guidance on discrimination, unfair dismissal, harassment, and wage disputes, making sure that workers receive the protection they are entitled to under the law. If you are an individual who is experiencing workplace discrimination, an employment law specialist can help you navigate your internal grievance procedures, negotiate a fair resolution, or pursue legal action if necessary.
Are You Experiencing Discrimination?
Discrimination in banking leadership is not just a personal issue; it affects the entire organisation. By addressing bias and unfair treatment and seeking legal protection, when necessary, senior executives can make a difference. If you are a senior leader facing discrimination, do not hesitate to seek professional legal support.
At Damian McCarthy, we specialise in supporting workers who have or are experiencing discrimination. If you need expert guidance, contact us today to discuss your case and understand your options. Damian McCarthy has extensive experience and can give you the support, legal guidance and clarity you need.
