Honouring The Past, Building The Future: A Black History Month Reflection
Every October, as we celebrate Black History Month, we honour Black excellence but also reflect on how our industry must evolve to become more truly diverse and inclusive. Financial services have made progress in recent years, yet Black professionals remain significantly underrepresented, especially in senior roles.
Contributor
Gabriel Aikomo is a Principal Consultant with 11+ years in reporting and regulatory change management across financial services.
Gabriel Aikomo
Principal Consultant
Facing Facts – What the Data Tells Us (Key Findings)
For decades, the financial services industry in the UK has struggled with Black representation. The reality is, despite progress, Black professionals remain under-represented at every level from entry roles in banking and asset management, to executive leadership and boardroom. Reboot’s “Race to Equality” research reports a high share of ethnic-minority staff feel their skills are ignored and progression is harder to achieve. Socio-economic intersectionality matters because many Black professionals are doubly disadvantaged when race and class intersect. Recent studies have found:
Less than 1% of senior leaders in finance and professional services are Black.
Only 0.5% of investment banking leadership is Black.
Among the Management Consultancies Association (MCA) member firms, only about 4% of consultants are Black African, Caribbean, or Black British.
At Partner or Senior level within MCA member firms, this drops to 1% and almost halves in the biggest eight professional services firms.
These numbers tell a clear story and underscore the need for sustained action and not just awareness. They highlight missed opportunities to drive innovation, make better decisions, and effectively meet the needs of an increasingly multicultural customer base.
Why Diversity Matters for Financial Services
Financial services shape economic health, and diverse professionals bring broader perspectives and richer insights needed for assessing risk and seizing opportunity. Diversity is a key driver for success, and the evidence shows diverse teams perform much better, are more creative, and design solutions that reflect the world we serve. Diversity helps to:
Build trust with underserved communities.
Enhance performance by leveraging an array of experiences and problem-solving approaches.
Improve decision making with a well-rounded view and understanding of risk and opportunity.
Drive innovation through inclusive thinking and discussion.
Diversity is not just the right thing to do, it is a strategic imperative for better business performance, stronger customer relationships, and future proofing the industry as global populations become more diverse. Diversity is not charity; it is competitive advantage.
Turning Commitment into Action
In recent years, many firms have boldly and publicly committed to diversity, equity, and inclusion particularly after the tragic death of George Floyd in 2020, which sparked global calls for justice, and accelerated by a shared desire for progress. While challenges remain, the opportunity ahead is clear: to transform promises into lasting impact. By embracing this moment, we can build workplaces that truly reflect the richness of our society. Turning those commitments and promises into measurable change will require:
Leadership accountability: driving meaningful, measurable progress in creating inclusive workplaces. It goes beyond verbal support; it is about embedding DEI into the core of organisational strategy.
Data Transparency: Financial services firms should collect, analyse, and publish diversity data to track progress.
Equitable career development: Investment in mentorship programs will help bridge the gap between entry level diversity and senior leadership representation.
Inclusive culture: Policies should involve the celebration of diversity through event socials, and recognition. It should translate into talent attraction and retention, improved employee engagement and satisfaction, boost innovation, and creativity by leveraging diverse perspectives.
The Delta Capita Commitment
At Delta Capita, we believe change is everyone’s responsibility, starting with leadership and not solely left with HR. We are committed to ensuring our workplaces are as diverse and as inclusive as possible. This commitment sits at the core of our DC Values, which inform how we work together to achieve our goals.
Our vision is clear, and that is for all colleagues to fulfil their potential by being listened to, treated respectfully, and feeling empowered, without prejudice against their racial background. As our clients become more diverse, we believe we at DC should do the same to understand their needs and tailor solutions that are right for them. We envisage a workforce that prospers in its diversity at all levels, and an environment that encourages inclusivity and learning. As a forward-thinking employer, we have moved beyond pledges to embed diversity into our business model; through mentorship programs, cultural events that celebrate our diverse and rich culture and utilisation of equitable recruitment practices.
Final Thoughts
As we celebrate Black History Month, let us challenge ourselves and our institutions to think differently, speak out, act boldly, and ensure that opportunity in finance is limitless.
Financial services shape futures. Real change starts with intention and grows through collective action. Every voice matters and together, we can break barriers and build lasting inclusion. Diverse, inclusive, and equitable organisations don’t just thrive, they transform our industry and uplift communities.
