Redwood Bank has claimed that it is outperforming its industry with regards to the number of women it employs in senior management positions.

In 2019 the business bank signed up to the Women in Finance Charter, a commitment by HM Treasury and financial institutions to work together to build a more balanced and fair industry.

When it signed up, Redwood pledged at least 30% of its senior management roles – such as heads of departments and members of its board and executive committee – would be staffed by women by the end of December 2023. It exceeded this target ahead of schedule with the proportion of women in senior management increasing from 20% in 2019 to 34% by the end of August 2023.

ANOTHER RISE

Redwood has now published its latest Women in Finance Charter update which has revealed this percentage has increased again and 39% of these top roles are held by women.

“We want to make lasting change across our whole business, not just at the top. This takes time and we will continue to take action that will bring continued progress”

Tracey Lester, Redwood Bank’s director of people, said: “We are committed to the Women in Finance Charter because we want to champion equality and inclusion and we recognise the value greater female representation brings to Redwood and the wider financial services industry.

“Promoting and supporting diversity across our workforce is an integral part of our culture, values, behaviours and the way we do business because it benefits both our employees and customers.

“We will continue to address diversity within our senior leadership population and take a holistic approach to addressing diversity throughout the organisation.

“We want to make lasting change across our whole business, not just at the top. This takes time and we will continue to take action that will bring continued progress.”

Caoimhe McDonald, head of treasury, oversaw Redwood’s involvement in the Women in Banking and Finance organisation which offers development, networking and mentoring opportunities for women at all stages of their careers to help them achieve their goals.

She said: “Becoming involved in Women in Banking and Finance has been a key initiative for Redwood in 2024.

“It’s a fantastic organisation which supports the development of a financial services industry that offers women equal opportunities and creates better businesses and places to work.”