UBS Hires Ex-Citi Exec As Diversity Head

Carolanne Minashi, UBS

Carolanne Minashi, UBS

Credit Suisse has long promoted workplace diversity in finance, now rival UBS is stepping up efforts to raise its profile in this area with a prominent hire from U.S. bank Citigroup. 

UBS has hired Carolanne Minashi as its head of diversity, a spokeswoman for the Swiss bank said, confirming information.

Minashi, who is based in London, is a 29-year veteran of Citigroup, where she held various positions in talent management, employee relations and diversity efforts.

Diversity Struggle

Both Swiss banks have struggled to make finance more accessible to working parents. Credit Suisse recently extended a career program designed to lure skilled professionals – typically mothers who have taken time off to parent – back to the bank. 

Minashi's hire at UBS earlier this year comes alongside the appointment of Gail Kelly, the former chief executive of Westpac, as a senior global adviser to management on strategy, risk, diversity, and Asia-Pacific.

Goal of One-Third Female Management 

The Swiss bank said the male-female split has been stable for years, but that it is seeking to hike the portion of female executives to one-third, from roughly one-quarter currently, a goal the bank admits «will take time».

«Like many firms, we face a particular challenge in retaining women at the mid-point of their careers. We continue to develop technology solutions, training, career support and human resource policies and processes that over time will help us increase the number of women who choose to build long-term careers with us,» UBS wrote in its annual report.

UBS' previous head of diversity, Nia Joynson-Romanzina, left the bank last year to focus on her firm, iCubed.




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