United Kingdom: bonuses for TSB bank managers and executives to be cut for missing its gender balance targets

On 03 December, The Guardian daily newspaper revealed that executives and managers at the Edinburgh-headquartered TSB bank will likely see their 2019 bonuses cut for failing to meet its targets for the number of females in senior roles in the group. In 2016 the TSB signed the Women in Finance charter (c.f. article No. 9771) committing the bank to raising the number of females in senior roles to between 45% and 55% by 2020. This target is no longer feasible with latest gender equality data for the bank showing that in 2017 and 2018 only 38% of senior roles were occupied by females and that this number is down from 41% in 2016. In response to the newspaper’s revelations a TSB spokesperson stated, “TSB takes gender diversity very seriously …”, without actually confirming the rumored bonus cuts. The bank’s remuneration committee will decide upon pay and bonuses at the start of 2020. The banking group, which since May 2019 has had its first female chief executive officer (Debbie Crosbie), has also officially amended its targets, believing that the target of 45%-55% females in senior roles should be met by 2025. TSB has promised to take more care during recruitment and will consider offering more flexible working opportunities in order to boost the proportion of females.