As the world marks International Women’s Day 2025, the financial services sector continues to push for greater gender equality and inclusion. Prominent figures in banking and finance speak to PBI about the reforms being implemented to support women in the industry, from leadership initiatives to policy changes.

While strides have been made, IWD 2025 also serves as a reminder that more work is needed to ensure a truly inclusive financial sector, one where women have equal opportunities to thrive and lead.

Melanie Beyeler, Senior Portfolio Manager, Climate Transition strategy – New Capital brand within EFG:

To me, International Women’s Day serves as both a celebration of progress and a reminder that there’s more work ahead. In finance, success should be guided by expertise, results, and leadership – not gender. Fostering an environment where everyone can bring their full selves to the table encourages innovation and strengthens resilience. In my view, this day also reinforces our collective responsibility to build a culture where people are genuinely valued for who they are and what they contribute, every day.

A key challenge in the financial sector is ensuring that each person’s work is recognised and rewarded fairly. Although men and women now request promotions at nearly the same rate, men are still more likely to receive them. Creating an environment where all voices are heard is crucial, and leaders who actively seek diverse perspectives set a powerful example. Maintaining a robust leadership pipeline is equally important; visible female leaders provide tangible role models for those earlier in their careers, underscoring that any role is attainable.

In my experience, professionals looking to advance in financial services benefit from clarifying their strengths, motivations, and desired impact. Seek out projects that truly energise you – when you’re excited about your work, it shows. Showing up prepared, using data to back ideas, and pushing beyond comfort zones are essential steps toward growth. Building relationships with mentors, sponsors, and role models can further accelerate your progress. Ultimately, those who remain curious, adaptable, and results-driven will continue to grow.

Over the next years, the finance industry is poised to evolve along three key dimensions. Technology – particularly AI and machine learning – is reshaping traditional roles, creating specialised opportunities that barely existed a few years ago. Climate considerations and broader environmental, social, and governance standards are increasingly influencing day-to-day decision-making, highlighting the growing significance of stewardship. Meanwhile, workplace culture is shifting to emphasise well-being, with flexible arrangements helping professionals manage demanding workloads and long-term health. Together, these trends signal an industry in transformation, offering both challenges and abundant opportunities for those ready to adapt.

Sarah Spoja, CFO – Tipalti:

In an industry long dominated by men, the voices of female CFOs are rising—but there’s still significant ground to cover to accelerate women’s representation. Twenty-five years ago, fewer than 5% of S&P 500 companies had female CFOs—just 23 in total. Today, that number has quadrupled to 18%, signalling progress while also underscoring the need for further growth.

As someone who took an unconventional path to the CFO—without a traditional background in accounting or finance—I’ve found immense value in learning from others’ experiences, especially from women who have come before me. For women stepping into their first CFO role, this kind of shared wisdom is invaluable. I’m a firm believer that overcoming imposter syndrome and growing into a confident leader is best achieved by tapping into the expertise and support of the inspiring women who have paved the way in finance.

Flavia Alzetta, Chief Business Officer – Financial Services, Soldo:

Accelerating action requires a multifaceted approach to address systematic barriers, biases and structural challenges. Meaningful change starts at the top, with four key areas senior leadership should focus on: agreeing clear diversity goals (e.g. ensuring women are in leadership positions and recruitment shortlists); mitigating bias in hiring and promotions through objective evaluation metrics and diverse panels; actively sponsoring women via mentorship programmes, stretch assignments and high-visibility opportunities; and finally, fostering an inclusive workplace with initiatives like flexible work policies and equal pay and transparency.

Early in my career, I was fortunate to work for an organisation that championed diversity before it became common practice. I’ve seen firsthand that what gets measured gets done and ultimately, barriers can be broken when the right initiatives are in place.

What does International Women’s Day mean to you, especially in the context of the financial services industry?

Pam Kaur, Head of Bank Technology – BankTech Ventures:

Response: International Women’s Day is a reminder that awareness of the challenges women face in financial services is the first step toward building a more inclusive and diverse landscape, but it doesn’t end there. In fintech, women hold just 20% of executive roles and only 10% of board seats—partly because they often struggle to gain recognition for their accomplishments and navigate unclear promotion pathways. Companies must push for transparency around career growth, promotion timelines, compensation structures, and upskilling opportunities to ensure that gender equity efforts extend beyond a single day.

Beth Mueller, Co-managing Director – Suntera Fund Services:

I love celebrating well-earned achievements, and to me International Women’s Day is an opportunity to celebrate the boldness and tenacity of the women I admire.  In the financial services industry, I’ve been fortunate to have a number of women as role models throughout my career, who forged their way into key decision making roles on trading floors and institutional investment firms during the 1970’s and 80’s, in what would be considered today as hostile work environments. Those tenacious women paved the way for my generation of women in finance, and it’s gratifying to witness our continued forward progress.

What advice would you give to women looking to advance their careers in financial services?

Gillian Whelan, Country Manager – international IT & business consultancy emagine’s operation in Ireland:

Women should also have the confidence to ask colleagues or contacts with influence to advocate for them, to help push them forwards. However, even before this, too often women unknowingly hold themselves back through a lack of self-belief and fearing failure. If you find yourself in an environment in which you are also a minority, such as women in financial services, this can exacerbate that lack of confidence. A person’s mindset can be their worst enemy if they are constantly questioning their abilities and therefore avoid taking risks. They may not even see an opportunity right in front them through this lack of confidence or belief. But, by actively reframing that mindset into a positive ‘I can’ attitude, women can help to shatter their own glass ceilings.    

It takes time and effort to rewire one’s mindset, but there are numerous actions, exercises, and resources out there, starting with appraising your own achievements. One step I would highly recommend is to ask people for feedback on your work or way of working. Whilst this may sound terrifying, the result may in fact be confidence-building. And if there is anything negative, this is valuable information to take on board.  

Vivien Cheung, Head of Financial Partnerships, EMEA at Airwallex:

Hone your craft. Regardless of gender, it’s important to constantly be learning and developing your skills as the industry evolves, and it requires investment over a long period of time. At the end of the day, you need to deliver value in order to advance your career. 

To this end, it’s also important to build your network. There are so many incredible women in the industry to learn from, and we should really take the time to network and build relationships. Also remember that you get what you put into it, and that includes giving back by mentoring others. When you participate, you realise there is something to be learned from everyone, wherever they are in their career journey.

Finally, it’s important to stay resilient. It’s a marathon, not a sprint, so we can’t expect changes to happen overnight. That means maintaining a positive attitude with a sense of humour and leaning on your support network to tackle the rough patches. 

Jennie Jonas, Senior Vice President – Financial Crimes Advisory:

Be authentically yourself.  Many women have an innate ability to bring a personal touch and empathy to their working lives. I have seen firsthand how these leadership qualities benefit teams, fostering teamwork and deeper connections with colleagues, which leads to more positive and successful relationships.

Also, be resilient. Advancing in the financial services industry requires confidence and perseverance. While it can be tough, push forward and advocate for yourself, worrying less about what others think of you. I love Mel Robbins’ latest book, The Let Them Theory, and Option B by Sheryl Sandberg and Adam Grant—both are great reads when you need to put things into perspective and give your resilience levels a little boost.

Many organisations celebrate IWD, but how can companies ensure gender equality efforts extend beyond just one day?

Sophie Winwood, Co-Founder and CEO – unlock VC:

Actions, not words. Many companies post a supportive message on LinkedIn for IWD, then continue business as usual. Real commitment means embedding equality into everyday operations (something that seems to be going in the wrong direction since Trumps DEI backlash).

Companies need to:

• Establish clear, measurable diversity targets with accountability
• Review hiring practices, promotion criteria, and pay structures regularly
• Create pathways for women to advance into leadership positions
• Implement family-friendly policies that work for everyone
• Cultivate inclusive cultures where diverse perspectives are valued

At unlock VC, we don’t just talk about change once a year—we are continuously listening to our community to provide what they need all year round. Companies need to approach this as a long-term strategic investment, not a one-day PR exercise.

Natalie Cramp, partner – JMAN Group:

Words are not enough – sustained action is essential. The companies that have tackled gender inequality challenges are the ones that have implemented policies throughout their organisation in a systematic and strategic manner, and ensure that behaviours follow consistently. There is no single issue that causes gender equality problems – it is often baked into how a business operates – everything from how it recruits, pays and promotes, its working arrangements and the workplace culture that has been cultivated. The first step is recognising that everyone of of us has unconscious biases. This doesn’t mean they are actively trying to be sexist, simply that they often don’t realise that how they help an organisation to operate can favour one group over another. For example, it’s well documented that interviewers unconsciously prefer to hire people who share their experiences, personalities and outlook. If your hiring decision-makers are dominated by men, they will, without realising it, favour candidates that are male. Similarly if a woman doesn’t see a single woman in the recruitment process she is less likely to believe that her career will be supported there. Once these biases are surfaced, policies can be implemented and importantly executed to ensure that they are solved.

If you’re a business leader who thinks there isn’t a gender equality issue because your company celebrates IWD, I would suggest you talk to some of your female employees and seek their honest feedback – there’s probably a lot of good but you will likely still be in for a few shocks.

How have you seen the role of women in financial services evolve over the years?

Syuzanna Avanesyan, Head of Marketing and Communications – Deutsche Digital Assets:

It’s been exciting to witness the growing influence of women in the digital asset and fintech space. While it’s still male-dominated, there’s a definite change happening. Even back in 2018/19 you could just spot 5-10 women in a big Crypto conference. As of 2023, women held approximately 26% of all jobs in the crypto industry. However, leadership positions remain predominantly male, with women occupying only about 6% of top leadership roles, and 94% of CEO positions being held by men. So the women’s representation in the digital asset spehre has definitely improved and continuous efforts are essential to foster a more inclusive environment.

Lisa Francis, Head of Institutional Coverage – Lloyds Banking Group:

Since the early 2000s I’ve witnessed first-hand the growing presence and influence of women  across the industry. Diversity is key to this success, and while we have made great progress over the past 20 years, there is still more to do.

At Lloyds, we are seeing real change, with women making up 50% of the Board and over 40% of senior roles and I am proud to be part of this shift. Lloyds was the first FTSE100 company to set targets to increase gender diversity at senior levels and our ambition is to reach and maintain a gender balance of between 45-55 per cent of women in executive roles by the end of 2030.

My advice? Be confident, be resilient, and keep showing up. I’ve had great role models and mentors throughout my career. Coming from a family of four sisters, I know the power of supporting one another while keeping that competitive edge!

What are some of the biggest challenges women face in the financial sector today, and how can firms address them?

Em Cockshutt, Head of Sales & Service – YouLend:

The finance industry remains largely male-dominated. To correct this, companies must foster inclusive environments where diverse perspectives are genuinely valued and encouraged, not just acknowledged.

As leaders, managers must be proactive in regularly checking in with their teams and normalising open discussions about feelings and workplace dynamics. Meaningful change can only happen in a culture where concerns can be raised without fear of judgment.

Transparency is equally important. Employees should have a clear understanding of expectations, goals, and company values. When people know what they’re working toward and how their contributions fit into the broader picture, success becomes more attainable, regardless of gender.

Vesna McCreery, Senior Vice President – EMEA & APAC Sales:

One of the biggest challenges remains the “invisible wall” of biases that still dictate promotions, leadership opportunities, and access to key networks. Entire institutions have shown their comfort in abandoning diversity goals the moment political winds shift—an alarming reality demonstrating how inclusion is still performative in many cases. 

The real damage of this mindset is visible all around us—fuelling conflict, wars, social divisions, and a general decline in empathy. We’re so used to it that it’s discreet, but a culture of exclusion creates instability in business and society. The question is: will we continue to overlook these patterns? Or will we finally acknowledge that diversity isn’t just about some fairytale of fairness—it’s about creating a sustainable, balanced world?

Looking ahead, what are some key trends that could impact women’s careers in finance over the next decade?

Sloan Shanahan, Chief Revenue Officer – FusionIQ:

Tech is a game-changer. We’re seeing finance and technology become increasingly intertwined, and that opens up a whole world of new roles—especially for women who love innovating. Plus, there’s this looming advisor shortage, which actually means there are more leadership opportunities for anyone ready to step up. My advice? Embrace digital tools, learn about fintech, and get comfortable leading in a hybrid environment. If you’re ready to adapt, there’s so much potential to shape the future of finance.

Emma Heathcote, Managing Partner – 4most:

I would like to see continued efforts to increase female representation in leadership roles, enhance mentorship programmes, and promote a genuinely inclusive culture where diverse talents can thrive. This is particularly important given several key trends that could significantly impact women’s careers in finance over the next decade.

With the growing importance of AI in financial services, it’s essential to attract and retain more women in STEM roles, ensuring they are well-represented in shaping the future of the industry. Additionally, an increased focus on gender diversity could help to open up more leadership opportunities for women, creating a clearer path to senior positions.

For businesses, expanding remote and flexible work options is also crucial, as it can help women balance their professional and personal responsibilities more effectively, reducing one of the barriers to career progression.

Can you share an example of a successful initiative at your company to promote gender equity?

Cynthia Tobiano, Deputy CEO – Edmond de Rothschild:

Our leaders are trained to become role models in terms of diversity and inclusion: this theme is part or our “Management Masters Columbus” training program. A particular emphasis is placed on gender diversity within our leadership development program. The last edition saw a participation rate of 43% women. In 2023, our diversity and inclusion policy received final board approval. This policy underscores our commitment to nondiscriminatory and diverse recruitment (43% of women recruited in 2023), values diversity, and ensures the effective integration of our new employees. It encourages mentoring and allows employees with disabilities to express their specific needs to adapt their work environment. In accordance with local legislation, we are implementing flexible working time management policies and specific measures to support caregivers, employees on paternity leave, and those facing exceptional parenting situations.

As part of our talent review held in February 2024, we set the following target indicators to further develop diversity:

• Talent dashboard with diversity indicators
• Talent Day with the extended Executive Committee
• Talent scorecard for the extended Executive Committee including diversity indicators.

Victoria Hagmann, head of wealth management for UK, Jersey, and Guernsey – UBS Global Wealth Management:

UBS launched the Career Comeback Programme, designed to assist individuals returning to the corporate world after a career break, addressing barriers often faced by women. The programme features a two-week intensive training period followed by year-long mentoring and coaching.”

UBS also hosts numerous events annually to promote understanding and belonging on topics such as gender, culture, and disability. Employee networks offer mentoring programs, including reverse mentoring, to support career development, particularly for women.

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