Structural Change in the Financial Sector – Women’s Perspectives

The first DIW Women’s Finance Summit (WFS) was a great success. 180 guests joined us on this exciting event, others took part in the livestream.

The topic of the WFS was the far-reaching and ongoing transformational process of the financial sector. This included the macroeconomic environment and regulatory frameworks that are changing quickly and profoundly. The developments and their implications for the financial services industry and economies at large were discussed primarily by leading female exponents. They also shed light on new technologies which are challenging established players – both from the public and private sector. Mainly from the perspectives of leading male exponents the ways in which organizations benefit from a sound gender balance in management and supervisory boards was discussed.
Both the opening reception on May 22, 2017 with the keynote of German Minister of Defense, Ursula von der Leyen, as well as the conference day on May 23, 2017 with three immensely impressive panels and the powerful keynotes strongly underlined the importance of mixed leadership in addressing the structural changes and political challenges in the financial sector.



Video Review

Opening remarks: Marcel Fratzscher, President, DIW Berlin

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Opening remarks: Elke Holst, Research Director, DIW Berlin

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Keynote Address by videoChristine Lagarde, Managing Director, IMF

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Keynote Address: Brenda D.H. Trenowden, Global Chair, 30% Club and Head of FIG Europe, ANZ

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Panel: Changing Finance – international perspectives | Regulation – Digitalization – Political uncertainty

Christine Graeff, Director General Communications, European Central Bank
Sabine Keller-Busse, Global Head of Human Resources and Member of the Group Executive Board, UBS Group AG
Elke König, Chair, Single Resolution Board (SRB)
Sylvie Matherat,Chief Regulatory Officer and Member of the Management Board, Deutsche Bank AG
Sandie O‘Connor, Chief Regulatory Officer, JPMorgan Chase

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Panel: Changing Finance – German perspectives | Beyond the crisis – the German financial sector in transition

Dorothee Blessing, Regional Head Germany, Austria, Switzerland and Vice Chairman Investment Banking EMEA, J.P. Morgan
Ingrid Hengster, Member of the Executive Board, KfW Group
Carola von Schmettow
, Chief Executive Officer, HSBC Germany

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Keynote Address: Sir Philip Hampton, Chair of Hampton-Alexander Review on FTSE Women Leaders and Chairman, GlaxoSmithKline plc

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Panel: Changing Finance – Governance and Diversity | #heforshe – Positive aspects of having women in leadership positions, and how to increase their numbers

Douglas Flint, Chairman, HSBC Group
Peter Grauer, Chairman, Bloomberg LP
Sir Philip Hampton, Chair of  Hampton-Alexander Review on FTSE Women Leaders and Chairman, GlaxoSmithKline plc
Viviane Reding Member, European Parliament (tbc)
Axel A. Weber, Chairman, DIW Berlin, and Chairman, UBS Group AG

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Keynote Address: Viviane Reding Member, European Parliament

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Closing Remarks: Axel A. Weber, Chairman, DIW Berlin, and Chairman, UBS Group AG, and Elke Holst, Research Director, DIW Berlin

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Image Gallery

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Related Publications

Managerinnen-Barometer 2017 | DIW Wochenbericht 1+2/2017 von Elke Holst und Katharina Wrohlich

Frauen sind in den Spitzengremien großer Unternehmen in Deutschland nach wie vor deutlich unterrepräsentiert. Die seit Januar 2016 verbindliche Geschlechterquote für Aufsichtsräte in Deutschland zeigt jedoch eine erste Wirkung: Demnach waren in den unter die Quotenregelung fallenden 106 Unternehmen Ende 2016 deutlich mehr Frauen in den Kontrollgremien vertreten als ein Jahr zuvor. Ihr Anteil stieg um gut vier Prozentpunkte auf mehr als 27 Prozent. Vorstände hingegen bleiben Männerdomänen.

Lesen Sie weiter | PDF, 357.04 KB

Women Board Members in Germany 2017 | DIW Economic Bulletin 1/2017 by Elke Holst and Katharina Wrohlich

The gender quota for supervisory boards that has been mandatory since January 2016 has shown an initial impact. According to DIW Berlin’s Women Executives Barometer, at the end of 2016, there were more women on the supervisory boards of the 106 companies subject to the statutory quota than one year before. Their proportion increased by a solid four percentage points to more than 27 percent. Executive boards remain a man's domain.

Read more here | PDF, 303.83 KB

Hohe Führungspositionen: In der Finanzbranche haben Frauen im Vergleich zu Männern besonders geringe Chancen | DIW Wochenbericht 37/2016 von Elke Holst und Martin Friedrich

Frauen sind in Führungspositionen insgesamt noch immer deutlich unterrepräsentiert. Der sogenannte Gender Leadership Gap, also die Differenz zwischen dem Anteil von Frauen an allen abhängig Beschäftigten und dem Anteil von Frauen in hohen Führungspositionen, variiert zwischen einzelnen Branchen allerdings erheblich. Der vorliegende Bericht zeigt, dass die Chancen von Frauen in der Finanzbranche am geringsten sind, obwohl es dort – gemessen an allen Beschäftigten in der Branche – besonders viele hohe Führungspositionen gibt.

Lesen Sie weiter | PDF, 211 KB

Women's Likelihood of Holding a Senior Management Position Is Considerably Lower than Men's - Especially in the Financial Sector | DIW Economic Bulletin 37/2016 by Elke Holst and Martin Friedrich

Women remain grossly underrepresented in management positions in Germany. However, what has been dubbed the gender leadership gap, i.e., the difference between the share of all employees who are women and the share of women in senior management positions, varies considerably across different industries. The present report shows that the largest gender gap in the likelihood of holding a senior management position is to be found in the financial sector. Possible explanations include an exceptionally masculine culture and the specific legal requirements of CEOs in the financial sector that are implicitly biased toward men.

Read more here | PDF, 252.29 KB

Distributional Effects of Taxing Financial Transactions and the Low Interest Rate Environment | DIW Discussion Papers 1609 2016 by Dorothea Schäfer

The study aims to assess the distributional effects of taxing financial transactions including a focus on gender. It specifically investigates the impact of the low interest rate environment on tax revenues and distribution. The first part of the study is explorative, aiming to develop a concept for the assessment. This is because the role of low or even negative interest rates is not yet specifically considered in the context of FTT. In the second part, the challenge is to find appropriate data for European countries in order to assess distributional effects. The study also highlights the existing data gaps that prevent a long-term evaluation of FTT with regard to tax revenues, impact, and distributional consequences.

Read more here | PDF, 485.76 KB

Zum Potential einer festen Geschlechterquote | DIW Wochenbericht 40/2015 von Norma Schmitt

Ab dem Jahr 2016 wird in Deutschland eine feste Geschlechterquote für die Aufsichtsräte von paritätisch mitbestimmungspflichtigen und gleichzeitig börsennotierten Unternehmen gelten. Die Festlegung einer selbstverpflichtenden Quote für die weiteren oberen Führungsebenen verlangt der Gesetzgeber bereits bis zum 30. September 2015 – auch für die Unternehmen, bei denen nur eines der beiden Kriterien erfüllt ist. Im Zuge der Implementierung dieses Gesetzes wurden vielfach Befürchtungen geäußert, die von einer Einschränkung der Unternehmensperformance über die Diskriminierung von Männern, einer Einschränkung der Qualität des Talentpools bis hin zu einer Stigmatisierung von Frauen durch die Quote reichten. Der vorliegende Bericht prüft auf der Basis von wissenschaftlichen Erkenntnissen diese zentralen Kritikpunkte. Im Ergebnis dürften die Vorteile einer Geschlechterquote die Befürchtungen entkräften, da die Quote langfristig zum Abbau von Geschlechterstereotypen beiträgt und sich somit deren negativer Einfluss bei der Auswahl der Besten für Führungspositionen reduzieren lässt.

Lesen Sie weiter | PDF, 209.39 KB

Towards a Gender Quota | DIW Economic Bulletin 40/2015

In 2016, a fixed gender quota will come into force in Germany, affecting the supervisory boards of listed companies that also have employee representation (full codetermination). By as early as September 30, 2015, however, all companies will be obliged to set a self-imposed target quota—even companies that meet just one of these criteria; i.e., either listed or subject to codetermination. A variety of concerns have been expressed about the implementation of this law, including fears that the quota will impair company performance and the quality of the talent pool, or the belief that it discriminates against men and stigmatizes women. The present article examines these key criticisms on the basis of research findings to date. In conclusion, the advantages of a gender quota should allay these concerns since, in the long term, it contributes to dismantling gender stereotypes and consequently also mitigates the negative impact these stereotypes have on the selection of the best candidates for senior management positions.

Read more here | PDF, 147.46 KB

Program

Tuesday, May 23, 2017

Moderation: Francine Lacqua, Bloomberg and Daniel Schäfer, Handelsblatt

8:30 - 9:30 a.m. Welcome Coffee and Participant Registration
9:30 – 9:45 a.m.

Opening Remarks

Marcel Fratzscher, President, DIW Berlin
Elke Holst, Research Director, DIW Berlin

9:45 – 10:00 a.m.

Keynote Address by Video

Christine Lagarde, Managing Director, IMF

10:00 – 10:30 a.m.

Keynote Address
Why Gender Diversity is Good for Business

The 30% Club campaigns for better gender balance at all levels of organisations because it’s good for business.  Brenda Trenowden will review the business case, discuss the progress at the Board level and the need for increased focus on the executive pipeline.  She will also highlight best practices from the organisations that are succeeding.

Brenda D.H. Trenowden | PDF, 110.47 KB
Global Chair, 30% Club and Head of FIG Europe, ANZ

10:30 – 12:00 a.m.

Changing Finance – international perspectives | Regulation – Digitalization – Political uncertainty

Christine Graeff, Director General Communications, European Central Bank
Sabine Keller-Busse, Global Head of Human Resources and Member of the Group Executive Board, UBS Group AG
Elke König, Chair, Single Resolution Board (SRB)
Sylvie Matherat,Chief Regulatory Officer and Member of the Management Board, Deutsche Bank AG
Sandie O‘Connor, Chief Regulatory Officer, JPMorgan Chase

12:00 – 1:15 p.m.

Lunch Break

1:15 – 2:45 p.m.

Changing Finance – German perspectives | Beyond the crisis– the German financial sector in transition

Dorothee Blessing, Regional Head Germany, Austria, Switzerland and Vice Chairman Investment Banking EMEA, J.P. Morgan
Christine Bortenlänger, Executive Member of the Board, Deutsches Aktieninstitut (DAI)
Ingrid Hengster, Member of the Executive Board, KfW Group
Carola von Schmettow, Chief Executive Officer, HSBC Germany

2:45 – 3:15 p.m.

Coffee Break

3:15 – 3:45 p.m.

Keynote Address

Sir Philip Hampton, Chair of Hampton-Alexander Review on FTSE Women Leaders and Chairman, GlaxoSmithKline plc

3:45 – 5:00 p.m.

Changing Finance – Governance and Diversity | #heforshe – Positive aspects of having women in leadership positions, and how to increase their numbers

Douglas Flint, Chairman, HSBC Group
Peter Grauer, Chairman, Bloomberg LP
Sir Philip Hampton, Chair of  Hampton-Alexander Review on FTSE Women Leaders and Chairman, GlaxoSmithKline plc
Viviane Reding Member, European Parliament (tbc)
Axel A. Weber, Chairman, DIW Berlin, and Chairman, UBS Group AG

5:00 – 5:30 p.m.

Keynote Address

Viviane Reding Member, European Parliament

5:30 – 5:45 p.m.

Closing Remarks

Marcel Fratzscher, President, and Elke Holst, Research Director, DIW Berlin

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Download program here | PDF, 69.22 KB