UK Diversity, Equity
and Inclusion
2021 Impact Report
Contents
Our purpose-driven commitment
2
About UBS
3
Reflecting on our progress
5
Our strategy
6
Our stakeholders
Our employees
Hire
7
9
Develop
14
Belong
15
Gender
21
Ethnicity
22
LGBTQ+
23
Ability
25
Our clients
26
Our suppliers
27
Our communities and society
28
Headcount summary
30
Focusing on the future
32
2021 benchmarking and public recognition
33
Our purpose-driven
commitment
actively contribute to their own area,
and achievement of these objectives
is considered in compensation
decisions. We have quarterly update
meetings to review progress, and
they’re expected to share best
practices and explain what steps
they’re taking to drive the change.
Accountability is at the forefront of
how we’ll make real impact here.
Everything we do at UBS begins
with our purpose – and at the
very heart of that is our people,
clients, and the society in which
we live. Reimagining the power of
investing. Connecting people for a
better world. Those words speak
volumes as to why DE&I matters.
And for me personally, it means our
colleagues are true to themselves
and able to share their thoughts and
perspectives in an environment that
encourages differences. They should
feel appreciated, supported and
empowered to thrive.
This all starts with accountability
and actions. We’ve set aspirational
goals to measure progress, such as
increasing the proportion of women
in leadership roles (Director and
above) globally to 30% by 2025. By
the same date, we also want to see
an increase of UK ethnic minority
representation in leadership roles
to above 26% and Black employees
to above 4%. All our senior leaders
have performance objectives linked
to diversity. This is to ensure they
When it comes to DE&I, our
unique selling point is our culture,
a culture where different thoughts
and backgrounds are celebrated,
and recognizing this is key to our
success as a firm. When people
join us, they’re joining a culture
where they have a voice and can
bring their authentic selves to
work. Our employee networks are
instrumental to this. The time and
effort our thousands of colleagues
put into our many networks and the
achievements of those are worth
celebrating – especially as they do it
on top of their regular workload. I’m
inspired by their dedication to our
firm and their colleagues, and this
work helps us live up to our purpose.
I believe leadership is not only about
yourself, it’s about lifting others
up. Being a senior sponsor for our
UK PRIDE and MOSAIC networks
means I’ve been able to use my
platform to promote a truly diverse
and inclusive environment. Looking
back at my own career, I think I took
it for granted that I was able to be
who I really am, and I always felt
comfortable being different and a
UK Diversity, Equity and Inclusion | 2021 Impact Report
member of a minority. Now I see
that, in fact, continuous effort is
needed from everybody so that we
can all bring our authentic selves to
work every day. That’s why we have
a people-first culture.
I’m thrilled to share our progress in
this second annual UK DE&I impact
report. We’re making great strides,
although we still have some way to
go. Looking forward, we won’t just
be showcasing our data, but also
our people’s stories. Hearing lived
experiences brings a different view
and gives our colleagues a platform
to share why UBS is a great place
to thrive. It all goes back to our
purpose: fostering that sense of
belonging and connecting people
for a better world.
Beatriz Martin
UK Chief Executive,
UBS AG London Branch
Group Treasurer and Chief
Transformation Officer,
UBS Group AG
2
About UBS
Our purpose
Reimagining the power of investing. Connecting people for a better world.
Our purpose is our North Star. It guides us. It guides other people to us.
Everything we do starts with our purpose.
At UBS, connecting people is
at the heart of what we do.
Connecting people with each other.
Connecting people with ideas that
deliver results, drive progress and spark
innovation.
Connecting people with opportunities
that change lives and help forge a more
equal society.
UK Diversity, Equity and Inclusion | 2021 Impact Report
By making these connections, we’re reimagining the power of
people and investments. We’re also working to create a better
world for all of us, one that is fair, sustainable and capable of
fostering long-lasting change.
We know that by doing what we do best – offering the
insight and advice to inspire, connect and empower people
– we’re creating better outcomes, not only for today but for
generations to come.
3
Our workforce at a glance1
6,217
UK employees
(Headcount)
Women
Men
34.6%
65.4%
(2,152)
(4,065)
15%
69%
16%
Age >50
Age 30–50
Age <30
Ethnic
minority
Not
disclosed
White
26.1%
(1,625)
48.5%
19.5%
Asian (1,210)
4.0%
Black (251)
2.6%
Other ethnic
minority (164)
(3,016)
1
UK Diversity, Equity and Inclusion | 2021 Impact Report
25.4%
(1,576)
1.6%
6.7%
1.0%
Black
women
Asian
women
Other ethnic
minority women
(99)
(417)
(66)
2.4%
12.8%
1.6%
Black
men
Asian
men
Other ethnic
minority men
(152)
(793)
(98)
as of 31 December 2021
4
Reflecting on
our progress
This represents a big shift since my
early days.
As I reflect on my journey since
joining UBS over 10 years ago,
as a Graduate Training Program
associate, and now the UK Head of
Diversity, Equity and Inclusion (DE&I),
I am hopeful for today and what
is to come.
I’m proud of the progress the firm
has made in the last decade. I
remember being very timid when I
first joined UBS. I found it difficult to
speak up and get the opportunities
I wanted. Having a Nigerian
background, I’d always been told
it was rude to interrupt adults and
challenge authority, so changing that
mindset was tough. However, what
made an impact was the power
of mentorship and sponsorship
– which we now have more of
within our business divisions, Group
Functions and employee networks.
I understand the importance of
these programs in helping our junior
and professional talent pipeline
guide their choices and advocate
for their career advancement.
The diversity of our junior talent
pipeline has also improved. The
gender balance of our UK graduate
population for 2021 was 47%
female and our School-Leaver
Apprentice program was 54%
female. We also have strong
representation of ethnic minority
employees, with 36% representation
in our UK graduate population and
29% representation in our SchoolLeaver Apprentice program.
Our employee networks are an
integral part of UBS’s culture,
our DE&I strategy and a fantastic
platform for the experiences of
our diverse communities to be
voiced, and amplified within senior
management. They’re directly
involved in running important
initiatives. We held more than 300
internal events in 2021, including
International Women‘s Day, Mental
Health Awareness Week, Pride,
Black History Month, Veterans‘
Month, World AIDS Day, and many
more. We expanded our Cultural
Awareness Network (CAN) across
EMEA and grew our Male Allies
program globally, with more than
70 senior allies enlisted.
UK Diversity, Equity and Inclusion | 2021 Impact Report
MOSAIC-UK was in the top 10
Employee Network Groups in 2021
listed by Ethnicity Awards, and Pride
won the Financial Times Adviser
award for LGBT+ Inclusion on
behalf of UBS.
We continue to advance toward
the firm’s gender, ethnic minority
and Black aspirational goals. Some
positive highlights include the
increases in the representation of
women in leadership roles by 0.8%
to 28.3% and of ethnic minority
and Black employees in Director and
above roles by 1.2% to 21.3%. Our
overall talent pipeline is improving
too: 37.5% of our new hires in 2021
were women, up from 34.5% in
2020, and 34.6% of our new hires
in 2021 were from ethnic minorities,
up from 31.2% in 2020.
We’re moving in the right direction,
and we have some way to go.
We are continuously taking bold
intentional actions to maintain
our momentum. We are making
our workforce reflective of the
society we live in and ensuring our
employees feel they belong. Just as
Rome wasn’t built in a day, this too
is a journey. I am and continue to
be hopeful.
Omolaso Adegboyega
UK Head of Diversity,
Equity & Inclusion
5
Our strategy
We’re building a culture of belonging where everybody
can unlock their full potential. Together, we champion
equality for our employees, clients and society.
At UBS, we firmly believe that diversity, equity and
inclusion are fundamental to achieving our purpose. To
reimagine the power of investing, we need to dismantle
outdated assumptions about what it means to be an
investor – individually and collectively. To connect people
for a better world, we need to foster the growth and
success of those whose experiences and backgrounds
accurately reflect the world around us. To succeed, we
need to enable UBS to deliver the greatest possible
impact for its stakeholders.
Our stakeholders
Our employees
Our clients
We’re creating a thriving, diverse workforce and a
culture of belonging for all employees by:
We’re helping our clients identify and act on
opportunities to create a better world through:
• Establishing a framework through which everyone
is held accountable for delivering and achieving our
DE&I vision
• Attracting those with diverse perspectives and
experiences into our workforce
• Providing employees with visibility and opportunities
to realize their unique potential
• Fostering a sense of inclusion where employees from
all backgrounds and identities feel recognized, valued
and appreciated
• Unparalleled access to ideas, insights and people
focused on inclusive growth
• Innovative solutions that empower investors to
advance DE&I through intentional investment choices
Our suppliers
We’re committed to contributing to the economic
growth of businesses that are often underrepresented as
corporate suppliers by:
• Actively maintaining an internal diverse
supplier database
• Requiring greater diversity and inclusion in
sourcing outreaches
• Partnering with diversity advocacy organizations
• Proactively looking for new diverse suppliers in
identified areas of opportunity
UK Diversity, Equity and Inclusion | 2021 Impact Report
Our communities
and society
We’re addressing wealth inequality and advancing
outcomes for marginalized communities, specifically for
students and entrepreneurs who have been historically
denied equitable access to opportunity and capital by:
• Partnering with nonprofits that are changing futures
through education and entrepreneurship
• Engaging a multi-sector coalition of government,
nonprofit and corporate stakeholders
• Providing meaningful volunteering and mentoring
programs for our employees
• Sharing our expertise and insight to raise awareness
and partner with our clients for change
6
STAKEHOLDERS
Our employees
In our experience, diverse teams
better understand and relate to our
equally diverse clients’ needs.
Teams that include employees
with different backgrounds and
experiences drive innovation and
better decision making. We aim
to shape a diverse and inclusive
organization that better reflects
UK Diversity, Equity and Inclusion | 2021 Impact Report
the needs, backgrounds and
perspectives of our clients, our
colleagues and our communities,
provides outstanding client service
and offers equitable opportunities so
all employees may thrive.
7
STAKEHOLDERS
Summary of our impact
We continue to deliver progress toward our aspirational goals relating to women and ethnic
minorities, with year-on-year positive trends in headcount representation, driven by hiring and
promotion performance that exceeds current representation levels.
By 2025, we aspire to reach
30%
26%
4%
Global representation of
women at Director level
and above.
UK representation of ethnic
minority employees at
Director level and above.
UK representation of Black
employees at Director level
and above.
Setting objectives and measuring progress are what hold us accountable for achieving
our intended results. All UBS Group Executive Board (GEB) members and their leadership
teams across business divisions are evaluated on their efforts toward achieving our DE&I
aspirational goals.
How we plan to achieve our aspirations
We champion these drivers with processes designed to minimize bias, maximize the reach
and impact of our programs and initiatives, and optimize employee retention.
Hire
Develop
Belong
Attract talent
from historically
underrepresented
groups.
Guide and support
underrepresented
talent equitably
Create an inclusive culture
where talent across all
levels of the organization
feel they belong
Parity in hiring, promotion and retention is necessary to achieve progress.
UK Diversity, Equity and Inclusion | 2021 Impact Report
8
STAKEHOLDERS
Hire
Attracting and hiring talent with a wide variety of backgrounds
and perspectives helps us identify opportunities to create – and
ultimately deliver – better products, services and platforms.
To support our aspirations, we are reviewing and enhancing our
sourcing channels / processes and implementing new tools to help
support more inclusive hiring practices.
Our focused hiring efforts have driven an increase in overall
representation of women and ethnic minorities, helping us
progress toward our 2025 aspirations.
37.5%
34.6%
23.2%
30.4%
of new hires
across all levels
are women.
of new hires across
all levels are ethnic
minority employees;
Black employees
account for 6.7%
of new hires across
all levels.
of Director and above
hires are women.
of Director and above
hires are ethnic
minority employees;
Black employees
account for 3.1% of
new hires at Director
level and above.
Greater diversity – both visible and
invisible – at more senior levels
is critical to driving large-scale
organizational change at UBS.
UK Diversity, Equity and Inclusion | 2021 Impact Report
9
STAKEHOLDERS
UK Diversity, Equity and Inclusion | 2021 Impact Report
10
STAKEHOLDERS
Hire
Junior talent
Tomorrow’s Talent
Now in its second year of running, Tomorrow’s Talent is a fully integrated program helping
to attract and retain diverse talent. We have partnered with the 10,000 Black Interns
initiative and SEO London, with a focus on undergraduates and recent graduates that are
considered for our internship, industrial placement and graduate talent program.
External
diversity partners
Recruitment masterclasses, one-to-one networking and mentoring programs are just some
of the ways we are extending our cooperation with our external diversity partners. We
have expanded our early-talent pool and pipeline of women and ethnic minority talent via
our existing and new diversity partners, including university African-Caribbean societies,
Coding Black Females and 100 Women in Finance.
Student brand
ambassadors
Our growing community of student brand ambassadors continues to be an effective way
of widening our on-campus presence by encouraging our interns to act as microinfluencers
to bridge the gap between UBS and their peers on campus. We have launched a ten-step
interactive guide. From helping students discover their true motivations, to understanding
what employers are really looking for, the toolkit aims to boost the students’ recruitment
confidence.
Graduate
Talent Program
Our Graduate Talent Program
(GTP) provides an 18–24
month experience during
which participants receive
training and development in
a chosen area. Depending on
the business division, there
may be a rotational element to
the program.
47% 36%
of participants
were women
of participants were
ethnic minorities
69% 62%
of women GTP of ethnic minority
participants
GTP participants
progressed from our internship programs
School-Leaver
Apprenticeship
program
Our School-Leaver
Apprenticeship program
provides young individuals from
underprivileged backgrounds
with an 18-month learning
experience featuring basic
business education, English
language training, mentorship
and experience in the day-today activities of an assigned
business area.
UK Diversity, Equity and Inclusion | 2021 Impact Report
54%
29%
of participants
were women
of participants were
of ethnic minority
backgrounds
11
STAKEHOLDERS
Student Brand Ambassadors
“I think what makes the UBS internship
stand out is the emphasis on it being
a two-way street. Not only do they
want you to learn as much as possible
about the firm and various roles,
they’re also keen to learn where your
interests lie, and particularly how they
evolve throughout the nine weeks.
People at UBS are incredibly friendly
and generous with their time, so you’re
constantly learning throughout your
time there.“
Sarah Li
Incoming graduate from
University College London
Graduate Talent Program
“Contrary to Hollywood’s depiction
of a trading floor, the team at UBS
was welcoming, good-humored and
extremely generous with their time!
The best part of my experience were
the friends I made on the internship.
It was fantastic to be in a room of
like-minded people, and I met some
of the smartest, funniest, and most
successful people I know. Not to
mention, in the moments where you
feel challenged, have a question, or
just want someone to chat through
a project idea with, your friends will
double up as your greatest asset.“
Laeticia Junanto
Incoming graduate from the
University of Warwick
UK Diversity, Equity and Inclusion | 2021 Impact Report
“After spending about 15 months as
an industrial placement student and
subsequently joining the Graduate
Training program, I can definitely
say that UBS provides a supportive
environment that encourages
continuous learning, self-development
and a sense of community
through its various networks.“
Tobi Olagunju
2021 Graduate Talent Program
12
STAKEHOLDERS
Hire
Professional talent
Our professional recruiting team work to ensure all our talent-sourcing suppliers
are aware of the priority we place on diversity, equity and inclusion. Additionally,
we are working to develop our relationships with organizations that specialize in
providing candidates from underrepresented groups, from within the financial
services sector and beyond.
Partnerships
Career Comeback Program
Examples of our partners include:
The Return Hub, which works with
candidates that have taken a career
break and are eligible for our Career
Comeback program; and Inclusion
Partners, which work with senior
diverse candidates globally.
Our award-winning UBS Career
Comeback Program (the CCP) ran
for the sixth consecutive year in
2021. This direct-hire program
provides professionals that have
been on a career break, and their
line managers, with transition
coaching, onboarding resources and
connections into a global cohort
– all of which has been effectively
delivered virtually in 2021. Since
its introduction in 2016, 96% of
the CCP hires in the UK have been
women and/or ethnic minorities.
We’ve had 28 senior hires in the UK
through the CCP.
In 2021, we began to work with
Coding Black Females. We hosted
multiple virtual events with Coding
Black Females and 100 Women
in Finance. The key themes
explored emerging technologies
at UBS, as well as the personal
and career journeys of women in
leadership roles.
At the end of the year, we signed
a contract with the Black Young
Professionals (BYP) Network and
Women in Banking and Finance
(WIBF), which we will begin working
with in 2022. Both partnerships
focus on engaging with mid- to
senior-level Black and female talent.
UK Diversity, Equity and Inclusion | 2021 Impact Report
Coding Black Female
“I joined UBS as a full-stack
engineer a few months after
I finished the Black Codher
Bootcamp, a six-month course
in web development, offered
by Coding Black Females
to empower women in the
technology Industry.
Since I joined, I have enjoyed
getting involved with a project
that exposes me to a great
technology stack. I have
also enjoyed working in an
environment that truly embraces
collaboration, continuous learning,
and progression. I look forward
to making future contributions.“
Hawa Bah-Bah
Full-stack engineer
13
STAKEHOLDERS
Develop
To help each of our employees fulfill their potential and
build a rewarding career, we are committed to offering
substantial support.
To ensure that we’re making opportunities fair and accessible to everyone,
we look across the full range of ranks, roles and business areas to identify
talent for development programs and promotion. We make sure these
practices are not only robust, but that they are also overseen by our HR
team to facilitate consistent results and equity.
Our annual talent review process identifies colleagues for a range of
opportunities, including internal and external development programs,
sponsorship programs, leadership opportunities across projects and teams,
and specific programs for women and ethnic minorities. Throughout
these processes, multiple employee demographics are reviewed to ensure
balanced representation across opportunities.
In addition to maintaining transparency regarding our updated promotion
philosophy, processes and support resources, we empower employees to
educate themselves about the individual and business factors that influence
promotions. We internally publish promotion criteria and considerations,
and we actively encourage our employees to hold interest and ambition
discussions with their line managers. We believe in regular feedback as
an essential tool to keep colleagues on track to reach their professional
objectives.
Director Advance and
Associate Director Growth
Retention Opportunities for
Women (GROW)
Director Advance is an 18-month
experience program in the
Investment Bank that supports
high performing / high potential
women at Director level by providing
career development discussions,
networking and coaching. Our
GROW program is similarly
designed to help develop our high
performing / high potential Associate
Director female population by
focusing on personal brand building,
navigating career next steps and
related challenges, building peer
networks and connections with
senior sponsors, and deepening
relationships with line managers.
Key Talent Development
We take extra care through our key
talent cycle to identify high potential
individuals and potential successors
for leadership positions to ensure
equal opportunity. Additionally,
we run development programs to
support key talents in reaching their
potential.
Sponsorship Program
Our race and ethnicity employee
network, MOSAIC, introduced
a sponsorship program – Not in
Your Image, which provides career
development for MOSAIC members
and an opportunity for senior
management to gain insights and
provide a platform to support career
advancement for participants.
Internal Mobility
Our Internal Mobility team
works directly with our diversity
recruiting team to promote mobility
opportunities through our employee
networks as well as to provide oneon-one career coaching.
UK Diversity, Equity and Inclusion | 2021 Impact Report
We are pleased that we
have seen an increase in the
representation of diversity
across our promotions
in 2021, with regard to
women, ethnic minority
employees and Black
employees.
41.5%
of all promotions in 2021
were women.
26.1%
of all promotions in 2021 were
ethnic minorities.
3.6%
of all promotions in 2021 were
Black employees.
37.0%
of promotions to Director and
above positions were women.
25.6%
of promotions to Director and
above positions were ethnic
minorities. Included in that
number, Black employees
accounted for 3.3% of such
promotions.
14
STAKEHOLDERS
Belong
At UBS, we believe that fostering professional
growth starts by creating an inclusive culture
where everyone feels they belong.
We have continued to enhance
development opportunities,
improve our benefits, embrace
flexible working arrangements and
empower people to bring their full
selves to work and thrive. In the
UK, our retention of women and
ethnic minorities for Director and
above roles are above the overall
retention for 2021.
In addition to measuring retention,
we also measure employee
engagement through our Employee
Net Promoter scores, and we are
encouraged by the results. Our staff
indicate that they would recommend
the firm to friends and family as
an employer of choice and a great
place to work.
We also recognize that successfully
developing strong, ambitious and
diverse talent will also mean they
become increasingly attractive to
other organizations. Even if they
eventually pursue opportunities
elsewhere, we take pride in knowing
that investing in their growth
strengthens our industry overall.
2021 Net Promoter scores
At +24 and +28, our women and ethnic minorities respectively, recorded higher Net Promoter scores
than the UBS Group average (+21).
Supportive practices and benefits
Fair pay and pay for performance
Compensating employees fairly
and consistently is key to ensuring
equal opportunities. We pay
for performance, and we take
pay equity seriously. A strong
commitment to both is embedded
in our compensation policies, and
we conduct both internal reviews
and independent external audits as
quality checks. If we uncover gaps
that cannot be explained by business
factors or appropriate personal
factors – such as experience,
role, responsibility, performance
or location – we explore the
root causes of those gaps and
address them. Additionally, our
regular monitoring and review
processes enable us to maintain
our certification from the EQUALSALARY Foundation for our equal
pay practices in the US, Switzerland,
the UK, Hong Kong and Singapore.
These holistic certifications are a
testament to our well-established
equal opportunity environment and
the strength of our human resources
practices, including performance and
reward. In 2021, we continued to
monitor pay fairness and addressed
any unexplained gaps to ensure that
all employees are paid fairly.
client service. We are implementing
hybrid working for many roles on a
country-by-country basis along with
wide-ranging support to ensure that
employees, teams and our culture all
continue to thrive.
Hybrid working model
Health and well-being
Working remotely and hybrid
working became the norm for
many employees in 2021, with
surveys indicating strong support
for continued flexibility. Following
a global analysis that considered
factors like regulation, risk and
productivity, we established a hybrid
work model that seeks to not only
foster greater work / life balance
for our people, but also aims to
attract a larger and more diverse
pool of applicants, including earlycareer talent, working parents and
those in continuing education.
The emphasis on technology and
virtual collaboration also sparks
innovative thinking that will make
us more agile and further improve
When our employees need extra
support and help, we ensure we
have the right benefits on offer.
UK Diversity, Equity and Inclusion | 2021 Impact Report
We ran regular “pulse” surveys that
gauged employees’ views on remote
working, well-being, communication
and other matters. We continued
to partner with an app-based
solution for guided meditation and
mindfulness, to offer all employees
across the firm access to the tool
(available in five languages). Thanks
to our mental health employee
network, Mental Wealth, and our
Mental Health Champions, our
employees can connect to those
trained to deliver workplace mental
health first aid.
15
STAKEHOLDERS
Throughout 2021, we offered
perimenopausal and menopause
support, recognizing the impact
on many of our employees. We
offered menopause clinics via our
on-site medical team and continued
running all-employee menopause
demystified sessions. These sessions
can help to identify hormonal and
nonhormonal treatment options to
lessen the symptoms experienced
by employees.
We’re also proud of the support
in place for our trans employees,
starting with information for people
managers and employees to help
them understand gender identity.
We continue to offer specialist
support for employees with gender
dysphoria through our UK health
insurance provider, including
counseling and hormone treatment.
have full control over how they selfidentify and are identified by others
at work. Over the last two years,
we have invited our employees to
self-disclose their race and ethnicity,
disability, veteran status, sexual
orientation and gender identity. In
2021, we expanded our UK self-ID
options to include gender-neutral
titles and pronouns, as well as Faith.
This allows us to better understand
the diversity of our workforce
and its needs, and to ensure we
create more inclusive and equitable
program decisions.
Ambassador Program
Our Global DE&I Ambassadors
are uniquely positioned to inform
our DE&I strategy. They use the
opportunity to continue building
a grassroots strategy around
employees’ requests.
Being a part of this journey has
also acted as a source of personal
inspiration – I am extremely proud,
and encouraged, to work for an
organization that is as passionate and
tangibly invested in achieving equity in
the workplace.”
Our DE&I Ambassadors are resources
for employees as one of many
touchpoints on a variety of DE&I
issues. Employees can share sensitive
personal stories, make suggestions
for improvements in the workplace
and potentially raise – either directly
or indirectly – concerns about the
work environment.
Marc Harripersaud
Managing Director
Head of Finance Operational Risk
Management and Group Controller
Operations, DE&I Ambassador
Parental leave
In the UK, we offer a wide variety
of parental leave options, including
26 weeks’ fully paid maternity leave,
adoption leave and shared parental
leave (SPL). Expectant parents are
offered parental transition coaching
(including an “Ask the coach”
functionality for wider topics), and
we have a parental buddy system in
place. Line managers are also given
coaching on how to support their
staff through the parental transition.
Self-identification initiative
We are continuously working on
ways to ensure that our employees
DE&I Ambassadors are educated
about their role in the escalation
process so that the firm can be
aware of, and appropriately address
and resolve, employee workplace
concerns (these are not intended to
replace other channels, such as HR
and whistleblowing).
In 2021, we expanded our DE&I Ambassador program
480+
Ambassadors
“Taking on the challenge
of becoming a DE&I
Ambassador has been
a truly developmental
experience. The
program has provided
me with insights and
experiences that have allowed me to
become more informed and confident
in dealing with a range of topics and
workplace situations.
19
across
19 countries
UK Diversity, Equity and Inclusion | 2021 Impact Report
150
of which over
150 are UK-based
“Our parents and carers UK network,
Family Matters, has been running
for over 15 years and we are super
proud of being part of this journey as
participants and now co-chairs. The
network has supported us personally
as parents and carers and provided
valuable information and inspiring talks.
We want to ensure that this legacy
continues into the future.”
Sonia Paston-Bedingfeld,
Parbinder Bhullar
Family Matters network co-chairs
16
STAKEHOLDERS
Belong
Internal mobility representation
Women
Across all ranks
41.5%
Ethnic minorities
Director and above
Across all ranks
31.8%
35.6%
Director and above
31.0%
Retention performance
Women
Ethnic minorities
92.30%
88.61%
87.89%
88.07%
All UK
employees
88.07%
All UK
employees
2020
2021
2021
91.77%
91.43%
90.72%
90.06%
UK Director
and above
90.06%
UK Director
and above
2020
2021
2021
2021 Overall retention
UK Diversity, Equity and Inclusion | 2021 Impact Report
17
UK Diversity, Equity and Inclusion | 2021 Impact Report
18
STAKEHOLDERS
Our UK employee networks
We have
with over
held
8
9,800
1
Employee networks
members that
300+
events
In 2021, our employee networks were
creative in leveraging digital platforms to
ensure members remained connected and
felt valued in our hybrid working model.
Cultural Awareness
Network (EMEA)
MOSAIC
(UK)
All Bar None
(UK)
The culture and
faith network
The race and
ethnicity network
The gender
equality network
Ability
(UK)
Pride
(UK)
Mental Wealth
(UK)
The disability network
The LGBTQ+ network
The mental health and
well-being network
Family Matters
(UK)
Veterans
(UK)
The parents’ and
carers’ network
The Ex-Armed
Forces network
In 2021, the UK branch of the Cultural Awareness Network (CAN)
expanded into the entire EMEA region, becoming CAN EMEA. While
this was perhaps the year’s most prominent achievement for the
network, it was just one of many that made 2021 a landmark year.
1
Each employee can be a member of more than one network
UK Diversity, Equity and Inclusion | 2021 Impact Report
19
STAKEHOLDERS
Our employee networks are key to driving
our DE&I strategy, creating a space where all
employees feel seen, heard and valued.
Their knowledge, support and advice help
to further enhance our culture and live up
to our purpose.
All our networks are open to all
employees, championed by our
most senior leaders, and serve as a
cornerstone of employee belonging.
CAN EMEA has been championing
the above through their religious
festival toolkits, but in 2021 they
set their sights beyond awareness
alone and started a series of
conversations. Both culture and
religion have many angles from
which to view them, and CAN
EMEA aims to view it holistically,
tackling topics such as anti-Semitism,
Islamophobia and FGM.
Another example is nationality,
which CAN EMEA celebrated
by learning about South African
Heritage Day, the Day of the Dead
in Mexico and Latin America, and
foods from around the globe, to
name a few.
with an opportunity to interact with
senior leaders and ask them burning
questions about their career journeys
and navigating UBS.
One of the core purposes of our
networks is to provide employees
with a safe space to incorporate
that which makes them unique with
their career development. In 2021,
CAN EMEA partnered with MOSAIC
and launched the Talking Shop
series, which provides employees
“The term ‘culture’
can be applied
to almost every
human characteristic,
and its scope is
an opportunity to
tap into the lesserconsidered aspects of diversity. One
such example is religious awareness.”
“Last year, one of my colleagues who
knows that I observe Ramadan every year
said to me ‘I would like to fast one day to
show my solidarity with my colleagues.’
I was very pleased, as very often I tend
to pretend that everything is normal at
work and to have someone proactively
not only showing interest but also wanting to experience
for themselves is a really great example of working for an
inclusive firm such as UBS.”
Simon Croxford
General Counsel IB & EMEA,
CAN EMEA Executive Sponsor
Nasreen Kasenally
Chief Risk Officer Asset Management,
EMEA and Sustainability, CAN EMEA Sponsor
UK Diversity, Equity and Inclusion | 2021 Impact Report
20
STAKEHOLDERS
Gender
Making progress toward
gender balance.
We are proud of the progress
we’ve made on gender diversity.
We remain committed to the
advancement and empowerment of
all women and continue to foster
inclusiveness for everyone. Our
male allies also continued to play
a key role in creating an inclusive
culture for women. Our All Bar
None network has established a
Male Ally program that has since
been expanded globally, with more
than 70 male senior leaders now
engaged. This initiative recognizes
that gender equality is something
men need to be purposefully
engaged in, and we have senior
sponsors who regularly speak on
this topic, improving the diversity
of their management teams and
educating themselves about the
issues facing women.
Additionally, All Bar None runs
several development sessions for its
members, including
• The Financial Confidence series
in partnership with our Women’s
Wealth initiative, covering
everything from ISAs to Pensions
• Hosting inspirational speakers
– such as Jess Philips MP, Laura
Bates and Mary Ann Sieghart –
talking about an array of topics,
from the impact of the pandemic
on women in the workplace, to
“The Authority Gap”
• Menopause workshops and clinics
to support employees and help
break taboos regarding this topic
and above are
28.3% ofin Directors
the UK are women
1
“Being an All Bar None male ally
has given me the opportunity
to be part of a cohort helping
UBS achieve gender parity. The
education curriculum has been a
particular highlight as well as a
wake-up moment. This has been
something that I have been able to
take forward and share with many
others inside and outside our firm.
Ultimately, I want a fairer society and
a fairer workplace.”
Simon Taylor
Chief Digital Information Office,
Investment Bank Operations
Stream Lead
With a global aspirational
goal of reaching
30%
by 2025
1
For year-on-year comparison, see page 30
UK Diversity, Equity and Inclusion | 2021 Impact Report
21
STAKEHOLDERS
Ethnicity
Evolving our commitment to race and
ethnicity diversity.
“I have been at UBS for over 20 years,
I have in essence spent my entire
adult life at UBS and I have worked
in all but one division, it’s my second
home and I have always felt I
belonged and can make a difference”
Michelle Bereaux
COO Asset Management,
Head UK Asset Management,
MOSAIC-UK Sponsor
Investing in attracting, supporting
and advancing our ethnically diverse
employees is a key focus for our
firm. In 2021, we achieved over 80%
employee ethnicity self-disclosure,
enabling us to revise our ethnicity
aspirational goals to achieve above
26% ethnic minority and above
4% Black representation at Director
level and above, with full leadership
accountability. It also enabled us
to report, for the first time, our
ethnicity pay gap.
View the 2021 UK Gender &
Ethnicity Pay Gap Report.
In 2021, we held our first annual
global townhall featuring Group CEO
Ralph Hamers, to discuss the GEB’s
commitment to accelerate progress
and focus on race and ethnicity.
In 2021, the MOSAIC network,
our race and ethnicity network,
continued to represent, empower
and create safe spaces for members
through various programs.
The mentoring program has grown
to 132 mentorship relationships,
from 18 when it launched in 2018.
The initiative was established to
provide MOSAIC members, access
to senior leaders (Director and
above) and a platform to support
knowledge and skills-building for
personal and career development.
We aim to maintain the momentum
of the progress we’ve made via our
policies, programs and initiatives.
21.3% and 2.8%
of Director and above roles are ethnic
minority and Black employees, respectively1
With a UK aspirational
goal of reaching above
26% and 4%
by 2025
1
UK Diversity, Equity and Inclusion | 2021 Impact Report
For year-on-year comparison, see page 30
22
STAKEHOLDERS
LGBTQ+
Embracing active advocacy and role-modeling.
UBS is committed in creating
and sustaining an LGBTQ+
inclusive environment where
people are comfortable
being open and honest.
UBS is the proud sponsor of CorporateQueer, an exhibition by
celebrated photographer Fiona Freund, which showcases LGBTQ+
professionals and encourages employers to invite everyone to bring
their whole selves to work. In addition, we hosted a successful
in-house recruitment event titled “CorporateQueer@UBS,”
which was attended by over 60 industry professionals from the
LGBTQ+ community.
We are proud platinum sponsors of the world’s first gay and inclusive
rugby teams, the Kings Cross Steelers RFC and East London Vixens.
“UBS is loud and proud
about celebrating the
LGBTQ+ community
and all diversity. It has
been wonderful to
work together to make
change for good.”
Fiona Freund
Photographer and Founder
of CorporateQueer
UK Diversity, Equity and Inclusion | 2021 Impact Report
23
STAKEHOLDERS
“We continue to be grateful for the support UBS has shown the Kings Cross
Steelers RFC and East London Vixens. As inclusive clubs, we pride ourselves
on being open to all and providing a safe, welcoming space to play rugby.
Delivering on this requires significant support and we could not ask for better
than from UBS.
Since the partnership started,
we have delivered our first
ever fully inclusive Pathway to
Rugby program. This has seen
members who had never played
before getting involved in rugby
at the team level, in both the
men’s and women’s game. We
look forward to more great
collaboration!”
Kings Cross
Steelers and Vixens
“UBS’s year-round support for queer rights is integral to our business, part of
everything from public advocacy to the research we use to advise our clients.
It is impossible to understate
the sense of relief of being able
to be part of an organization
that has queer diversity and
inclusion as part of its DNA.
Without that diversity, I would
be a worse economist. Without
that inclusion, I would not be an
economist at all.“
Paul Donovan
Chief Economist
Global Wealth Management
UK Diversity, Equity and Inclusion | 2021 Impact Report
24
STAKEHOLDERS
Ability
Committing to making all abilities our business.
At UBS, we embrace our differences,
appreciate the ability of all our
employees and clients. We
understand how important the
disabled community are, given their
contribution to the wider society.
Disability is not inability.
In 2021, our UK Ability Network
grew and adapted, particularly
embracing the new hybrid working
model. It has continued to be
the voice of those with visible
and invisible disabilities within
the organization, supported the
inclusion of our colleagues and
visitors to our 5 Broadgate office,
and gone the extra mile to show we
care about what people want to talk
about, particularly given the required
adaptations due to COVID-19.
Creating an inclusive environment
lies at the heart of UBS. It’s not just
about work, it’s about people.
UBS became the first corporation to join
the Andy Cole Fund First XI, which aims
to raise £0.5m for research to improve
kidney transplants and patient well-being.
Photo credit: Christopher Thomond,
The Guardian
England and Manchester United
footballing legend Andy Cole set up the
fund having become a charity ambassador
in 2018 after he faced the toughest battle
of his life when his own kidneys failed,
and the COVID-19 pandemic brought
home to him just how vulnerable he is as
a kidney patient.
We also appointed an external
consultant to undertake a
recruitment process audit and
engaged with disability specialists –
aligned to our commitment to the
Valuable 500 initiative.
Our commitment to do more to foster disability inclusion is reflected in us signing
the Valuable 500, which is the largest community of CEOs committed to ensuring
disability inclusion in business.
UBS has pledged to actions addressing physical accessibility, digital
accessibility, recruiting and attracting talents with disabilities, training and
awareness and launching disability employee networks worldwide.
“Although Möbius Syndrome makes me look
different, my UBS colleagues accept me for
who I am and show no bias toward me. What
counts is my skillset. Feeling included is so
important and people’s interest in my
life experiences is both refreshing and
energizing. It’s great to be part of an
inclusive organization where disability
is not seen as a barrier.”
Kirsty Lowther
Communications and
Business Manager Team Leader,
Ability-UK network co-chair
UK Diversity, Equity and Inclusion | 2021 Impact Report
25
STAKEHOLDERS
Our clients
We’re helping our clients identify and act on
opportunities to create a better world.
UBS advanced efforts to leverage our business
capabilities and product offerings to direct capital
and investment in ways that support our broader
DE&I goals. For example, launched in January
2018 as part of UBS’s commitment to sustainable
and impact investing, the UBS Global Gender
Equality UCITS ETF was developed to meet the
significant increase in investor interest in gender
lens investing.
The ETF product is a collaboration between
UBS Asset Management and UBS Wealth
Management, with 5% of its management
fees being dedicated to UBS’s philanthropic
foundation, UBS Optimus, which in
turn directs those proceeds towards
philanthropic projects supporting
the United Nation’s Sustainable
Development Goal 5.
The Global Gender Equality ETF invests in
companies in the Solactive Equileap Global
Gender Equality 100 Leaders Index, an equity
index of 100 leading global companies
with a strong record in gender diversity and
sustainability, considering criteria such as
equal compensation and work-life balance,
transparency and accountability, gender
balance, and sustainability policies.
UK Diversity, Equity and Inclusion | 2021 Impact Report
26
STAKEHOLDERS
Our
suppliers
We’re committed to
contributing to the economic
growth of businesses that are
often underrepresented as
corporate suppliers.
As a global financial services firm, we want to support
the economic growth of all communities. We seek to
establish and maintain relationships with businesses that
are often underrepresented in supplying the needs of
major corporations – including, but not limited to, those
owned by people who are women, ethnic minorities,
veterans, LGBTQ+, disabled persons or otherwise
underrepresented.
In our performance-driven culture, we recognize
and greatly value the opportunities, innovation and
competitive advantages that diverse suppliers bring
to our business. In the UK, we are establishing the
UBS’s Supplier Diversity program. Initially launched in
the United States in 2020, it is set to expand to five
new locations, including the UK, as well as Australia,
South Africa, Canada and Brazil, in 2022. UBS’s Group
Corporate Service Supply Chain team identifies diverse
suppliers for each select region.
UK Diversity, Equity and Inclusion | 2021 Impact Report
In addition to the firm’s Supplier Diversity program,
UBS’s Responsible Supply Chain Standards (RSCM)
promote socially responsible labor practices throughout
our Supply Chain, including ensuring there are no
human rights violations including the use of child labor,
or health and safety concerns throughout our firm and
within our procured vendor networks. Furthermore,
the RSCM process engages with high impact vendors
to assess Environmental, Social and Governance (ESG)
practices (including DE&I) and encourage systematic
improvements / remediations. In 2022, UBS’s Group
Corporate Services Supply Chain team plans to expand
existing engagement protocols to a broader set of
vendors, pending ESG data availability.
27
STAKEHOLDERS
Our communities
and society
We aim to create a fairer, more prosperous
society by helping to address inequalities and
creating opportunities.
We deliver on this commitment through our Community
Impact program. We develop long-term partnerships
with the local community that assist young people and
adults in learning and developing skills that will help
them to fulfill their potential. We enable our employees
to help deliver the social impact we aim to create
through volunteering. Our program has not only helped
to raise aspirations and create new opportunities for
hundreds of people of all ages, it has also enabled us to
access the diverse pool of talent on our doorstep and
reflect the diverse nature of our client base.
UK Diversity, Equity and Inclusion | 2021 Impact Report
We recognize the importance of a diverse workforce
that reflects our wider community and our client
population, and how it can provide greater
understanding and awareness of the unique challenges
faced by individuals from different groups and cultures.
We work with a range of partners that support
marginalized communities to help address inequalities
and create opportunities through education and skills
development.
28
STAKEHOLDERS
Opening doors to close the gap
A better future for ethnic minority women
For over 15 years, UBS has developed an award-winning
partnership with the Bridge Academy in Hackney, East
London – a state secondary school for students aged
11–18 in one of the most disadvantaged areas of the
UK. The partnership provides multiple opportunities for
students to broaden their experience, knowledge and
workplace skills. Despite a student population that is in
the top 5% nationally for disadvantage, the school is in
the top 10% for progress nationally.
Our partnership with Hatch Enterprises – an umbrella
organization that helps underrepresented entrepreneurs
to develop the knowledge, confidence and skills needed
to launch and grow a business – has enabled over
700 Black, Asian and Minority Ethnic female social
entrepreneurs to develop and rebuild their businesses.
A selection of the initiatives created in partnership with
UBS includes:
• A bursary scheme providing summer internships
at UBS for Bridge alumni and work experience
placements at UBS for students in Years 10 and 12
• Formal networking dinners and “Women in Careers”
events for female students to engage with senior
female professionals from a range of careers
(including politics, athletics, legal, financial services,
police force) and events focused on careers in STEM
(science, technology, engineering and mathematics)
The partnership plays a key role in addressing the
cultural capital gap faced by underrepresented students
and the partnership continues to evolve over time to
reflect the changing needs of the school.
UK Diversity, Equity and Inclusion | 2021 Impact Report
The UBS-funded Hatch incubator program gave 20
ethnic minority women access to expert-led workshops
including a finance hackathon, legal clinic and demo day
supported by UBS employee volunteers. Participating
entrepreneurs achieved an average 90% increase in
turnover by the end of the program and 94% increased
skills in finance, marketing & communications, purpose
and product awareness.
Working through our partner, Connected Routes,
we have been able to bring attention to and support
women seeking new lives and renewed careers in the
UK. Connected Routes help refugee and asylum-seeking
women by bringing them into contact with other
women from a range of backgrounds and professions
to support one another with regard to work, welcome
and patience.
The Connected Routes Mentoring program enables
women seeking asylum in the UK to work toward and
achieve their personal and professional goals. When
they have completed the general program, they are able
to build their confidence, network and knowledge by
themselves mentoring leaders in business, through the
Routes Reverse Mentoring program. This in turn brings
greater awareness and understanding of the challenges
faced by women from diverse backgrounds as they
pursue their careers. These programs also enable all
employees at UBS that engage in mentoring to grow as
better-informed and more compassionate leaders.
29
Headcount
summary
In 2021, we continued to make progress
toward our 2025 aspirational goals for women
and ethnic minorities, in all target groups.
Overall UK headcount summary
Here’s how we looked in the UK at the end of 2021.
Women
Ethnic minority
Black
Asian
All other ethnic minorities
UK Diversity, Equity and Inclusion | 2021 Impact Report
Year
All
employees
Director
and above
2021
34.6%
28.3%
2020
34.0%
27.5%
2021
26.1%
21.3%
2020
24.8%
20.1%
2021
4.0%
2.8%
2020
3.8%
2.6%
2021
19.5%
16.1%
2020
18.6%
15.2%
2021
2.6%
2.5%
2020
2.4%
2.4%
30
Intersectionality representation
In 2021, we began to look at intersectionality and how aspects of employees’ identities can
overlap, creating multiple factors of advantage and disadvantage. For example, we have data on
the intersectionality of gender and ethnicity that enables us to look deeper into the experiences of
ethnic minority women. Combined with firsthand feedback, we are building our understanding of
the unique needs of our employees across multiple points of identity intersection.
Ethnic minority UK
Women
Men
UK Diversity, Equity and Inclusion | 2021 Impact Report
Year
All
employees
Director
and above
2021
9.4%
6.7%
2020
8.9%
6.4%
2021
16.8%
14.7%
2020
15.9%
13.8%
31
Focusing on
the future
we create a culture of belonging,
and holding ourselves accountable
for progress. We still have ambitious
aspirational goals for women and
ethnic minority representation;
however, the four arms of our
strategy allow for work to be done
across all dimensions of diversity,
and the flexibility to adapt where
we see the biggest gaps in the
years to come.
In my time with the firm, I have
seen us evolving from discussion
around the moral imperative of
diversity, equity and inclusion, to a
genuine understanding that it is a
key differentiator for our business. It
makes us better innovators, better
risk managers, and better problem
solvers – enhancing our ability to
anticipate and respond to our clients’
needs and deliver a client experience
that is personalized, relevant, ontime and seamless. We have also
moved on from talking about the
topic and building awareness, to
taking concrete actions to target
where change is needed most.
We have redesigned our employee
strategy to focus on four priority
areas; seeking to improve how we
hire and develop diverse talent, how
the stamina and fortitude to stay
the course and continue to put in
the work. We’re optimistic that this
positive momentum will continue,
but we must recognize that it’s a
marathon, not a sprint.
Cicilia Wan
Global Head of Diversity, Equity &
Inclusion and Employee Relations
DE&I is a top priority for the firm,
we’re not just paying lip service to
it. We have got the commitment
of everyone from senior leaders
down, and it’s such a pleasure to
see how engaged everyone is on
the topic, and how so many people
are willing to spend their precious
time participating in our employee
networks, initiatives and events.
Harnessing this enthusiasm into
focused actions that result in real
impact is what will make the biggest
difference as we look ahead. I
also believe that we have the
responsibility as a firm to use our
influence to drive societal change
and address inequality, through our
connections to clients, suppliers, and
the communities around us. Deepseated change does not happen
overnight, however, we must have
UK Diversity, Equity and Inclusion | 2021 Impact Report
32
2021 benchmarking
and public recognition
We are pleased to have been recognized for our efforts over the past year to foster a more diverse
and inclusive culture. Benchmarking helps us maintain transparency with internal and external
stakeholders, letting them see an honest evaluation of our progress, as well as how we effectively
overcome challenges. It also provides us with best practices and insight into how our programs and
policies compare with those of our peers. The recognitions are the result of strong partnerships with
employee networks and engagement of senior leaders.
• Equal Salary Certification (continued certification in the
United States, Switzerland, the United Kingdom, Hong
Kong and Singapore)
• Top 30 Employer for Working Families for the eighth
consecutive year and Best Returner Programme
(Working Families)
• Awarded Best Places to Work for LGBTQ+ Equality for the
17th year, by Human Rights Campaign
• Named winner in the Championing LGBT Inclusion
category and shortlisted in the Championing Disability
Inclusion category for 2021 FTAdviser Diversity in
Finance Awards
• Awarded Silver ranking in the Stonewall Equality Index
• UBS colleague recognized for the OUTstanding Top 20 Ally
Executives Role Model Lists 2021
• MOSAIC-UK named as one of the Top 10 Network Groups
(ERGs) in the 2021 Ethnicity Awards
• Awarded Gold under the Armed Forces Covenant
“I am super proud to be a UBS employee today. Achieving
Gold in the Employer Recognition Scheme recognizes our
commitment to the Armed Forces. I am so excited to be
able to help other veterans transition to a civilian career.“
Ben Potts
Veterans’ network chair
UK Diversity, Equity and Inclusion | 2021 Impact Report
33
See also
UBS Group Annual Review (2021)
UBS Group Sustainability Report (2021)
UBS UK 2021 Gender & Ethnicity Pay Gap Report
UBS Americas 2021 DE&I Impact Report
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