- Financial News

The Financial News Diversity Survey – Full Responses

Financial News sent a questionnaire on diversity issues to 20 investment banks in Europe.

Seven of them declined to participate. Here are the full responses of the 13 banks that took part in the survey.

GOLDMAN SACHS

Does your bank have any formal policies to promote diversity, such as dedicated recruitment or promotional events and in-house training?

Diversity is a strategic priority and business imperative for Goldman Sachs. The Office of

Global Leadership and Diversity was established in 2001 with the mandate of determining how we could reinforce more rigor, accountability and global thinking in the firm’s diversity practices. The value diversity brings to Goldman Sachs is clear: our clients demand it of our teams, our global footprint requires it to succeed in a range of cultures, and our ongoing pursuit for the best talent is dependent upon it.

We have placed ongoing emphasis on diversity in recruiting, career development and promotion. We have broadened our outreach to attract diverse, top talent from a broader range of institutions in the Europe, U.S., China, India and Africa. We have developed a rich collection of employee networks around the globe, and we are engaged in mentoring, professional development, community service and cultural awareness.

We have instituted an annual diversity planning process that engages the most senior leaders of the firm, and we have developed standards for good management and leadership practices that are having a positive impact, particularly for underrepresented groups around the world.

Our commitment to an inclusive work environment is unconditional.

As stated in Business Principle No 7:

“…For us to be successful, our men and women must reflect the diversity of the communities and cultures in which we operate. That means we must attract, retain, and motivate people from many backgrounds and perspectives. Being diverse is not optional; it is what we must be.”

The Diversity Taskforce:

We have recently held our second Diversity Task Force (DTF) which convened from

April to July 2006 to help shape the next generation of programmes and ensure that we continue to build an inclusive environment. It comprised 34 MDs representing each division and region of the firm. Goldman Sachs’ belief in diversity as a business imperative has constantly driven our commitment to achieve meaningful progress in this area. Increased focus on accountability, training and communication are a direct result of this taskforce.

Recruitment:

At Goldman Sachs we recognise that having a diverse workforce encourages increased creativity and innovation. This is crucial to improved performance and continued business success. To that end, we are committed to creating an environment that values diversity and promotes inclusion.

Goldman Sachs recruits individuals from diverse cultures and backgrounds. The result is a wealth of talent and creativity where exceptional individuals work together to provide a world-class service to a broad spectrum of corporate, government, institutional and private clients.

Some of the programmes that we run are as follows:

Pre-university:

A suite of programmes are hosted to provide an insight into the world of financial services and enable students to meet industry professionals, often from a similar background to themselves, and develop skills to aid their transition from school to university.

Teacher Conference in partnership with the London Central Education Business Alliance

Each year we host a one-day conference, for inner city teachers responsible for career education for Year 10 to 13 students. The event introduces the industry sector and career opportunities and outlines what makes a successful candidate.

University:

Introductory Symposium

This one day course introduces students with no prior knowledge of investment banking to the key business areas of the firm through presentations and interactive sessions.

Penultimate Year Symposium

This half-day event invites students in their penultimate year to explore Goldman Sachs internship opportunities in greater detail.

First and Penultimate Year Networking Reception

This informal reception, sponsored by the Gay and Lesbian Network, provides candidates with the perfect forum to investigate the industry and the culture of Goldman Sachs.

Challenge Your Perspective Undergraduate Women's Conference

Challenge Your Perspective, sponsored by the Women's Network, has been designed to support women as they transition from academic life to a fulfilling career.

Examples of initiatives and training programme are highlighted in Question 6 below.

Does your bank operate an official network or social programme for staff in any of the following categories: i) Women ii) Ethnic minorities iii) Disabled iv) Gay

The firm currently supports four employee networks:

Asian Professionals Network

Firmwide Black Network

Gay and Lesbian Network

Goldman Sachs Women’s Network (9 divisional and regional chapters)

These networks serve as a forum for sharing ideas, concerns and successes, and offer many opportunities for professional advancement. Networks organise leadership conferences, presentations and social events to create opportunities for our employees to develop business relationships with people from other business units and divisions, as well as from other firms.

In conjunction with the Office of Global Leadership and Diversity, the affinity networks created a brand identity so that all communications are instantly recognised and attributed to the group. In addition, the networks report the views and concerns of members to senior management within the division and the firm. They are also very active in recruitment initiatives facilitating the firm's goal of attracting the best and the brightest from all backgrounds.

Increased Focus on Disability:

In addition to these networks, there is a Disability Awareness Taskforce focusing on

Accessibility & Accommodation, Communication & Awareness and Recruitment &

Retention.

Two initiatives deserve special mention, which have contributed strongly to progressing the Disability agenda at GS by breaking down misconceptions and unfounded concerns of many in employing candidates with a disability.

Since January 2003, we have established a close working relationship with Prospects, the employment and training service of the National Autistic Society, to offer work placements to young people with Asperger Syndrome - a mild form of autism. To date we have offered placements to 20 individuals across various divisions and have made 3 full time hires.

In 2006 we held an integrated summer internship programme for 8 disabled penultimate year students in conjunction with the organisation “EmployAbility”. This was the first of its kind in the industry where students were part of the main summer internship programme. Over 100 managers, mentors and buddies attended a two hour training session and this year the programme will be repeated.

We have held numerous speaker events to raise awareness e.g. the late Christopher

Reeve, David Blunkett, Peter White, the BBC Disability Correspondent, Simon Minty and for Diversity Week 06 a presentation by Simon Weston and James Partridge.

Does your bank have an individual in Europe who is responsible for promoting and managing diversity and awareness of diversity?

The Office of Global Leadership and Diversity (GLD) was created in 2001 to direct the firm's diversity strategy and initiatives. Aligned with both the Executive Office and

Human Capital Management, GLD is driven by divisional and regional managers who ensure our efforts are supported, coordinated and effective across the globe.

In EMEA we have a Diversity manager and team who work closely with the European

Diversity Committee (EDC). The EDC meet monthly and was established in 1998 to help drive the diversity strategy and agenda in Europe.

Can you provide details of what percentage of employees at managing director level and above are from each of the following categories: i) Women ii) Ethnic minorities iii) Disabled

No

If details can not be given, is this because:

It is the bank’s policy not to do so

We monitor our progress with building our senior pipeline in all categories and are making progress although not at the speed that we would like.

Can your bank provide any data or information to show progress that has been made over recent years in diversity promotion and recruitment?

With the war for talent intensifying it is essential that we continue to build our diversity recruiting efforts to ensure we are hiring candidates from the broadest talent pools. As a result of our continued focus the proportion of women hired into our new analyst class has increased by 50% since 2000.

Does the bank believe it has more work to do to promote diversity in the workplace?

Please give examples of any specific initiatives in the pipeline to achieve this.

Yes, whilst we are pleased with the progress that has been made in diversity we are equally aware of the amount of work that still lies ahead. Many of our training programmes have been designed to incorporate diversity modules where appropriate.

Also as a follow-up to the 2006 Diversity Task Force recommendations, we have also launched many Diversity & Inclusion Curriculum which includes many new training opportunities that are available to employees and managers.

Some examples are as follows:

Can You Hear Me Now?

This programme is the first installment in a series of discussion forums that focus on gender differences and how to get the most out of each individual within a team. It explores the differing ways men and women communicate, meeting dynamics, giving and receiving feedback, assumptions and stereotypes.

Goldman Sachs Person by Person

The Goldman Sachs Person by Person programme focuses on diversity and crosscultural issues, relationships, and accountability for the firm's policies and core culture. The programme uses drama based facilitated training to convey important messages on all aspects of diversity, cross cultural issues, relationships and accountability for the firm’s diversity policies and core culture. It does so in a thought provoking, entertaining and interactive way.

Career Strategies Initiative for Women Associates

Global Leadership and Diversity and Goldman Sachs University run a development programme targeted towards select women associates across the firm. The objective of this programme is to provide development focused on leadership, career development, and business skills over a six month period. This programme is designed to strengthen the retention and engagement of our women Associates, who offer an opportunity to build the firm's pipeline of future leaders. This programme will be in its third year this year.

Diversity Awareness Week

Each September Goldman Sachs hosts a "Diversity Awareness Week", a concentrated week of speaker events, panel discussions, and events focused around diversity. Whilst diversity initiatives at our firm are ongoing through the year, the intent of the week is to demonstrate that diversity is a priority for the firm which requires a significant investment of time and resources as we seek to attract, develop, and retain a diverse workforce that can offer the widest possible range of perspectives.

Our specific aims for the week are to communicate the business case for diversity, to demonstrate clearly senior management’s belief in and commitment to these issues and to stimulate debate and discussion at all levels of the organisation. Speakers last year amongst others included Dame Kelly Holmes, Sandi Toksvig, John Simpson, Simon

Weston and a panel on Religion in the Workplace.

Career Development Committees

Divisional Career Development Committees are led by senior leadership in the divisions providing a forum for managers to review and discuss development opportunities for employees. These forums contribute to the building of the firm's pipeline of talented women and historically underrepresented groups.

Leadership Acceleration Initiative (LAI)

This is a developmental programme for a group of high performing future leaders through job-based stretch assignments, developmental feedback and formal learning on key business based topics. It is also intended to increase their exposure to senior leaders of the firm. We are careful to ensure there is a strong representation from our historically underrepresented groups on this programme.

Senior Diversity Leader Review

This is a detailed candidate by candidate discussion with Lloyd Blankfein, Gary Cohn or

Jon Winkelried and divisional/ regional leaders about the senior diverse talent pipeline in the firm. Care is taken to ensure appropriate managers are addressing individual professional development needs providing appropriate mentoring and looking proactively for platform opportunities.

MORGAN STANLEY


Yes. By valuing diverse perspectives we can better serve our clients while we help our employees achieve their professional objectives. A corporate culture that is open and inclusive is fundamental to our role as a global leader constantly striving for excellence in all that we do. Our commitment to diversity ranges from recruiting and career development programs, to supplier diversity and work-life programs.


Yes to all


Yes, Morgan Stanley has a team dedicated to diversity, reporting to the Head of Diversity for Europe


Unable to provide data




Morgan Stanley has published a number of case studies outlining diversity initiatives.

Similarly it has received a number of awards and accreditations in recognition of our progress in diversity. Morgan Stanley benchmarks within the sector in order to measure progress.



Yes, Morgan Stanley believes there is always more work to do as part of its continuing and ongoing commitment to diversity by reinforcing existing messages and raising awareness.

BANK OF AMERICA


We are a global company and our customers, clients and associates speak different languages, have different family structures, life situations and financial requirements.

Therefore, in order to better meet our customer and client needs we require a variety of products, services, marketing and diverse workforce that demonstrate and reflect our awareness and appreciation of who our clients and customers are.

Our commitment to diversity is a commitment to individuals and to the team. It's about creating an environment in which all associates can fulfill their potential without barriers, and in which the team is made stronger by the diverse backgrounds, experiences and perspectives of individuals. It's about giving all of us -- individually and together -- the best possible chance to succeed.

Diversity at Bank of America:

Commitment to Diversity starts with our Chairman and CEO, Ken Lewis. At the bank

Brian Moynihan, Global Wealth & Investment Management President is also the company’s Global Diversity Chairman. Geri Thomas, staffing executive for Global

Consumer and Small Business is the banks Global Diversity Executive. Both are responsible for driving diversity strategy and initiatives at the bank.

The bank has an executive Global Diversity and Inclusion Council. The 25 member council is comprised of senior leaders across lines of business. Each member is appointed by the bank’s Chairman and CEO, Ken Lewis, to serve on the council. The Global

Diversity and Inclusion Council set the direction and guide the implementation for diversity and inclusion initiatives at the bank.

Additionally, each line of business has a Diversity Business Council. These councils drive out the executive councils initiatives (whether it is related to recruitment or retention or other diversity projects like charitable giving) throughout their line of business.

Associates and the particular affinity groups are a vital part of the diversity structure of the bank. Affinity groups are informal, bank-supported groups made up of associates who have a common identity along with others who support them. The groups meet periodically to network, mentor and encourage each others development, leadership and success. By giving voice to diverse constituencies within the company and to customers like themselves, the groups assist Bank of America with maintaining a fair and inclusive workplace. They also can enhance the bank's efforts to bring exceptional, targeted products and services to our customers, clients and shareholders.

Another area of the associate diversity network is the Team Bank of America Diversity

Network. This group touches the lives of co-workers, customers and the neighbourhoods around them. It is led by associate volunteers who plan, organise and implement local events. The Team Bank of America Diversity Network deepens understanding of and relationships with other associates, it helps to teach ways to build and encourage an inclusive environment in your business as well as discover common career issues facing associates across the company, and develop leadership, project management and

communication skills through volunteering to plan network events or serving as a network officer.

Does your bank operate an official network or social programme for staff?

Bank of America has six affinity groups: Asian American Leadership Network; Lead for

Women; Hispanic/Latino Organization for Leadership and Advancement; Pride Resource

Group; Black Professionals Group; and the Disability Affinity Group.

Not all the above are applicable to or active in EMEA (eg Hispanic/Latino Organisation).

We are a diverse and inclusive company across the world and the activity levels of the groups is commensurate with the growth of our EMEA businesses, associate interest and involvement.


In Europe as well as throughout our global footprint, we have diversity representatives from the executive council to the diversity business councils and affinity groups. All associates are responsible for diversity and inclusion at the bank. Associates across the enterprise are accountable for ensuring diversity of thought and experience, making us a better business and company to work for.

We have representatives in Europe charing a Diversity Council that focuses specifically on our EMEA and Asia business. The aim of this council is to continue to attract, retain and promote top talent of diverse thought and background. The other aim is to strengthen our candidate pool to meet our business needs in Europe and Asia, ensuring that our associate base better reflects the way we do business so we can meet out customer and business needs.

Can you provide details of what percentage of employees at managing director level and above are from each of the following categories: Women; Ethnic minorities;

Disabled

We don’t release this information publicly. But what I can tell you is that the bank has increased the number of bi-lingual hires to accommodate our very diverse customer base.

Globally, nearly 70% of our workforce is comprised of women.


Bank of America continues to be recognised for its diversity and inclusion efforts.

We participate in numerous minority recruitment events yearly seeking top diverse talent.

Bank of America was recognised by DiversityInc Magazine in 2007 as the number one company for diversity and inclusion.

We also were the #1 company for recruitment and retention as well as the #1 for the employment of executive women. We ranked #3 for employer of choice for Latinos and for GLBT individuals and #8 for Asian Americans. The publication also ranked the bank

#6 in supplier diversity. Other recognition include Black Enterprise Magazine named the bank in 2006 as one of the “40 Best Companies for Diversity” while Working Mother

Magazine for the 18 th

consecutive year ranked the bank one of the top 100 employers for working mothers.

The Human Rights Campaign on its 2006 Corporate Equality Index scored the bank at

100% for its support of GLBT individuals. Hispanic Business Magazine, Latin Business and Latina Style all ranked the bank as one of the top companies Hispanics. In late 2006,

Fortune magazine ranked Bank of America Risk Executive, Amy Brinkley, as one of the top women in business and the Wall Street Journal said she was one of the “Women to

Watch”.



Promoting diversity in the workplace is an ongoing opportunity. We give everyone a fair chance to be part of our team and to excel, and we base decisions and rewards on facts and results. To help associates excel on the job and reach their full potential, we provide professional development strategies, tools, processes and mentoring across the company.

Developing qualified and more diverse candidate pools across the company is one way we measure success.

Promoting associate growth and career development and mentoring associates helps recruit and retain top talent. We have mentoring programs across our lines of business as well embedded into our diversity business councils and affinity groups. This demonstrates our support of an inclusive meritocracy and expands diversity focus beyond race and gender.

HSBC


HBSC defines diversity as valuing the different points of view and characteristics of both our employees and customers. The most tangible characteristics of diversity are those evident to us, for example ethnicity, gender, nationality and age. It is important also to recognise that diversity exists in less quantifiable aspects, such as perspectives of thought. For us, a commitment to ‘diversity’ also means valuing and encouraging different approaches to working and leadership styles, problem-solving, managing relationships, creativity and business growth.

In order to ensure a diverse organisation, an employer should focus not only on recruitment, but also on providing a propitious working environment and ongoing talent development. Some of the key areas of our diversity policies and strategies for our

European businesses include the following:

Graduate Recruitment

Forty years ago, the HSBC Group employed some 8,000 people, mostly in Asia. Today, we have around 312,000 employees in 82 countries and territories Europe, the Asia-

Pacific region, the Americas, the Middle East and Africa. The diversity of colleagues and perspectives provides the Group with its most important competitive differentiator.

Across the HSBC Group, 1,400 graduates are recruited annually worldwide, both nationally and internationally. This talent pipeline exists to meet the needs of our expanding, dynamic and international business, as well as to create the best future for

HSBC and our customers.

Our graduate intake has to reflect our global footprint , and in 2006, the Corporate,

Investment Banking and Markets segment recruited candidates from over thirty different nationalities to our London programme, one third of which were women. This year, we received graduate applications from 124 nationalities for the same region.

Does your bank operate an official network or social programme for staff?

Women, Ethnicity and Disabled

Overall, HSBC gender distribution shows 54% women globally. While the proportion of women to men at senior levels is considerably lower, there has been an increase in the percentage over the last three months due to more senior women representation in Europe and Asia.

Where ethnicity is concerned, we do not have full data as it is not legal for several countries to report on that for e.g. France and Germany. As a Group overall, the total workforce is pre-dominantly White, Latin America and Asian where it is a close reflection of the countries we operate in.

The bank is a founder member of the Employers Forum on Disability (EFD). The EFD provides guidance and information on disability issues to its member companies, and is

the only national employers’ organisation concerned exclusively with the training and employment of disabled employees.

HSBC Bank was one of 21 leading companies to adopt an ‘Employers Agenda’ drawn up by the EFD to provide a blueprint of best practice. This membership is undertaken in the

UK to monitor the employment of disabled people, equality training and rehabilitation, and retraining initiatives.



Diversity Champions

The HSBC Group has in place a range of people strategies and programmes which support our graduate recruitment, talent management, career development, workforce planning, communication, and leadership accountability.

As a result, we have diversity champions from both Human Resources and the Business to support and lead on diversity initiatives, in all regions we operate in including Europe.

Continued effort and commitment to accelerate the Group diversity agenda on a more proactive and inclusive basis and through best practice sharing, is undertaken at a Group level and the establishment of a Global Diversity Management Committee and Global

Aging Taskforce.

LEHMAN BROTHERS


Yes


Yes to all


Yes

Can you provide details of what percentage of employees at managing director level and above are from each of the following categories: Women / Ethnic minorities /

Disabled

No




No answer



No answer

MERRILL LYNCH


Yes


Yes to all


Yes – A Regional Head of Diversity & Inclusion


No


We currently do not monitor any statistical data other than gender and this information would not be provided.


We are actively involved in a number of industry wide targeted recruitment initiatives which focus on: Gender, Ethnic Minorities, Disability and LGBT. This is supplemented by a programme of events in partnership with key external partner organisations and internal alumni.



Yes

We have a long term strategic plan in place. Some specific examples of current initiatives are:

Interactive theatre based skills training

Targeted internships

Diversity related objectives and measures

Alumni programme of events

JP MORGAN


Yes


Yes to all


Yes


No







Yes.

Attraction, development and retention of women at all levels

Engaging Generation Y

Enhancement of Employee Networks

Specific Diversity Recruitment events at Graduate level

CITIGROUP


Yes


All of the above and also one for parents.


Yes, we have a Team of Diversity and Inclusion Specialists covering the region.

Can you provide details of what percentage of employees at managing director level and above are from each of the following categories: i) Women: 10% (throughout Europe, Middle East and Africa) ii) Ethnic minorities not available for EMEA iii) Disabled not available for EMEA


None of the above. Ethnicity at Citi is tracked in US only, it is hard to track cross-region because ethnic minority status obviously alters by different country. We do track

Ethnicity in the UK.


Yes



There is always more work to do towards enabling a respective and inclusive working environment. We are focused on attraction, retention and development of all our employees and particularly those from a diverse background. To illustrate with a few examples of each; On attraction, we are doing a number of exciting initiatives to recruit people into our industry – in particular young women, BME students and young people with disabilities. On development we are working on a number of fronts – of particular note is our Coaching for Success Programme which gained Citi recognition as the UK

Company that is doing most to develop aspiring female talent (Women of the Future

Awards Nov 2006). On retention – we are working hard to ensure that our Maternity

Return rate, currently running at 98% remains an industry leader, we provide enhanced maternity benefit and management training for all managers with a pregnant member of staff.

DRESDNER KLEINWORT


Dresdner Kleinwort’s Employee Handbook outlines the firm’s policy with respect to diversity. It is the bank’s policy to provide equal opportunities in all aspects of employment, including the sourcing and selection of candidates, recruitment and training of employees, promotion and performance review, terms and conditions of employment and reasons for termination of employment. Any employment decisions will be taken without reference to irrelevant or discriminatory criteria.

Like other firms we are involved in various industry initiatives on an international basis to encourage the recruitment of women into investment banking at all levels. In London and Frankfurt specifically for example we take part every year in an industry wide workshop initiative designed to provide an insight into career opportunities in investment banks to female graduates


No


No


No




No



We are in the process of developing an online diversity awareness training programme for staff in different locations

BNP PARIBAS


At BNP Paribas we have an Equal Opportunities policy. We run numerous events to promote diversity in recruitment (women’s events etc). We also run a range of training on

Diversity issues including Discrimination Update seminars, Employment Law training for managers, Maximising Potential via Diversity seminars, Age Awareness, Workplace

Behavior etc.


BNP Paribas has women’s networks in some locations as well as Diversity Focus groups to identify priorities in London. There are a number of initiatives re. disabled employees/potential employees which are detailed in the annual report. There is a specific team which focuses on the issue in France.


Yes - Gill Somerset is Global Head of Employee Relations and Diversity for CIB. There is also an individual responsible for Diversity based in Paris.


No


BNP Paribas cannot provide figures for Europe as a whole. Each location collects data and the data collected may be influenced by local constraints eg. French employers cannot ask nor record during the recruitment process or the employment relationship, any information relating to the ethnicity of the candidate/employee.


We are currently establishing benchmarks on diversity.



Yes. It is an ongoing programme. BNP Paribas is introducing a new Talent Management system to enable us to identify and promote a more diverse pool of talent within the organisation. Specific initiatives under consideration at present are extending networking groups to other groups (other than women) and to other locations, introducing a mentoring programme, sponsorship of targeted diversity events, initiatives to provide a broader range of applicants at the recruitment stage etc.

COMMERZBANK


Broadly speaking yes. The Bank has a diversity policy and a number of procedures to promote diversity


Not specifically but the Bank does partner an inner London education body to promote job opportunities to child from diverse backgrounds.


Yes

Can you provide details of what percentage of employees at managing director level and above are from each of the following categories:

No i) Women ii) Ethnic minorities iii) Disabled




The Board recently appointed an external professional to drive Diversity across Europe.

A number of training initiatives and policy improvements are planned to heighten awareness across the company.



Please refer to the answer given to question 5. There is more to do, but the Bank has this subject firmly on its agenda.

CREDIT SUISSE


Credit Suisse is committed to building an inclusive workplace, by bringing together individuals of different genders, races, ages, nationalities, religions, sexual orientations and disabilities to create a world-class team of financial services professionals. At the heart of our commitment to inclusion is the Bank’s Global Dignity at Work policy, a set of conduct guidelines that ensure dignity and respect in the workplace are part of the very fabric of our business, and guide us in how we treat each other. The policy, which applies to all employees worldwide, reinforces these values and ensures that discrimination and harassment are never tolerated at Credit Suisse.

Dignity, consideration and respect are cornerstones of all development programs at Credit

Suisse. To fully promote the Dignity at Work policy, Credit Suisse has developed two mandatory training programs for employees across the globe, Dignity at Work and

Creating One Franchise through Inclusion. The Dignity at Work course is part of Credit

Suisse’s continuing commitment to fostering a culture of respect and inclusion. The program covers the importance of treating all our colleagues with dignity and respect and complying with Credit Suisse’s policies. In Europe, the classroom course is mandatory for all employees.

Credit Suisse also provides a further mandatory training program for all Managing

Directors and Directors entitled .Creating One Franchise through Inclusion - Managing

All Employees to Full Potential.. This interactive development initiative gives leaders the resources to better manage diverse teams and foster an inclusive environment where innovation and opportunity can thrive. This classroom-based workshop involves a series of exercises and case studies that place participants in real-life situations.

Our diversity recruiting strategy is focused on "casting a wider net" as we continue to build a pipeline of exceptional talent. To attract outstanding individuals, Credit Suisse has established an array of initiatives that target professionals and students who are interested in joining our Bank. For example, we run annual diversity education events for our preferred recruiting suppliers as well as events targeted to diverse candidates. Some examples include:

• Sponsors for Educational Opportunity (SO) London internships for ethnic minority

University-level students

• OUT in the City for LGBT students

• Future Options event for Disabled Students

• GTI Capital Chances Women in Investment Banking

• GTI Capital Chances Invest in Your Future for Women

• UK Career Academy Foundation internships

Does your bank operate an official network or social programme for staff in any of the following categories:

Credit Suisse’s various Employee Networks bring people together from across the Bank to share information, ideas and experiences. These diverse forums help employees balance their work and personal lives and promote career development through networking, informal mentoring, education and access to senior management. Activities include panel discussions, lecture series, seminars, presentations and study groups, as well as workplace support groups that raise awareness of a wide array of diversity issues.

Every employee network is inclusive and open to all Credit Suisse employees who wish to participate. In Europe, we run the following employee networks: i) Women

The European Women’s Network provides a forum to facilitate opportunities for women’s professional and personal development within Credit Suisse in order to promote an environment where women at all levels across the Bank can flourish and reach their full potential. The network began in 2001-2002, and was recognized with two

Opportunity Now awards in 2003, for its leading-edge women’s development program.

Events include career panels, targeting training workshops, speaker series and networking events. Credit Suisse also partners with organizations such as Opportunity Now, Women in Banking & Finance, Women in Technology and CityPink. In addition, we are members of the Competitors Diversity Forum as well as the Interbank Women in Technology. ii) Ethnic minorities

The Multicultural Resources Network (MRN) is a forum where employees with various ethnic backgrounds and experiences can work together to develop professionally. The

MRN recognizes and honors cultural diversity throughout the year by hosting events that celebrate Black History Month, Chinese New Year and pan-Asian cultures. MRN special events include guest speakers, receptions, art exhibitions, fundraisers and even cooking and dancing demonstrations that showcase the rich cultural heritage of our global community. MRN members also are active in the Bank’s recruitment efforts and volunteer with a number of community organizations. The network was founded in 2003.

Credit Suisse is also a member of Race for Opportunity and participates in the Interbank

Multicultural Network. iii) Disabled

The Disability Interest Forum provides a support network and forum within Credit Suisse to facilitate information sharing for those with a disability, those caring for a family member or friend with a disability or those who have an interest in the subject, in order to raise awareness of issues related to disability and promote an environment where employees are supported and enabled to flourish and reach their full potential. This is our newest employee network, founded in 2005, but already off to a great start featuring speakers such as Dame Tanni Grey-Thompson and Michael McGrath and holding a bankwide Disability Awareness Day. Credit Suisse is also a member of the Employers Forum on Disability and participates in the Interbank Accessibility Group.

iv) Gay

The LGBT Open Network highlights an inclusive work culture in which lesbian, gay, bisexual and transgender (LGBT) employees can advance and succeed. LGBT Open

Network members regularly assist recruitment efforts such as .OUT in the City. and

Working OUT Speakers at Open Network events have included Brian Paddick and Ben

Summerskill as well as leading experts on issues facing the LGBT community in the workplace. The UK network was founded in 2002, and has sponsored screenings at the

London Gay and Lesbian Film Festival. Credit Suisse also partners with Stonewall and participates in the Interbank LGBT Forum. v) Parents & Work Life Balance

The Parents. Network provides information and support for current and expectant working parents, They run an extensive program of events including guest speakers on a wide variety of topics from .Internet Security. to .Positive Discipline.. The Network also hosts monthly .Bring Your Own Lunch. meetings to discuss topics of interest that parents can use in raising their children. They also run a .Buddy Program. to help returning mothers re-integrate back into the workplace after maternity leave. The network began in

2003, and is the largest employee network in Europe. Credit Suisse partners with

Working Families and Tommy’s, the Baby Charity.


Credit Suisse has a dedicated Global Diversity & Inclusion group which reports directly to the CEO. In Europe, there is a dedicated team of five people who are responsible for promoting and managing Credit Suisse’s Diversity and Inclusion programs in Europe,

Middle East and Africa region.

In addition Credit Suisse’s Global Diversity Advisory Board (DAB) is an international bank-wide council made up of business leaders who provide strategic guidance and share industry best practices in key areas such as corporate culture, employee development and recruitment. The Global DAB has strong European representation from across the Bank.

The European Diversity Steering Committee is a team of senior executive stakeholders who are responsible for ensuring that these strategies are supported and implemented across the EMEA region. Also, each business area has a Diversity Advisory Council that helps implement the diversity strategy, including the Fixed Income DAC, Equities DAC,

Investment Banking DAC, Shared Services DACs.

Can you provide details of what percentage of employees at managing director level and above are from each of the following categories:

No. It is not Credit Suisse’s policy to provide this data.




It is not Credit Suisse’s policy to provide data on promotion and recruitment, but we have noted positive trends in both areas.



Credit Suisse is continually reviewing and assessing the impact of its Diversity and

Inclusion programs. It is an integral part of the Bank’s overall business strategy. In addition progress is reviewed on a quarterly basis with the Bank’s Management

Committee. A select example of our initiatives include (more details available upon request):

Business Partnerships and Industry Forums i) Diversity and Inclusion has partnered with Investment Banking, Private Banking and

Asset Management divisions globally on a number of business transactions. For example, global asset management funds often require that their business partners have robust global diversity programs. ii) Credit Suisse has been asked to advise various clients around the world regarding our

Diversity and Inclusion program as they seek to establish their own programs. iii) Credit Suisse links diversity to our business objectives and as an integral part of understanding our multicultural clients and emerging markets. For instance, as a part of the Interbank Multicultural Network, we are co-sponsoring an industry event on Islamic

Finance in May 2007. iv) Diversity & Inclusion has partnered with clients in the front office to organize clientevents. For example, Credit Suisse hosted a bank-wide women’s client networking event at Christie’s in October 2006, and we have an Investment Banking team women’s client conference planned for this summer. v) The Supplier Diversity Program provides ethnic minority- and women-owned businesses with the opportunity to become vital resources and suppliers for the Bank. vi) Credit Suisse plays an active role in industry-wide initiatives and forums such as the

Interbank Diversity Forum, the Competitor’s Diversity Forum, the Interbank

Multicultural Network, the Interbank LGBT Forum and the Interbank Accessibility

Group.

Diversity Recruitment i) Annual diversity awareness sessions for preferred recruitment suppliers

ii) Specialist diversity-specific recruitment suppliers added to the preferred supplier list iii) Continue to support and develop Graduate Recruitment and pipeline initiatives. Some examples include:

• Sponsors for Educational Opportunity (SO) London internships for ethnic minority

University-level students

• OUT in the City for LGBT students

• Future Options event for Disabled Students

• GTI Capital Chances Women in Investment Banking

• GTI Capital Chances Invest in Your Future for Women

• UK Career Academy Foundation internships

Awards and External Recognition

• Opportunity Now - Credit Suisse has been the only firm to receive two annual awards from "Opportunity Now," a prestigious U.K. based organization that supports career development for women. Credit Suisse also received "Highly Commendable" recognition for the Bank’s Parents. Network initiatives. This year Credit Suisse has been short listed for a global award for its unique .Keys to Leadership . Unlocking Potential. programme.

This is a four month leadership behavioral development programme which targets high potential female and underrepresented minority middle managers. The key objective of this in-house programme is to retain and develop high performing females and minority groups within the Bank.

• Race for Opportunity - Credit Suisse has been recognized as "Best Newcomer" in Race for Opportunity’s 2005 annual benchmark in recognition for our programs, commitment, usage, and promotion of ethnic diversity in the U.K. Race for Opportunity is a U.K. based organization that works in partnership with firms to help them capitalize on the business benefits of implementing an effective diversity plan.

• Stonewall - The UK.s largest lesbian, gay, bisexual and transgender (LGBT) advocacy organization, has ranked Credit Suisse in the top 100 organizations in their annual

Corporate Equality Index recognizing our policies and the progress made on behalf of

LGBT employees for three consecutive years.

Other Policies & Benefits

• Credit Suisse’s Global Family Leave Policy covers honeymoon, maternity/paternity and adoption leave, and grants benefits to employees with domestic partners as well as parttime employees who are regularly scheduled to work 20 hours per week or more. To help mothers return to work, we have established on-site lactation rooms for their convenience. The lactation rooms contain private, individual stations with phones, desks, magazines, storage spaces with combination locks, water coolers, and a panic button linked directly to security.

• Credit Suisse’s Global Domestic Partners Benefit Policy has allowed the Bank to equalize, benefits for spouses and domestic partners of Credit Suisse employees. Some of these benefits include medical coverage, life insurance, beneficiary for pension, relocation/travel assistance, family and medical leave, compassion / bereavement leave and Employee Assistance Programs.

• Credit Suisse has a Sabbatical Leave policy. After working a minimum of five years, employees, upon receiving approval from their managers, can take up to three months of paid leave.

• Credit Suisse also offers a full complement of Flexible Work Arrangements, including job sharing, part-time working and telecommuting.

• The Bank provides back-up childcare to employees at offices with more than 175 employees, which accounts for approximately 90% of Credit Suisse’s offices. This benefit is offered to all employees in all cities where there is a site available, and is provided to employees who are traveling on business as well.

• The Employee Assistance Plan (EAP) offers assistance to help employees and their families cope with personal issues and family problems. Through Credit Suisse’s Global

Resource and Referral Program, all employees have access to a comprehensive menu of services that assist them and their family members with locating providers, information and resources for childcare, eldercare, education and adoption.

ROYAL BANK OF SCOTLAND

(Corporate Markets Division)


The Corporate Markets division follows the RBS group-wide approach to diversity and inclusion, the two core policies of which are detailed below.

Within our Global Code of Conduct, which is distributed to every employee, Sir Fred

Goodwin, Group Chief Executive states that:

Managing diversity policy:

We are committed to promoting and valuing diversity in all areas of recruitment, employment, training and promotion. We strive to maintain an environment that is based on merit and inclusiveness. We are committed to ensuring all people can develop their full potential, irrespective of race, gender, marital status, sexual orientation, disability, age, political opinion, religion, belief, ethnic or national origin, or any other characteristic protected by applicable law.

Dignity at work:

We strive to maintain a working environment that realises the full potential of employees and encourages their creativity and productivity. All of our people have the right to be treated with consideration and respect at work and we are committed to eliminating bullying and harassment. It is our firm intention to maintain a climate free from these unwanted forms of behavior; one where all people feel confident to raise concerns of this kind and will have them dealt with quickly, sensitively and effectively.

In addition to the Group approach to diversity, Corporate Markets has its own Diversity

Plan.

Recruitment

Our graduate recruitment team is especially active in its support of the diversity agenda, examples are detailed below:

To help attract a greater proportion of female candidates the Graduate recruitment team has taken part in a number of initiatives, which are highlighted below:

The Corporate Markets graduate team participate in a “City recruiters diversity forum” working collaboratively with competitor organisations to raise awareness of the banking industry and to share best practice on gender and other issues.

Technology for Women in the City – In 2006 Corporate Markets was a co-sponsor with other City based Banks, mainly Investment Banks to address the lack of female candidates in IT. This event is an expenses-paid mini-internship tailored to second and penultimate-year female computer science/IT, maths, physics and engineering students.

This two-day event is their opportunity to see how cutting-edge technology solutions impact business in the City and to explore the range of intellectually challenging and stimulating IT careers open to them. They:

visit the offices of City employers and see technology in action network with graduate and top ranking female technologists find out about internships and industry placements develop their application and interview skills practise real assessment exercises talk tactics with recruiters

Out in the City – Corporate Markets participates in OUT in the City . This is a unique careers event tailored to lesbian, gay, bisexual and transgender (LGBT) students. At this friendly, sociable evening event potential new hires are able to network with successful

LGBT banking professionals from 11 leading investment banks and ask all the questions they want to ask about working in the profession.

Capital Chances– Corporate Markets participates in this collaborative effort between banks in London City. It offers a one-day insight into banking for women, students from ethnic minorities and students with disabilities. In 2006 Corporate Markets hosted three separate events offering tours of the bank, panel discussions with Corporate Markets employees to share their experiences with the students and to answer questions. The event helps to dispel the myths and preconceptions which surround banking, and encourages those who would not normally consider banking to apply to Corporate

Markets.

Annual gender (female only) focus groups are held for summer interns. The objective is to capture feedback to improve marketing and attraction strategy. E.g. questions asked include which websites are reviewed, which marketing materials work well or not so well, what they look for and what their joining experiences feel like and this information is used to influence ongoing attraction campaigns.

Insight into banking (Easter Programme) this is two weeks’- unpaid work experience, which includes training. The objective is to give first year undergraduate females, who may not have considered working for a bank, the opportunity to see what it is like. The scope is undergraduates from Universities nation-wide and the programme is promoted through women’s’ clubs and societies e.g. women’s rowing club.

Future Options. Corporate Markets took part in two events run by future options during

2006. Future Options encourages students with disabilities to consider a career in the financial sector. Members of the Interbank Graduate Recruiters’ Diversity Forum, including The Royal Bank of Scotland Corporate Markets divisions took part in workshops and role-plays.

Flexible working

Corporate Markets has for a number of years encouraged flexible working practices across the division and has profiled several of the success stories on the intranet. Our policies include:

Flexible Working

Job Sharing

Pat-time working

Homeworking

Short-term employment break

Part-time and term-time working

Job Sharing

To compliment the launch of these policies, Worklife balance workshops were run by external suppliers Ceridien, and sought to highlight how individuals can best utilise the

RBS group's suite of flexible working policies, known as Your Time.

Managers must consider any request for flexible working seriously and are required to contact the Group HR Policy and Advice centre prior to refusing any request. Flexible working requests are taken very seriously in Corporate Markets and requests for flexible working that are declined have to be signed off at Managing Director level. A very strong business case is required for any declines. This demonstrates high level commitment and ensures the right behaviors are embedded.

Global Banking and Markets – Treasury Operations

The UK Operating Centre (UKOC) in Newcastle Under Lyme has 30 employees (all women) who job share to work part-time, demonstrating a flexible approach to working arrangements. The two quotes are from job sharers at Treasury Operations:

Joy Nelmes

“I originally started work for Nat West in 1983, working full time in branches. I joined the TRC (as it was) when it opened in 1992 - again full time.

In 2003 I made the decision to Job Share - working every Monday, Tuesday and

Wednesday. This decision was not taken lightly and at the time I was quite apprehensive.

The reasons behind this uncertainty were 1) I had worked full time for so long and

2) Financial 3) I did not have children (the majority of job sharers I knew at the time were parents).

I can say without a shadow of a doubt my fears were completely unfounded and I believe that job sharing was an excellent choice for me. My job sharer and I work in a very similar manner and always take the time to type up a handover for each other therefore the transition from one to the other is seamless. The fact I only work 3 days does not affect my contribution to the centre - if anything I feel I contribute more, always striving to give my all. There are also benefits for the centre - there is always one of us in attendance, holiday cover etc. On many occasions we have both come in on our days off for meetings and when the workload has been extremely heavy.

I can confidently say my work / home life balance is the best it has ever been.”

Judith Dale

“I have worked for NatWest/RBS for 20 years and here at the UKOC for 14 years.

I started at UKOC working part time - every morning and then moved onto a job sharing partnership following my return from maternity leave after having my eldest daughter

Joy and I have been working together for the last 4 or 5 year and work very well as a team.

Working as a job sharer helps me to balance my life at home with my 2 daughters and also my career with RBS.

I have always maintained that working 2 days a week should not effect my career path within RBS and feel this has been proved in the roles I have had within the UKOC.

It also means that our role within the UKOC is always covered and allows Joy and I the flexibility of working extra days/hours when required.

I think I am lucky to have the 'best of both worlds' and don’t have to split myself in 2 every day of the week only for a couple of them!!!”

Talent management and progression

Our Talent Watch programme is designed to identify and develop our successors for key leadership roles. Talent Watch pipeline information is gathered twice a year in line with the submission of the business level talent watch reports. The information is submitted to

Group. Our Talent Watch process has a direct link in with our internal progression improvements, which are now discussed.

Corporate Markets have for a number of years undertaken a range of initiatives to try to increase the proportion of females attracted to ‘non traditional roles’, roles that have traditionally had a strong male bias.

Some of the areas within Corporate Markets do not traditionally appeal to female applicants, however, through a range of activities, the Division has seen an overall rise in females from 18.88% to 18.99% from November 2005 to October 2006 and this rise is concentrated in the more senior roles but more notably there have been some targeted success stories.

Training initiatives

Rollout of accredited interview training

In 2004, the launch of the new interview skills training provided the Group with a unique opportunity to ensure that all its people who carry out recruitment interviews are fully aware of the moral as well as legal issues surrounding interviewing, and that they are all fully equipped to carry out interviews whilst respecting legislation and policy. So as to recognise the particular issues and legislation that apply in Ireland, an adapted version was also produced.

This training is accredited by both internal and external means. Internally, accreditation means that those attending the training will be assessed throughout the course by two written tests and through an observed interview. One of the modules is entitled

“Perceiving and Judging” and has particular relevance to gender issues. At the end of the course participants will be signed off as an accredited interviewer if they have met all of the accreditation criteria. If not then the tutor will discuss the process to reach accreditation standard. This will either be by further observation or further tutorial study and test or a combination of both. No one is allowed to interview if they fail the training and they must receive coaching before they are able to re-sit the test.

The Institute of Financial Services has accredited this course. The accreditation process recognises good practice in terms of interview skills including legal compliance, accurate

note taking, making defensible selection decisions against clear job requirements and engaging well with candidates.

Respect in the Workplace training

Within Corporate Markets, ‘Respect in the Workplace’ workshops have been rolled out to over 1600 Executives, Senior Managers and Managers right across Europe. This is a drama-based training initiative where participants observe scenarios acted out by actors on specific diversity issues (work-life balance, gender, bullying and harassment, ethnicity, gender and sexual orientation) and are then given the opportunity to ask the actors in role questions, and offer suggestions on how to deal with issues.


During 2006, Corporate Markets led the way with the introduction of employee led networks, indeed the Rainbow Network (details below) has been so successful that is it now Group-wide with branches in Ireland and America.

The Rainbow Network

Created in late 2005 and officially launched in March 2006, the Rainbow Network started within the Debt Markets area of Corporate Markets but has now grown to 220 members and spans across the whole RBS group. This network is open to all but with particular focus on Gay, Lesbian, Bi-Sexual and Transgender employee diversity. Within the

Rainbow Network, there is a designated Women’s committee focusing on Gay Women’s issues and Women only events.

The Rainbow Network publish and distribute a monthly newsletter which details achievements as well as future social events organised by each of The Rainbow Network branches or other peer groups. The newsletter also provides pertinent information on all relevant developments affecting LGBT employees of the Group.

Women’s Network

Corporate Markets has recently supported the creation of a formal women's network -

Focused Women, within Domestic Banking Services. The Network was launched in

March 2007.

The key principles of the network are:

To inspire

Lead

Motivate

Discover our 'hidden' talent

Empower our female talent to invest in developing their career paths through coaching and mentoring

Facilitate the opportunity to leverage business relationships through access to other networking forums.

The driving force behind Focused Women is having a forum in place that is designed to retain and support our female talent, whilst attracting the very best female talent from other 'Blue Chip' organisations.

Focused women is an employee originated and managed forum which has full divisional and Group HR support including sponsorship from the divisional Chief Executive.

The Division also supports individual participation in external networks and is a strong supporter of Women in Banking and Finance (WIBF) which is a non-profit making leading professional organisation committed to empowering its members in the banking and finance industry to realise their full potential and as such is a platinum member.

As a leading networking organisation, WIBF has supported individuals in their quest for personal and professional excellence. It serves as a consultancy and advisory service to corporations seeking to empower individuals in their employment through creating internal networks and to encourage constructive attitudes in financial services industry to women in the workplace.

Its Social Diary provides an opportunity for members to expand their connections beyond their traditional boundaries and with other professional organisations. This takes the form of everything from speaker events and dinner parties to fashion and beauty events.

The division’s support is promoted via the Group Intranet and also through our sponsorship and hosting of events.


Yes, John Last, Group Head of Diversity, is responsible for the diversity agenda globally at RBS along with Gordon Pell, the Group Diversity Champion.


As at March 2007, 14.3% of Senior Managers across the UK and Europe are women.


Due to our focus on meritocracy, as outlined in the Managing Diversity policy (see Q1), we do not stipulate that employees must disclose their ethnicity or any disability as part of our recruitment process. This information may subsequently be inputted by an individual in to our online employee self service tool but as this data is voluntary, we do not wish to disclose for fear of giving a misrepresentation of the true picture.


Diversity is taken extremely seriously within Corporate Markets. Examples of historic activities and the diversity action plan are detailed below.

Historic Initiatives within Corporate Markets

Demonstrating the historical importance of the Diversity action plan within Corporate

Markets (previously known as Corporate Banking and Financial Markets - CBFM) the

2004 plan included the successful completion of an equal pay audit and the roll out of

“Respect” training across the division. Respect training is a drama based interactive session highlighting the importance of diversity and inclusion covering areas such as race, sexual orientation and gender. This training was initially offered to Executives and

Directors with in the division. The feedback was very positive.

During 2004, the Divisional induction and Orientation programme for new hires was reworked to include diversity related topics.

During 2005, the Divisional Diversity action plan pushed the Respect training to more employees and by the end of the year 1600 employees had attended the training which was extended across Europe in 2006. The targeted group was Executives, Senior

Managers and those with line management responsibilities. The feedback has been excellent.

The 2005 action plan highlighted the importance of worklife balance and rolled out

Ceriden workshops on the subject with actual divisional case studies launched onto the

Intranet. A divisional HR diversity steering committee was created to provide a two-way flow of information and ideas and to agree new initiatives.

Initiatives during 2006 were in line with those of the wider Group, which have included the introduction of Diversity On-line training, the embedding of our Group pay review process and improved Diversity MI across the Group.

The 2006 action plan sought to further embed the work on gender diversity and notable highlights have been the launch of emergency back-up care at the Bishopsgate campus to the Global Banking and Markets employees which has received such great feedback, a proposal is currently awaiting agreement to offer the emergency back-up care nationwide to the remainder of the division in 2007.

Within the graduate programme, Corporate Markets host an annual conference for the full graduate class. The event includes workshops, seminars and presentations in addition to the delivery of the Respect training programme. A number of actors deliver scenarios and then invite the audience to both guide the actor’s actions and to provide opinions on the situations before them. The session is designed to educate the graduates on diversity issues whilst also encouraging them to be both vocal and collaborative. As a result of this and other initiatives, Corporate Markets has seen an increase in female graduates starting on the development programme.

Corporate Markets graduate class – overall

Graduate Gender split

Female

%

No of graduates

%

Male No of graduates

Oct-05

33.03

72

66.97

Oct-06

36.14

90

63.86

146 159

A further break down of a few selected areas shows significant advancements:

Corporate Markets graduate class – Global Operations

2005

2006

1 (9%) female out of 11 entrants

4 (44%) females out of 9 entrants

Corporate Markets - Front Office *

2005

2006



*The Front Office environment is a traditionally male dominated environment

The HR Director and HR Leadership team agree the action plans and a new inclusion to the 2006 plan was a business sponsor. In addition a new initiative is currently being considered to move the focus of the action plan from HR to being Business led. The proposal involves establishing a global business committee to feed in views and help share ownership of the plans.

Employee Engagement

Our annual employee opinion survey provides the ability to understand and analyse the engagement of all segments of our employee population. Data from our 2005 survey, completed by 14,073 (2005 – 13,167) employees within the division, is used as appropriate within our benchmark response.

In answer to the question

‘My Division provides a working environment that is supportive of gender differences’,

Year 2005 2006

Female

Male

85%

91%

88%

92%

All employees 89% 91%

Clearly demonstrating a statistically significant improvement year on year.

The Employee Opinion survey results are initially presented to the Corporate Markets

Board and then separate messages are cascaded via e-mail and intranet to the relevant business areas. Action plans are then formulated by mid February and fed back into

Group.

An alternative measurement that was provided at a Group level but instrumental in a shift in divisional policy is the analysis of absence rates that short-term absence is higher amongst female staff. Further exploration of this dynamic with female employees highlighted where childcare issues were a contributory factor. The introduction of the

Gogarburn, Edinburgh emergency back-up care did not impact upon the Corporate

Markets division as almost all of its UK employees are based in England. As a result, in

2006, a pilot program was launched within Global Banking and Markets for the introduction of the provision of emergency childcare provision at our London

Bishopsgate campus via our provider, Bright Horizons. The feedback, both from

Business leaders and users has been excellent* and pending agreement there will be a phased introduction nation-wide during 2007 to cover the whole of Corporate Markets within the UK.

* Feedback

- 'I think this is a great idea - I have felt so comfortable sending my son to Bright

Horizons, without having the pressure of knowing that I should be at work and I would normally have to take a day off. This has helped me be at the office to offer help and support to my team.’

- ‘Having this service provides at the very least peace of mind even if on paper the uptake is not particularly high. As a working parent this is a great benefit to employees.’

- ‘The benefit gives me additional reassurance that my needs as a working parent are being taken into consideration and provides the comfort of a back-up plan in an emergency particularly with no family network for support.’

(Emergency back-up care user feedback April-Sept 2006)

Internal progression

The improvements in gender quality within Corporate Markets during 2006 are shown below.

The total number of female managers in a rolling 12-month period from November 2005 until October 2006 as a percentage of the total number of managers within Corporate

Markets has shown an increase from 18.88% to 18.99%. This is a combination of all

Executives, Senior Managers and Managers.

The total number of female employees within Corporate Markets has increased by 0.07% to 35.38% in the past rolling 12 month period November 2005 to October 2006.

The increase in females in Manager, Senior Manager and Executive positions has been

0.11% in the past 12 month period. This figure excludes the more junior positions which indicates the there are now significant increases in females in more senior Corporate

Markets positions.

Whilst there have been improvements in the number of women taking up senior posts within the division from 18.88 (1293 females) in 2005 to 18.99 (1418. females) in 2006, there are no quotas or policies to promote positive discrimination and the division, along with the Group remains committed to a meritocracy.

These improvements are partly attributed to the increased commitment on the gender diversity agenda. We expect these figures to further increase over the few years, as more roles are open to non- standard ways of working.

Pay related initiatives

A number of activities have taken place during the past year to ensure and improve equality of pay:

Improved Maternity & Adoption Pay Policies

The division follows the revised Group maternity and adoption pay arrangements that took effect on 1 January 2006. Currently the division has a maternity return to work rate of 92% (compared to a Group rate in 2005 of 81%. Our phase back to work is proving popular as a way of settling back into work and combining work with childcare responsibilities.

Equal Pay Audits

Corporate Markets has undertaken equal pay audits. These audits will continue to be deployed on a needs basis, with the main thrust on Equal Pay being through the annual pay and bonus infrastructure.

‘Pay 2007’ -Diversity Master-classes for all HR teams

Those HR employees responsible for managing the salary and bonus reviews across the group in Q4 2006 - Q1 2007 took part in a Diversity masterclass. This was designed to inform and update HR teams on the best practice approach to pay.

Annual pay review

Each year pay managers are provided with 3 key guidelines documents:-

Introduction and Overview the Group principles and what is expected of them in relation to - diversity, performance management and total reward.

Ratings Spreadsheet Guidelines Advises that the analysis tools must be used to ensure fairness and consistency.

Salary and Bonus Guidelines Again advises that the analysis tools must be used to ensure fairness and consistency.

Additional key enhancements for 2006/2007 - quick analysis tool available for all pay managers. Special functionality for the HR pay reps allowing additional analysis

(including gender). For Pay 2005/6/7, Diversity data was included in each of the divisional presentations on pay ratings distribution for sign off by the Chief Executives.

For Pay 2007 Lead pay reps were given a presentation on Diversity focusing on equality in pay which had been developed by The Group's HR Policy & Employment team to tailor for cascade to divisional pay managers.



There are currently plans in the pipeline for a business led Diversity Steering Committee to implement diversity initiatives globally within Corporate Markets. This Committee would be flexible to respond to local pressures whilst operating with some core diversity principles in mind that would be applicable globally.

In addition, the graduate team has a number of events planned for this year.

The RBS group are joining forces with a number of other banks to the following events:

Investment Banking for Ethnic Minorities

This 2-day-event is tailored to all first-year ethnic minority students from any degree discipline studying at a university in the UK or Ireland. The event will be held in April

2007.

Investment Banking for Women

This 2-day-event is tailored to first-year female students from any degree discipline studying at a university in the UK, Ireland and Europe. The event will be held in June

2007.

Plans for the future

We continue to strive to increase female and ethnic minority applications and hires.

Going forward, the RBS group will continue to sponsor all of the above mentioned programmes, societies and events and we endeavour to find new and innovative ways to keep RBS at the top as one of most desired places to work.

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