2020 Diversity Data for Regulated Banks, Non-Depository Institutions, and Insurance Companies
DFS has made public aggregate gender and racial/ethnic data of board members and senior management for regulated banks, non-depository institutions, and insurance companies. The 2020 data was collected in 2021 after the Department requested gender, racial, and ethnic and diversity data from New York regulated banks, non-depository institutions, and insurance companies.
Data was collected from insurance companies with more than $100 million in 2019 New York premiums, regulated banks with more than $100 million in assets, and non-depository financial institutions with more than $100 million in gross revenue.
DFS notes that the gender, race, and ethnicity categories available for selection in the survey are based on categories used by the U.S. Equal Employment Opportunity Commission (“EEOC”), with options added for inclusivity. Specifically, for gender, in addition to “Female” and “Male,” DFS offered “Nonbinary,” “Transgender,” “Not Listed,” and “Unknown” as gender categories.
DFS acknowledges that there are limitations with the data survey and report. The scope of information collection by DFS was limited by only surveying regulated entities that met a specific financial threshold and only asking about the gender and race/ethnicity of their senior leadership and not their workforce at large. The information reflected in this report is based on voluntary self-identification by senior leadership, as reported by the companies that responded to the survey and has not been independently verified by DFS.
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Diversity, Equity and Inclusion
Research shows that diverse teams perform better, innovate more, and are more effective at managing risks. Strong leadership teams that reflect a diversity of skills, experiences, and perspectives are critical to ensuring that companies think outside the box to manage evolving risks and identify growth opportunities. Learn more about how DFS supports the financial services industry’s DEI efforts.