**GAO-08-445T**                      Published: Feb 07, 2008. Publicly Released: Feb 07, 2008.                  

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## Highlights

As the U.S. workforce has become increasingly diverse, many private and public sector organizations have recognized the importance of recruiting and retaining minority and women candidates for key positions. However, previous congressional hearings have raised concerns about a lack of diversity at the management level in the financial services industry, which provides services that are essential to the continued growth and economic prosperity of the country. This testimony discusses findings from a June 2006 GAO report and more recent work on diversity in the financial services industry. Specifically, GAO assesses (1) what the available data show about diversity at the management level from 1993 through 2006 and (2) steps that the industry has taken to promote workforce diversity and the challenges involved. To address the testimony's objectives, GAO analyzed data from the Equal Employment Opportunity Commission (EEOC); reviewed select studies; and interviewed officials from financial services firms, trade organizations, and organizations that represent minority and women professionals.

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## Topics

Financial Markets and Institutions

Data collectionData integrityDiversity managementEmployee retentionEmployment of minoritiesFair employment programsFinancial institutionsFinancial managementMinoritiesPersonnel recruitingWomenProgram implementation