Lloyds Bank becomes first FTSE 100 firm to set ethnic diversity target for senior roles

Britain’s biggest bank Lloyds has become the first FTSE 100 firm to set an ethnic diversity target for senior management roles.

The high street lender wants to increase the number of black, Asian and minority ethnic (BAME) staff working in its top 7,000 roles to 8pc by 2020, up from 5.6pc today.

Lloyds said it also wanted to increase the proportion of BAME employees in its total workforce to 10pc by the same date, up from 8.3pc currently.

This compares to 12pc of the UK labour force and 14pc of the UK population.

The bank will set the targets next week as part of its new three-year ‘Helping Britain Prosper’ business strategy, alongside full-year financial results for 2017.

The bank said its new business plan would incorporate a range of targets to “help address some of the biggest social and economic issues in Britain today”.

The strategy is also expected to include investment plans for Lloyds‘ digital banking and wealth management businesses.

Fiona Cannon, Lloyds’ director for responsible business and inclusion, said: “What gets measured gets done and we are confident we can meet our diversity goals with the right focus and determination.

“We recognise that companies with diverse management teams perform better and have made a public commitment to create a truly inclusive workforce. It is our ambition to better reflect the customers and communities which we serve.”

A Government-backed report into improving diversity in UK businesses, headed up by utilities boss Sir John Parker and published last October, recommended all FTSE 100 companies should have at least one director from an ethnic minority background by 2021.