At the Deutsche Apotheker- und Ärztebank, Jenny Friese became a member of the board this month. The 46-year-old is responsible for major customers and markets at the cooperative institute founded in 1902 with total assets of 50 billion euros. It even took 150 years at Merck Finck before Linda Urban became the first woman to join the management board there in December. The 35-year-old looks after day-to-day business as COO and also represents CEO Michael Savenay.
“In the financial sector, there are as many women as men employed overall, but it is true that if you look up the career ladder, you will find fewer and fewer women,” says Friese, who started her career at Deutsche Bank AG and Commerzbank AG would have. Urban believes, however, that things are currently in motion: “The more examples there are of women in management positions, the more women have the courage and bring themselves into play for such positions.”
At the 100 largest German banks, the proportion of women on the executive boards is low and growing only slowly. In autumn 2020, the rate was around 11 percent, an increase of less than one percentage point compared to 2019, according to a study by DIW published this month.
According to Friese, diversity is not an end in itself. “Mixed teams are proven to be more successful and creative in finding solutions,” she says. Companies would benefit from this. ApoBank now offers various measures to promote women. At the same time, however, this also involves a certain cultural change. “As a woman, I'm sure to be on the board for this. I am very aware that I have a role model function both internally and externally, ”says Friese.
Urban advises women to actively signal that they are open to leadership positions. She herself has always traveled in a world dominated by men, even professionally. “It started early when I was studying business administration with a major in finance and then moved on to investment banking,” she says.
The financial sector is lagging behind the Dax companies
The financial sector is also lagging behind the 30 DAX companies when it comes to diversity. According to DIW, the proportion of women on the executive boards of bankers was four percentage points below the Dax average of 15 percent. Ironically, the public-law institutes, including the savings banks, are particularly far behind with a female quota of only 8%.
In view of these numbers, the federal government launched a bill for a quota for women at the beginning of the year. According to this, at least one woman must be represented on all executive boards of listed companies with over 2000 employees that have more than three members.
Even if most banks will not fall under the regulation because they are too small or not listed, Friese welcomes the setting of a quota: “Because the structures in most companies have only developed very slowly on a voluntary basis”.
Urban is more reserved. “I got where I am today even without a quota for women,” she explains. Nonetheless, I am pleased with the process that will ultimately be initiated by binding women's quotas, “that more women will take up management positions at banks”.
