City watchdog targets bosses' wallets in new diversity push Despite increasing regulatory pressure, women and ethnic minorities are still poorly represented in Square Mile boardrooms 17 July 2021 • 5:00am “The time has come for real leadership. No more gestures. No more warm words. Decisive action is required.” Those were the words of City minister John Glen in 2019 after he criticised financial services bosses for not doing enough to improve diversity in the workplace. Two years and one pandemic later, very little has changed. There are only 13 female chief executives in the entire FTSE 350. Women hold less than a third of senior management positions – a metric which has barely moved since 2017 – and ethnic minority representation in senior roles remains at around 8pc.