City chiefs must speak out about maintaining diversity

It has been disclosed that the late Sir Evelyn de Rothschild left his family bank after an investigation into an allegation of sexual misconduct.

- CHRIS BLACKHURST

The financier, who died two years ago, quit the firm in 2004. He'd been there for 40 years, including 28 years as chair of NM Rothschild, the company's UK investment bank. He remained a heavyweight, respected figure, as a former adviser to the Queen, a one-time chair of The Economist, and an erstwhile director of the company that owned The Daily Telegraph.

In the same week, following Donald Trump’s onslaught against workplace diversity, it has emerged that bankers in the City are putting pressure on Rachel Reeves to follow the US president’s example. The Financial Conduct Authority (FCA) is considering introducing a formal framework for how companies should manage diversity, equity and inclusion (DEI). The unnamed financiers have approached Nikhil Rathi, the FCA’s head, warning of the ineffectiveness of DEI programmes. Other trade bodies and regulators in professional services are also experiencing pushback.

It’s impossible not to make the connection between Rothschild’s appalling behaviour, not to mention how it didn’t come to light until well after his death, and the attempts to row back on DEI. Is this where those involved in the anti-DEI campaign really wish the City to return to?