In the most ethnically diverse city in the world, young black men struggle to land good City jobs. A study by the Black Training and Enterprise Group (BTEG) shows that young black men are less likely than young white men to be working in London’s finance sector. Through in-depth interviews with young black men already working or looking for jobs in the City, the research found that most had experienced barriers, with almost one third citing racial discrimination as the main reason why fewer young black men are working in finance roles.
Jeff Hayes, Chair of Trust for London said:
‘The City of London has attracted talent from around the globe for decades but its track record of employing young black men is poor. This is not the case in other major cities, like New York, and therefore I want to not just to encourage, but request that companies work with us to attract talented young black men into a long term career, such as Finance. These young black men who often face additional barriers outside of their control and can suffer from being stereotyped need our support. Young black men make up 1 in 5 of all young males in London and we want this group of young people to be defined by their talent, their drive and positive contributions.’
‘The Trust for London has invested a substantial sum into this project, and together Mayor Khan, City Bridge Trust and BTEG we are focused on integrating more young black men into the workforce, and the finance sector offers a wide range of opportunities for them to fulfil their ambitions. We need all young Londoners to bring their ideas, energy and keep London’s finance sector ahead of the competition.’
Jeremy Crook OBE, Chief Executive of BTEG, believes that more City employers should adopt a proactive approach to recruiting diverse talent: “At BTEG, we regularly meet bright, talented, qualified young black men who are searching for good careers but are not getting the opportunities. There is a lot more that companies can do to reach these young people, including by working with intermediary organisations and programmes like Moving on Up.”
Moving on Up is a five year programme, led by Trust for London and City Bridge Trust in partnership with BTEG, to increase employment opportunities for young black men in London. The programme is working with employers to encourage more young black men into high quality jobs in finance, banking and insurance, and in other key London job sectors.
For more information:
MoU will be launching the research report on Friday 20 July, from 8.30 to 10.30am, at Veritas: 90 Long Acre, London WC2E 9RA. If you are a finance secure recruiters and would like to attend and/or get involved in the MoU Finance Employers Champions Group please email Jeremy@bteg.co.uk.
Jeff Hayes has over 40 years of experience in the Fund Management industry. During his period in the City he was a dealer on the London Stock Exchange, managed Fixed Income portfolios for a range of institutional clients, including Charities, Pension Funds and Friendly Societies.
Moving on Up is a joint £800k initiative from the Trust for London, City Bridge Trust and the Black Training and Enterprise Group,
The Moving on Up Advisory Group was established in 2015 to take forward recommendations from the Action Plan on Improving Employment Rates for Young Black Men in London (2014) written by the Black Training and Enterprise Group and published by Trust for London.
The Moving on Up London Advisory Group includes representatives from: Department for Work and Pensions; Jobcentre Plus, Greater London Authority and the private sector.
BTEG address: 200a Pentonville Road, London N1 9JP. Registered charity No: 1056043