At a recent off-the-record roundtable hosted by GTR, a cross-section of women working across the trade finance ecosystem gathered to discuss the state of gender diversity in their organisations and the wider market. The discussion built on the findings of the GTR Gender Diversity in Trade Finance Survey, to reflect and comment on whether industry-wide diversity equity and inclusion (DEI) initiatives are making a meaningful impact, or slipping down the priority list altogether.
Attendees included representatives from banks, fintechs, insurers and consulting firms, offering a wide range of perspectives spanning regions, roles and levels of seniority. Shannon Manders reports.
How far we’ve come
The conversation placed today’s challenges in historical context. Many participants reflected on how DEI efforts have evolved over the last decade, from being barely acknowledged in senior leadership to becoming a strategic focus for global institutions, and now, in some places, being deprioritised again.
“Ten years ago, there was no talk of DEI at the board level,” said a representative from a credit insurance firm. “Then came the Black Lives Matter movement, Covid, the gender pay gap reports – and all of a sudden, companies felt pressure to act. But the past year or so? It’s like we’re in reverse.”
Another participant who has spent decades in financial services remarked: “I remember when we were just grateful to be in the room. Then DEI came in and offered language and structure. But now the pendulum has swung back, and some firms are even afraid to use the word ‘diversity’.”
A shift in sentiment
One of the most striking themes in the discussion was a growing sense of retrenchment. While momentum around DEI surged in the wake of the George Floyd protests and the early pandemic years, several participants expressed concern that corporate support for such initiatives is now waning, particularly in the US.
“In the US, companies are stepping away from diversity just like that – snap of a finger,” said a credit insurer. “It makes you realise they were never really authentic about it in the first place. If you can walk away that fast, was it ever real?”
Another participant, working in a leadership role at a global bank in the US, agreed: “It was like they were preparing for this, you know? Rumours started that they were going to disband the DEI teams. At first, I thought it would never happen but now here we are. It’s like everything we built just vanished.”
Roundtable participants largely attributed this shift to political developments, including moves by US policymakers to challenge affirmative action and DEI frameworks. But the concern extends beyond the US. Several feared that the ripple effects could reach Europe, Africa and other regions, particularly where such frameworks are voluntary rather than enshrined in law.
“It started in the US, but my fear is that it’s going to be contagious,” said a US banker. “And I’m seeing it coming, because you don’t hear people talking about it anymore. They’ve scaled back. There’s fear of being fined, fear of litigation.”
While some participants noted that gender equality is protected by law in parts of Europe, concerns remain.
“It’s not a losing battle, for one reason: gender equality is actually law in Europe,” said one economist. “There are mandatory equal representation clauses at the board level. But the problem will be the lobby from the business community in Europe to say ‘our gender equality laws are making us uncompetitive’.”
Lip service or legacy?
This shift has prompted many to re-evaluate the sincerity of corporate DEI efforts to date.
“I don’t think anything has really changed,” said a fintech leader with a global focus. “I don’t actually believe that gender or DEI was ever prioritised. Visibility maybe – like women being shouted out in newsletters – but real support? Not so much. The women who ‘benefited’ were probably already on that path.”
Others echoed this sentiment. “I remember that journey at my former company around diversity and inclusion. It started off as something meaningful; it was about inclusivity, about becoming better leaders by bringing in different perspectives. But then it changed. It became about ticking boxes,” noted a US-based participant.
One senior banker added: “I’ve seen big companies – I won’t name them – scale back. I’ve seen events cancelled. To be honest, I was more positive in the past. But I’ve seen data since [the election of President Donald] Trump that shows 25% of women in the workplace feel they’re no longer respected. Another stat said 28% of women now feel there’s no clear career path for them.”
A consultant reflected: “There is also… a general reluctance to talk publicly about diversity and inclusion. It’s been amazing – astonishing, and rather depressing – how quickly we’ve moved away from talking about this as something that should be the bread and butter of everything that everybody does. Organisations just don’t want to talk about it.”
The numbers tell the story
The GTR Gender Diversity in Trade Finance Survey found that while many respondents rated their organisations’ gender diversity as “adequate” or “good”, very few said it was “excellent”. Just 13.4% of survey participants rated their organisation’s gender diversity in trade finance as poor, suggesting that overt discrimination may be less prevalent but excellence remains elusive.
Perhaps more revealing were the findings on representation: women remain concentrated in junior, back-office or administrative functions, with a sharp drop-off in client-facing and leadership roles. This was no surprise to the roundtable participants.
“The data proves what we’ve all been saying,” said a banker in South Africa. “Women are still in the back office. We’ve said this in panels for years, but now the numbers are finally there.”
A fintech representative echoed the sentiment, framing the issue as one of equity rather than just equality.
“Gender equality is a good substitute for nothing. But realistically, the problem we’re talking about is actually closer to the equity conversation. It’s not just a ‘let’s hire a woman’ thing. It’s what do you do to actually make the woman good for that role – the same kind of opportunities that you give to the men in bringing them up, how do you make that available to women as well?
“Knowing that women usually have a different lifestyle… how do you create an atmosphere where those women who want to stay in the workplace can actually have the support to be on that level?”
Invisible barriers: Confidence and culture
Participants shared a range of reasons why women remain underrepresented in senior trade finance roles, and why formal policies alone may not be enough to change this.
“There’s definitely still a cultural element,” said one participant. “I’ve heard women say, ‘I don’t even want that top role, I know what comes with it.’ The politics, the pressure, the expectations. And they don’t feel they’ve got the support or backing to deal with all that, so they’d rather just stay where they are.”
Others agreed, pointing out that the problem isn’t just about reaching the top, but what awaits women when they get there. Rather than aspiring to senior roles, many are opting out early, deterred by environments that can sometimes appear unsupportive.
“I think a lot of women don’t actually choose [those roles] for a number of reasons,” said a South African banker. “How can they fit it in with their kids and family life? And… do they have the confidence?”
Several pointed to the way women often second-guess themselves. “When I look at a job spec, I have to be able to do every single thing on that description before I even apply for the role,” said one banker. “Whereas men will tend to be more like, ‘Yeah, I can do the role, no problem’.”
Another participant reflected on the emotional toll of being both visible and underestimated. “People will say, ‘Oh, you have lots of opportunities because you’re a woman and of colour’ – as if it’s easy. But everything I’ve done in my career has been because I worked for it.”
The value of visibility and information
Beyond a potential lack of sponsorship and confidence, a more fundamental issue emerged: many women simply don’t know what rights and opportunities are available to them.
“What really surprised me was how many people just didn’t know what their organisation offered,” said one participant. “The survey asked about things like equal pay policies and leadership programmes, and the data just wasn’t there. That’s not necessarily because the policies don’t exist. It’s because no one’s talking about them.”
Others agreed that junior staff are often left in the dark. “No one tells them what tools are available,” said a banker. “You find things out by accident because someone happens to mention it.
“People don’t know how to navigate [the tools]. I’ve never been told that we have these available…. When they launch something, they should do proper training. That’s where most big organisations are lacking.”
Another recurring theme was the need for better data, not just on who gets hired, but on how women advance within organisations. Several participants noted that while headline diversity figures are often shared, they rarely tell the full story, underscoring the risk of relying on surface-level metrics
One participant described looking at gender data during her time at a major trade association: “When you add up the numbers, you end up 50/50. My male boss turned around to me and said, ‘See, we haven’t got a gender problem.’ And I said, ‘Have you looked at the roles that these women are actually taking?’ They were part-time, low-level.”
The role of leadership
Faced with growing pushback and policy rollbacks, participants were clear: this is not the time to be passive. If progress is slowing at the top, they argued, then the drive for change must come from within.
“This is absolutely the moment where we need to keep this trend in reverse. But there’s not going to be a government that will do that for us…. It’s something we’ve got to do within our own organisations to keep the momentum going,” said one consultant.
“It’s so simple to show leadership… It’s your job as a line manager to say, ‘I need to find out about those things so I can tell the people who work with me.’”
Others called for more intentional leadership.
“A year ago, when I was hiring, I could tell HR: ‘I want to see 50/50, female and male candidates’. And if I hired two men, I had to explain why. HR would give me more options. Now, no. You can’t even ask for female candidates,” said a trade banker.
Practical suggestions included building structured mentoring networks, embedding diversity metrics into performance reviews, and spotlighting women in revenue-generating roles.
Several speakers also stressed the need for more skills-building components within women-focused events.
“Panels and networking are great, but we also need to include real learning,” said one participant. “Things like building your personal brand, preparing for interviews – even understanding how to navigate internal dynamics. That’s what helps women move forward.”
The way forward
While the focus of the discussion was gender, the participants called for a more expansive approach.
“It’s not just about gender,” said one participant in the US. “We have very few black people in insurance, very few Latinos. We don’t have the diversity. It’s great to have women, but we need others as well.”
Another agreed: “If we build truly inclusive systems, everyone benefits. Better teams, better decisions, better results.”
The roundtable closed on a note of cautious optimism. Despite frustration with the pace of change, there was a shared belief in the power of persistence.
The group reflected that this isn’t about asking for handouts; it’s about fairness. That means ensuring access to opportunity, greater clarity around policies, and making sure women have a seat at the table where decisions are made.
“Having people that are different, that think differently, is not just for our benefit as people within the organisations, but actually for the benefit of the organisation itself,” one participant concluded.
