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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Blueberg

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Speaker 1: Daybacate podcast, available every morning on Apples, Spotify, or wherever

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Speaker 1: you listen. It's Friday, the eighteenth of October. Here in London,

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Speaker 1: I'm Caroline Hepka. Coming up today, Israel kills ya Ya Sinwa,

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Speaker 1: the leader of her mass and the architect of the

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Speaker 1: October seventh attack. We have an exclusive report on how

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Speaker 1: a London headhunter allegedly lured traders into sharing confidential salary

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Speaker 1: and profit loss information plus going backwards. City firms publicly

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Speaker 1: say they're still committed to diversity, equity and inclusion efforts.

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Speaker 1: Their staff tell Bloomberg that they don't agree. Let's start

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Speaker 1: with a roundup of our top stories. US President Joe

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Speaker 1: Biden has described the death of Hamas leader Yaya Sinhoa

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Speaker 1: as a quote good day for the world and a

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Speaker 1: chance to end the conflict in the Middle East. Israel's

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Speaker 1: military says that it killed the archae detective the October

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Speaker 1: seventh attacks during an operation in southern Gaza. Here is

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Speaker 1: the Israeli Prime Minister Benjamin Netnia, who I mean.

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Speaker 2: I'm standing before you today to inform you that Hamas leader,

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Speaker 2: Yaya Sinwar, has been eliminated. The person who committed the

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Speaker 2: most terrible massacre in the history of our nations since

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Speaker 2: the Holocaust. The mass murderer who murdered thousands of Israelis

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Speaker 2: and kidnapped hundreds of our citizens, was eliminated today by

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Speaker 2: our heroic soldiers. And today, as we promised to do,

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Speaker 2: we settled the account with him. Today evil has suffered

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Speaker 2: a heavy blow, but the task before us is not

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Speaker 2: yet complete.

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Speaker 1: Prime Minister Benjamin Netanyahu's speaking via a translator, Sinwal's death

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Speaker 1: leaves the militant group with no clear successor. The news

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Speaker 1: comes as Netanyah, who continues to weigh his country's retaliation

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Speaker 1: against Iran for the firing of two hundred ballistic missiles

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Speaker 1: on the first of October. China's economic data drop this

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Speaker 1: morning has presented a mixed picture. GDP rose by four

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Speaker 1: point sixty six percent, the lowest pace in six years,

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Speaker 1: but consumption, output and jobs gauges beat estimates last month.

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Speaker 1: Speaking during a press briefing this morning, shn Lai Yun,

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Speaker 1: China's National Bureau of Statistics deputy director, says the country

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Speaker 1: is going through sweeping changes since this year.

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Speaker 3: We are faced with the complex and changing external circumstances,

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Speaker 3: increasing challenges and the difficulties in the outside environment. The

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Speaker 3: domestic economy is also upgrading and making structural transformation, so

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Speaker 3: the temporary pains of this adjustment to being released.

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Speaker 1: That was Shen la Yun from China's National Bureau of

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Speaker 1: Statistics speaking there through a translator. Today's figures come after

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Speaker 1: Beijing and out stimulus measures in late September, including interest

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Speaker 1: rate cuts and support for the property and equity markets,

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Speaker 1: and this morning the CSI three hundred is extending gains

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Speaker 1: up by three point three percent after the PBOC Central

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Speaker 1: Bank detailed more policy support. Bloomberg understands that ECB officials

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Speaker 1: caa further cut to interest rates in December now as

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Speaker 1: very likely. Those familiar with the matter say that's because

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Speaker 1: the region is nearing its two percent inflation goal faster

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Speaker 1: than expected. The central Bank delivered a third reduction in

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Speaker 1: borrowing costs yesterday. Speaking after the decision, ECB President Christine

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Speaker 1: Leguard said progress against inflation is continuing apace.

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Speaker 4: We believe that the disinflationary process is well on track,

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Speaker 4: and all the information that we received in the last

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Speaker 4: five weeks since our last monetary policy decision, we're heading

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Speaker 4: in the same direction lower. That is what has caused

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Speaker 4: us to make the decision to cut our three rates

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Speaker 4: by twenty five basis points.

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Speaker 1: Christine Leguard, speaking there, she refused to be drawn on

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Speaker 1: when and how quickly rates will be decreased, even as

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Speaker 1: she argued that downside risks to inflation outweigh upside threats.

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Speaker 1: An ECB spokesperson declined to comment on the news. In earnings,

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Speaker 1: Netflix added more than five million customers last quarter and

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Speaker 1: eclipse Wall Street's estimates on every major metric. These streaming chants.

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Speaker 1: Sales for the period grew by fifteen percent to just

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Speaker 1: under ten billion dollars. Netflix CEO Ted Sarandos was glowing

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Speaker 1: about the company's prospects.

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Speaker 5: Looking into twenty twenty five. We're feeling really good about

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Speaker 5: the business. We had a plan to reaccelerate growth, and

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Speaker 5: we've delivered on that plan. You can see that in

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Speaker 5: our twenty twenty four financials. We expect to deliver fifteen

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Speaker 5: percent revenue growth and six percentage points of operating margin

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Speaker 5: improvement and engagement, which we view as our best proxy

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Speaker 5: for member happiness because when people watch more, they stick

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Speaker 5: around longer, so that's retention.

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Speaker 1: Ted Sarandos speaking, their shares in Netflix rose as much

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Speaker 1: as five point four percent in post market trading. A

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Speaker 1: London headhunter has allegedly used fake name and made up

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Speaker 1: job opportunities to obtain confidential information about market traders. Bloomberg's

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Speaker 1: Christopher Pitt has more on this exclusive report.

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Speaker 6: Traders at some of the world's biggest banks have allegedly

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Speaker 6: been misled by cold callers dangling the prospect of jobs

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Speaker 6: at the likes of Goldman, Sachs and Morgan Stanley in

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Speaker 6: exchange for details about their salaries, the makeup of their teams,

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Speaker 6: and even their desks confidential profit and lost statements. But

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Speaker 6: often the jobs don't exist, neither does the named caller

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Speaker 6: or their supposed employer, according to documents seen by Bloomberg

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Speaker 6: and ten people familiar with the matter who asked not

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Speaker 6: to be named given the sensitivity of the data. The

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Speaker 6: calls have instead been made by staff at Odin Partners,

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Speaker 6: a recruitment to marketing intelligence firm. According to the documents,

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Speaker 6: the company reportedly used the information gleaned from calls to

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Speaker 6: unsuspecting bankers and traders as part of what it calls

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Speaker 6: its markets mapping of key players trading in some of

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Speaker 6: the world's biggest asset classes, from rates to currencies. The

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Speaker 6: co founders of Odin Partner's declined repeated requests from Bloomberg

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Speaker 6: for an on the record response to the story, while

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Speaker 6: a director at the company didn't respond to multiple emails

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Speaker 6: and messages seeking comments in London, Christopher Pitt Bloomberg Radio.

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Speaker 1: While executives at Odin Partners did not respond to those

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Speaker 1: requests for comment on the story, a lawyer from the

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Speaker 1: company told Bloomberg that the allegations were false. Black professionals

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Speaker 1: in the city of London say that efforts to increase

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Speaker 1: the number of black employees and underrepresented groups in financial

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Speaker 1: services have been heavily deprioritized more than four years since

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Speaker 1: the murder of George Floyd at the US sparked an

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Speaker 1: unprecedented desire for change to address racial disparities. Bloomberg spoke

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Speaker 1: to twenty black professionals who say that the city has

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Speaker 1: given up on achieving racial equality. Stephen add A Doyo,

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Speaker 1: former investment associated Columbia, thread Needle and founder of Beyond Education,

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Speaker 1: says that firms signed up to external programs like ten

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Speaker 1: thousand black interns without a plan in place to ensure

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Speaker 1: their future career progression.

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Speaker 7: If you think about it, these companies didn't start these

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Speaker 7: programs right, So the only reason why they were even

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Speaker 7: working with ten thousand black interns or other initiatives is

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Speaker 7: probably because the other peers were working with those initiatives right,

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Speaker 7: and it's kind of like, oh, it's going to make

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Speaker 7: us look good. And I think the difficulty is that

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Speaker 7: with programs like that, there's no succession, so it's kind

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Speaker 7: of like, you know, we have interns for a bit

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Speaker 7: and then that's pretty much it. Now, some firms are

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Speaker 7: really good and will try and figure out a way

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Speaker 7: to retain that intern beyond an internship program, but for

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Speaker 7: the most part, most of the firms that signed up

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Speaker 7: to those programs is kind of like, hey, let's do

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Speaker 7: this program and look good.

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Speaker 1: That was Stephen ad Adyo, founder of Beyond Education. Research

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Speaker 1: shows the pace of change has slowed. It will now

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Speaker 1: take fish years for the proportion of black talent in

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Speaker 1: the UK's financial and professional services to near four point

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Speaker 1: four percent, the percentage of black employees in the country's

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Speaker 1: working age population, and lastly, UK regulators plan to ease

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Speaker 1: bonus rules so that bankers can get payouts faster. The

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Speaker 1: Potential Regulation Authority is looking to abolish the three year

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Speaker 1: weight in the UK before any part of a bonus

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Speaker 1: can be paid. It's a change to a rule that

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Speaker 1: was put in place after the two thousand and eight

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Speaker 1: financial crisis to discourage excessive risk. Banks have pushed to

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Speaker 1: soften it as a way to make Britain more competitive

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Speaker 1: for financial talent. In a moment, I want to bring

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Speaker 1: you two exclusive bits though of in depth reporting on finance.

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Speaker 1: Will shure on that Headhunter story using fake identities to

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Speaker 1: dupe Wall Street traders. This is a practice known as rusing.

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Speaker 1: We're going to bring you all of the details of

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Speaker 1: that up next. And also on black workers in the

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Speaker 1: city of London who say that the drive for inclusion

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Speaker 1: is no longer a priority in the industry. That from

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Speaker 1: our own reporter Tea. Weare at a baio. But before that,

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Speaker 1: let's talk about what is happening in the Middle East.

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Speaker 1: Israel has killed the person thought to have masterminded the

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Speaker 1: October seventh attack, the Hamas leader Yea Sinwa. President Biden

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Speaker 1: says there's a chance to end the war, joining US

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Speaker 1: now is Boomberg's Stuart Livingston Wallace, who heads our coverage

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Speaker 1: of Middle East and North Africa news. Stuart, good morning

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Speaker 1: and thank you for your time. So the killing has

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Speaker 1: now been confirmed, what does it actually mean do we

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Speaker 1: think for Hamas?

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Speaker 8: And there's a couple of options here. Number one, I mean,

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Speaker 8: on the face of it, it's a big victory for

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Speaker 8: Israel because that was sort of one of the chief

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Speaker 8: war aims was to eliminate that mass leadership, and they

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Speaker 8: haven't necessarily done all of them, but you know, this

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Speaker 8: was the big one, and he was certainly the face

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Speaker 8: of a mass particularly in regards as we said to

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Speaker 8: October the seventh last year and what happened around that.

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Speaker 8: But the second thing to think about, and as in

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Speaker 8: some respects this will be complicating matter because it's not

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Speaker 8: clear who his successor is and there's every chance that

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Speaker 8: whoever does get named as a successor doesn't necessarily carry

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Speaker 8: the same authority. So if you're going to have one

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Speaker 8: of the two parties involved in the conflict trying to

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Speaker 8: come to some sort of agreement on a ceasfar, which

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Speaker 8: I agree at the moment is a remote possibility, then

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Speaker 8: would they have the authority within her master to actually

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Speaker 8: enforce it and get people not only to lay down

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Speaker 8: their arms, but also to get all the remaining hostages released.

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Speaker 8: That is a little bit of an open question at

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Speaker 8: the minute.

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Speaker 1: What does Person Biden's view then on what happens next?

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Speaker 1: Is there a US plan as I mean, the US

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Speaker 1: person is in Germany for what some are calling, you know,

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Speaker 1: his swan song, given that he's only got a few

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Speaker 1: more weeks in office.

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Speaker 8: Yeah, I mean he's certainly optimistic. But I mean again

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Speaker 8: we've had that optimism repeatedly over the last several months.

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Speaker 8: You know, We've been told we're very close to a

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Speaker 8: deal and minute sort of never seems to go anywhere.

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Speaker 8: I mean, he is sending Anthony Blinkom back to the

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Speaker 8: region for we think the eleventh time in the last year.

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Speaker 8: So the clearly pressing for it, and I think his

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Speaker 8: optimism or at least his hope is being echoed by

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Speaker 8: other world leaders. Now again, whether that translates into reality

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Speaker 8: is a different matter, because we had the Israeli Prime

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Speaker 8: miers to come out last night and say very clearly

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Speaker 8: this war is not over and fundamentally what it wants

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Speaker 8: is two things. Number one is an incomplete capitulation by

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Speaker 8: her mass and number two or release of all the

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Speaker 8: hostages that are the remaining captivity. Again, not clear how

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Speaker 8: that can happen and what sort of time frame.

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Speaker 1: And so you talk about the continuing war. What about

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Speaker 1: Israel's view then on the strike on Iran, something that

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Speaker 1: we've also been talking about and anticipating.

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Speaker 8: Yeah, and we continue to anticipate. I don't think the

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Speaker 8: killing of Cinna necessarily changes the calculus there in terms

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Speaker 8: of what they were planning, as far as we understand

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Speaker 8: that there is some sort of agreen between the Prime

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Speaker 8: Minister and the Defense Minister. That happened a couple of

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Speaker 8: days ago. Nonetheless, that now needs to go to the

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Speaker 8: Security Cabinet, you know, which means periolically for a final approval.

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Speaker 8: The reporting has been out there seems to suggest they

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Speaker 8: will probably avoid the nuclear facilities, they will probably avoid

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Speaker 8: the energy facilities, which sort of leaves the military sides,

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Speaker 8: you know, potentially cyber attacks something along those lines. But

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Speaker 8: again you can hear my voice, it's really not clear

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Speaker 8: what exactly they will do and when.

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Speaker 1: Yeah, indeed, okay, sorry that we will continue to follow

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Speaker 1: for our listeners. Stuart Thank you so much for your

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Speaker 1: time for your insights this morning. That has been a

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Speaker 1: big Stuart Livingston Wallace, who heads our coverage of the

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Speaker 1: Middle East and North Africa. After Israel killed the person

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Speaker 1: who was thought to have masterminded the attacks more than

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Speaker 1: a year ago against Israel, now traders that some of

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Speaker 1: the world's biggest banks have allegedly been misled by cold

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Speaker 1: callers dangling the prospective jobs at Wall Street banks in

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Speaker 1: exchange for details about their salaries, the makeup of their teams,

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Speaker 1: and even their death confidential profit and lost statements, but

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Speaker 1: often the jobs don't exist. This story is brought to

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Speaker 1: you by Bloomberg's finance reporter William Shaw, and Will joins

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Speaker 1: me now on this significant reporting. Will good to have

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Speaker 1: you on the program. Tell us a bit about what

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Speaker 1: has been happening with these calls.

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Speaker 9: So basically this story is about allegations that relate to

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Speaker 9: Odin Partners, which is a recruitment firm based in London

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Speaker 9: and Asia. They say they've placed about nine hundred people

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Speaker 9: at jobs in international finance after the past decade or so.

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Speaker 9: Their clients include firms like City, Morgan, Stanley, UBS and

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Speaker 9: Deutsche Bank. Now the allegations that they face broadly that

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Speaker 9: for years until as recently as last year, they would

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Speaker 9: encourage staff to phone up traders using fate names for

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Speaker 9: themselves and for the company, and they then dangle the

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Speaker 9: possibility of a job, perhaps at Golden Sachs, perhaps at

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Speaker 9: Morgan Stanley that didn't exist, and the aim was try

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Speaker 9: and persuade the traders to hand over sensitive information about

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Speaker 9: their own salary, their p and L, the makeup of

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Speaker 9: their teams, which is very hard to come by in

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Speaker 9: the industry. And Odin would then share this with its

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Speaker 9: clients allegedly, And we should say, there's no indication or

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Speaker 9: no suggestion that any of the clients knew where this

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Speaker 9: information was allegedly coming from.

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Speaker 1: What else do we know about these headhunters then and

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Speaker 1: their practices.

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Speaker 9: I think there's a suggestion that the instruction to do

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Speaker 9: this was coming largely from the top. So people familiar

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Speaker 9: with the matter told us that executives at the firm

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Speaker 9: encouraged them to do this. And according to according to

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Speaker 9: people that we've spoken to and written communications that we've

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Speaker 9: seen as recently as twenty twenty two, James Hext, who's

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Speaker 9: one of the co founders of the company was encouraging

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Speaker 9: members of staff to lose.

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Speaker 1: So then hang on, how big a breach of trust

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Speaker 1: or even of the law is this actually, So we.

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Speaker 9: Spoke to a criminal lawyer who said that, well, obviously

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Speaker 9: not commenting on whether or not these allegations were true,

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Speaker 9: he was saying that potentially this could engage the Fraud

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Speaker 9: Act two thousand and six, these allegations, and that it

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Speaker 9: could move towards the territory of fraud by misrepresentation. Now,

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Speaker 9: I should say Odin have responded to this in a

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Speaker 9: letter to us last month. Their lawyers denied the allegation.

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Speaker 9: When we've spoken to them again this month, they've declined

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Speaker 9: comment in much real detail. What they say is and

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Speaker 9: I'll read this out. Odin Partners is currently in dispute

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Speaker 9: with those that they believe are responsible for the allegations

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Speaker 9: and has been advised not to engage publicly on the

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Speaker 9: issues raised by Bloomberg at this time.

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Speaker 1: Okay, so the head hunter then talking about that, what

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Speaker 1: does it mean for the traders and the trade desks

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Speaker 1: potentially evolved.

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Speaker 9: I think one of the things that was interesting speaking

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Speaker 9: to traders both who'd been allegedly targeted and just traders

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Speaker 9: more generally was that they weren't massively worried about this.

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Speaker 9: I think there's not much a bank might worry about

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Speaker 9: its P and L data being shared through false pretenses.

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Speaker 9: But I think one thing one of the things I

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Speaker 9: learned is perhaps that traders have focused very much on

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Speaker 9: the money that they make and perhaps less concerned about

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Speaker 9: issues like this. I think they also value the market

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Speaker 9: color that they pick up from they pick up from

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Speaker 9: headhunters during the kind of regular phone calls that they

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Speaker 9: have with recruiters all over the city of London.

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Speaker 1: Anything else that we should know about this reporting, because

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Speaker 1: it's some in depth reporting and really pretty fascinating, are

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Speaker 1: the things that we should think about.

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Speaker 9: I think one of the things that's really interesting about

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Speaker 9: this is that this recruitment isn't industry that has not

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Speaker 9: really been regulated in the wake of the two thousand

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Speaker 9: and eight financial crisis in the way that banks have.

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Speaker 2: So there.

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Speaker 9: I mean, what the reporting suggests is that allegedly there

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Speaker 9: are pockets of quite sort of colorful behaviors still going

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Speaker 9: on in this industry that you wouldn't find anymore in

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Speaker 9: regular banking. Also, it's like a hugely competitive area. There

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Speaker 9: are loads of headhunters all over London, and there's a

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Speaker 9: lot of money at stake, and I think that gives

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Speaker 9: you a sense as to why a company might allegedly

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Speaker 9: delve into unethical practices. A successful trader, a big name firm,

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Speaker 9: for example, can negotiate a compensation package worth millions when

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Speaker 9: they move banks. The placement fees for headhunters can be

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Speaker 9: around twenty five percent of that trader's first year total

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Speaker 9: comp and they tend to be capped somewhere around one

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Speaker 9: hundred thousand pounds for the recruiter, but it can go

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Speaker 9: quite a bit higher than that.

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Speaker 1: So there's a lot at stake here. Thank you so much,

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Speaker 1: Will for bringing us your story. You can read it

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Speaker 1: in full on the terminal. Also on the Blueberg website,

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Speaker 1: Headhunter said to use fake IDs to do Wall Street traders.

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Speaker 1: That is Bloomberg's finance reporter Will Sure Now. Black workers

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Speaker 1: in the city of London say that inclusion is no

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Speaker 1: longer a priority for the financial and professional services industry.

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Speaker 1: Bloomberg Radio reported to at Adebayo has been speaking to

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Speaker 1: a raft of city workers past and present, who say

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Speaker 1: that recruitment efforts for underrepresented groups and diversity equity and

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Speaker 1: inclusion professionals have disappeared from firms in recent years, and

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Speaker 1: Tia joins me now in the radio studio for more

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Speaker 1: on this story that you've spent really weeks reporting on.

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Speaker 1: What have the people that you've spoken to said about

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Speaker 1: what has happened to inclusion initiatives.

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Speaker 10: So, Caroline, one person actually summed it up really well,

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Speaker 10: and that person is Pauline Miller. She's got twenty years

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Speaker 10: of experience running firms across the city, including State Streets

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Speaker 10: and Barklay's, and what she said to me is that

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Speaker 10: at the moment, we're experiencing this perfect storm of economic headwinds,

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Speaker 10: industry backlash, and also disappointing results from initiatives, which is

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Speaker 10: driving a real pullback from a lot of city firms.

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Speaker 10: And that's been reflected in the accounts of black employees

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Speaker 10: that I've spoken to, many of whom wanted to keep

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Speaker 10: their identities private. They've said they've noticed subtle changes. So

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Speaker 10: fewer Black History Month speakers, for example, fewer networking events

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Speaker 10: for people of color. So we're not seeing the same

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Speaker 10: regulatory pressure that is present in the States just yet,

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Speaker 10: but firms are reassessing their commitments and that's proven in

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Speaker 10: the data as well. I spoke to the Taylor Bennett Foundation,

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Speaker 10: which is an organization that operates across the communications landscape,

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Speaker 10: placing diverse candidates in firms such as HSBC and Santander,

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Speaker 10: and they said that demand for their paid internship programs

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Speaker 10: has actually seen a twenty five percent to year on

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Speaker 10: year since twenty twenty two, and that's despite seeing a

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Speaker 10: big uptick in interest in twenty twenty particularly following the

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Speaker 10: murder of George Floyd. And that drop in demand is

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Speaker 10: coming specifically from financial services and city firms. I also

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Speaker 10: spoke to Junior Garber, who founded a similar group called

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Speaker 10: Equity City, which works to get the minority candidates into

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Speaker 10: the city with a focus on insurance, and he said

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Speaker 10: the same thing. Budgets are dwindling, and really at the

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Speaker 10: heart of the problem seems to be this lack of

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Speaker 10: concerted effort from firms. I spoke to one person, Mark Lomas,

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Speaker 10: who's the head of culture at Lloyd's of London, and

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Speaker 10: he set out the problem really during our conversation. He said,

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Speaker 10: making real change takes very deliberate and targeted effort, and

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Speaker 10: not all firms are willing to do that.

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Speaker 2: So here's a bit of what he said.

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Speaker 11: I think we see this challenge across lots of employers,

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Speaker 11: and that is essentially and making sure that your processes

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Speaker 11: are fit for purpose. You are deliberate in how you

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Speaker 11: go out to attract talent, you have inclusive recruitment practices,

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Speaker 11: and then you have the ability and the practices to

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Speaker 11: retain talent. I think at the Lloyd's market, why we've

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Speaker 11: been so successful is because we've had a very deliberate

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Speaker 11: approach to it, so it's not impossible.

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Speaker 1: So that was Mark Loma's head of culture at Lloyd's

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Speaker 1: of London that you spoke to. You also report on

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Speaker 1: black workers facing a ceiling at work or leaving. It

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Speaker 1: is having an impact on people in their working lives.

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Speaker 8: Yeah.

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Speaker 10: From my conversations, it seems that an unintended consequence of

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Speaker 10: this urgency to act on diversity felt by a number

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Speaker 10: of city firms in twenty twenty was that some of

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Speaker 10: the DEI strategies that were focused on recruiting black talent

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Speaker 10: were rushed and they did it without adjusting company culture first.

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Speaker 10: And that's really showing in the experiences of black employees

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Speaker 10: and crucially the number of them leaving. So the data

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Speaker 10: shows that black talent is leaving firms in the city

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Speaker 10: before reaching the top fact the top ranks, so at

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Speaker 10: UK Law firms, black people are four times more likely

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Speaker 10: to leave than their white counterparts. And investment banking, actually

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Speaker 10: the figure for representation at a more senior levels it's

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Speaker 10: just zero point five percent, and we can see in

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Speaker 10: the ethnicity pay gap that's persisted too, particularly for black workers.

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Speaker 10: So that also suggests concentration at a junior level. But

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Speaker 10: employees that I've spoken to really speak to this phenomenon

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Speaker 10: of joining through a black focused recruitment scheme like the

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Speaker 10: Taylor Bennett Foundation all ten thousand black interns, and then

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Speaker 10: feeling abandoned without a clear pathway to progression in their career,

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Speaker 10: and that contributes to attrition to them leaving. So one

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Speaker 10: of those people was Karening Mipeiri. She's a former private

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Speaker 10: equity investment operations analyst and she's now an analyst a

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Speaker 10: large UK bank, and she says that since twenty twenty

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Speaker 10: there has been divestment from DEI and it's hurting her experience.

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Speaker 12: Now it feels a bit more like that conversation has

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Speaker 12: almost sort of been put to the back burner and

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Speaker 12: with the economic contraction sort of companies having to reconcile

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Speaker 12: with overhead and challenges. I think the and I was

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Speaker 12: the first thing to go really and it was subtle

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Speaker 12: things like, you know, maybe there wouldn't be as many

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Speaker 12: networking events for people from saying background, and maybe for

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Speaker 12: Black History Months they wouldn't do quite so many things,

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Speaker 12: and they wouldn't be quite so many speakers. But bit

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Speaker 12: by bit it does feel as though it's not really

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Speaker 12: as much of a priority as it used to be,

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Speaker 12: and I think that really trickles down into then your

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Speaker 12: working life as a black woman.

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Speaker 1: So that was Karen Mupereiri, one of the people that

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Speaker 1: you spoke to in this investigation. You've also done some

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Speaker 1: graneur reporting. I mean, you've talked a lot about the

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Speaker 1: data and data tracking is another issue the BAME umbrella,

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Speaker 1: which in the UK refers to black Asian and minority

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Speaker 1: ethnic people. There's also an issue with this in the data.

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Speaker 10: Yeah, so that was actually one of the most interesting

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Speaker 10: parts of this reporting, the existence of this data gap

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Speaker 10: as it pertains to black talent in the city. So

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Speaker 10: despite making these pledges to sort of increase equality, in

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Speaker 10: twenty twenty. Most firms actually don't publish data specifically about

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Speaker 10: their black employees, and it's also very difficult to find

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Speaker 10: published progress on these targets that they did set in

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Speaker 10: twenty twenty. And it's slightly to do with the law

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Speaker 10: in the UK around data collection for HRD appartments. They

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Speaker 10: rely on something called self reporting, so black employees and

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Speaker 10: other employees have to volunteer that ethnicity information, that ethnicity

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Speaker 10: information about themselves and it hurts the progress of DEI.

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Speaker 10: So one professional I spoke to who was the first

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Speaker 10: London based global DEI director, d an Asset Manager, said

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Speaker 10: whilst they were in that role, they were only able

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Speaker 10: to collect about sixty five percent of the ethnicity data

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Speaker 10: for the company from employees and that severely inhibited their

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Speaker 10: work because they couldn't back it up with these data points.

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Speaker 10: And they say that the work was then reduced to

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Speaker 10: performative at and when I spoke to groups who try

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Speaker 10: to lobby for change like change the Race Ratio, which

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Speaker 10: tries to get more Black representation at a board level,

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Speaker 10: they said quite simply, what gets measured gets done. So

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Speaker 10: without the data, it's really hard for firms not only

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Speaker 10: to track their progress, but for DII professionals to justify

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Speaker 10: that investment into what they're doing. And it's something we

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Speaker 10: see repeated across the city, across different firms.

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Speaker 11: So until that problem.

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Speaker 10: Gets solved, perhaps the pace of change will stay stagnant

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Speaker 10: or even slow.

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Speaker 13: This is Bloomberg Daybreak Europe, your morning brief on the

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