Smashing the glass ceiling

Women take two of the most high profile banking jobs in Britain and Europe

TWO women have entered the banking industry’s top ranks, as they started their tenures at heavyweight institutions.

Alison Rose, the chief executive of Royal Bank of Scotland (RBS), took over from Ross McEwan yesterday.

Her first day co-incided with that of Christine Lagarde (left), who took the reins at the European Central Bank (ECB).

Rose, 49, (right) who has been handed the task of lifting RBS’s share price to a level where the Government might begin selling off its 62pc stake, spent her first day meeting customers.

She spoke at a round-table event in RBS’s North London Entrepreneur Accelerator, where the bank runs coaching programmes to help small-business customers looking to expand their firms, on how the lender might best be able to support Britain’s start-up companies.

Earlier in the day, the motherof-two gave an address broadcast to more than 4,500 RBS staff in which she promised to focus on improving diversity and inclusivity, supporting entrepreneurship and battling climate change.

Rose, who started working at RBS-owned Natwest 27 years ago as a graduate, said: ‘I am a mother, I am a CEO, an employee and employer. I carry many considerations, dreams and aspirations – and so do our customers.

‘We need to be flexible and agile enough to respond to multifaceted and quickly changing needs and ambitions.’

Her tone marked a decisive break with the toxic culture at RBS ahead of the financial crisis when disgraced former boss Fred Goodwin was at the helm.

Goodwin was accused of promoting a ‘culture of fear’ and practising an ‘aggressive, macho management style’, which hung over RBS even after he left in 2009. Rose added: ‘We have made huge progress in building a great place to work and developing a culture where everyone can be the best they can be.’

Her appointment comes as Marianne Lake, the British single mother who heads JPMorgan’s consumer lending division, has been tipped to replace so-called ‘King of Wall Street’ Jamie Dimon at the top of the US bank.

As Rose was taking the helm at RBS, Lagarde – the ex-boss of the International Monetary Fund – began her reign at the ECB.

She replaces Mario Draghi, who has been labelled ‘the man who saved the euro’ for his handling of the Greek financial crisis.

But Lagarde, 63, also faces a tough first few months in the job as Germany teeters on the brink of recession and the eurozone economy has stuttered to a nearstandstill. Despite clouds looming over both RBS and the ECB, the appointment of women to lead them has been welcomed.

Denise Wilson, chief executive of the Hampton-Alexander Review that aims to increase the number of female bosses on companies’ boards, said: ‘This is a great day for women in finance.

‘There is no shortage of capable women in the finance sector – nor indeed in any sector of industry. It is a sign of progress and cause for celebration that women are finally being appointed into the most senior jobs.

‘However, there remains much more to do to ensure every woman can thrive and achieve their full potential.’

Sam Smethers, chief executive of gender equality charity the Fawcett Society, said: ‘Given that male group-think largely caused the 2008 financial crash, a few more women at the top of financial institutions is long overdue.

‘But with 95pc of FTSE 100 companies headed by men, we are still some way from ending male dominance. My champagne is still on ice.’