Barclays increased graduate hiring 46% in two years, but diversity is falling
Barclay's Q4 and full year 2024 results, which were released today, were pretty good. Banking revenue was up, and top performers were rewarded. More juniors were hired. Barclays' diversity pledges, however, appeared to fall by the wayside.
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Barclays hiked graduate hiring by 46% last year compared to 2022, the last year when graduate hiring figures were provided. 1,224 graduates were recruited globally in 2024, versus 841 two years previously. The number of interns also increased in the same period by 22%, from 1,190 to 1,449. Only apprentices were fewer in number; from 440 in 2022 to 217 in 2024, a decline of more than 50%.
The total number of fresh young faces at Barclays therefore went from 2,471 in 2022 to 2,890 last year, an increase of 17%. Barclays set itself a target in 2021 of achieving 5.2% of its UK workforce to be "underrepresented ethnicities" by the end of 2025, a goal it has since achieved (and revised upwards).
In turn, the bank has maintained its commitment to diversity. Barclays is “meritocratic”, CEO C.S. Venkatakrishnan said in its Q4 call with journalists. “If you want to get the very best people, by necessity, you get a very diverse workforce.” However, at senior levels diversity inside the bank is falling.
In 2021, the bank said it was targeting a female representation of 33% of its MD class by 2025. That hasn't occurred. Although the percentage of female MDs increased, from 24% in 2018 to 30% in 2023, it remained flat at 30% last year.
Barclays' missed targets come as diversity schemes have been cut from the industry in the US. Goldman Sachs, which pledged to keep its diversity-related ambitions as recently as a few weeks ago, has since backtracked. GS International head Richard Gnodde said yesterday that a diversity rule for companies to IPO has since “served its purpose.” That was quick.
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