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The Bank of England is making progress on its gender diversity goals, but still has work to do to meet it targets in this and other areas, according to Chief Operating Officer Joanna Place.

Senior managers at the three-century old central bank are now 31% female, up from 29% in 2018, Place said in a speech in London Wednesday. Women make up 46% of staff at other levels, an increase from 45% last year. The BOE is targeting rates of 35% and 50% by next year.

However, its still needs to make more progress toward its ethnic diversity goals, Place said. Black, Asian or other minority ethnic employees make up just 5% of senior managers and 19% of other staff, Place said. The BOE’s is aiming to boost the figure for senior managers to 13% by 2022.

“We have made progress but recognize that there is more to do, not only in respect of gender diversity but also in ensuring that people feel able to join and thrive in the Bank regardless of their identity,” Place said.

Governor Mark Carney defended the BOE’s track record on diversity at a May 2 press conference and said the central bank is “on track” to meet its gender target.

“The pipeline is very strong. We’re making big progress in the graduate intake, and others, and hiring intake in terms of BAME, and other characteristics. What we can influence we are, and we’re making progress, and that is more than just who you bring in, but it’s how you work, and how you act, and how you develop. We are shifting the dial on that without question.”

The BOE’s median gender pay gap is now 23%, Place said -- the lowest since the figures started being reported in 2017. The institution has also seen a drop in the resignation rate among women to 6.4%, from 8.1% last year. The rate among men fell to 7.1%, down from 8.3%.

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