Employing Caucasian men now requires special permission from investment firm bosses.

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When it comes to hiring Caucasian men, investment firm executives now need special permission.

It has been revealed that hiring a white man at a financial firm now requires special permission.

State Street Global Advisors will continue to hire Caucasian men, but recruiters must demonstrate that they have also interviewed women and ethnic minority candidates.

It comes as the company aims to triple the number of black, Asian, and other minority ethnic staff (BAME) in senior roles by 2023, making it one of the largest investment firms in the world.

This is part of a larger effort to increase diversity among the company’s middle and upper management.

According to The New York Times, if the target is not met, executive bonuses will be reduced.

Jess McNicholas, the bank’s London-based head of inclusion, diversity, and corporate citizenship,

“This is now front and center for State Street — it’s on everyone’s scorecard,” she said.

“At their annual appraisals, all of our leaders must demonstrate what they’ve done to increase female representation and the number of colleagues from ethnic minorities.”

When hiring middle management staff, recruiters must create a panel of four or five people that includes a woman and someone from an ethnic minority background.

Employees with the rank of vice-president or higher are classified as this.

Over the next three years, the company plans to diversify its workforce as well as its suppliers.

“We will hold ourselves accountable for strengthening black and Latino-owned businesses,” State Street has pledged.

The company currently employs 39,400 people in 30 offices around the world, including one in London’s Canary Wharf.

“At State Street, inclusion and diversity are embedded in our values and culture,” it says on its website’s “Our Mission” page.

“We understand that having a diverse workforce and a welcoming culture makes us stronger and more successful.”

“We make it a priority to ensure that all of our employees around the world feel their identities and experiences are represented, embraced, and celebrated in today’s fast-paced and evolving world.”

“It is critical to our business that we foster an environment that encourages our employees’ authenticity.”

“We cultivate a global force of leaders that reflects the diverse markets we serve by educating, inspiring, and empowering our employees at every level.”

“That’s why we put such a strong emphasis on attracting, hiring, developing, and advancing all types of talent.”

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