M&T Outlines Employee Demographics in First Annual ESG Report

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In its first annual report on environmental, social and governance practices, M&T Bank Corp. said that 60% of its employees are female and 23% are people of color.

In its top ranks, 40% of the bank’s board members come from diverse backgrounds, the bank said, including Chief Executive Officer Rene Jones, who is Black. Of three directors added to the board last year, two are women and one is a person of color, according to a statement released alongside the report.

Among the bank’s executive management staff, 26% are female, and 6% are people of color, according to the report. The disclosure lands as major financial firms wrestle with the prospect of undertaking racial audits that would review their potential adverse impacts on communities of color and weeks after Goldman Sachs Group Inc. offered a rare look at the demographics of its workforce.

M&T also said in the report published Tuesday that it intends to invest in efforts to reach previously “underrepresented” consumers, including the unbanked and the underbanked. Lawmakers have recently pushed for measures to help those groups and raised concerns about underbanked Americans at a Congressional hearing with the heads of the six largest U.S. banks last month.

©2021 Bloomberg L.P.

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