Banks Seen Needing More Top Women as U.S. Trails Russia

Financial firms are failing to promote women to the ranks of top managers as quickly as they’re adding female directors to their boards, a report from consulting firm Oliver Wyman found.

Women made up 13 percent of firms’ executive committees in 2013, up from 10 percent a decade earlier, and more than a third of the companies had no females in their top management group, according to the study released today. Women comprised 20 percent of firms’ directors in 2013, an increase from 12 percent in 2003.