The number of women holding senior roles in financial institutions will only fall over the next 10 years unless firms act quickly to change their hiring, retention and promotion practices, according to an influential consultant.

In its When Women Thrive report, published on October 26, human resources consultant Mercer said the already small proportion of female representation in executive-level jobs in finance was being eroded and stood to fall from 15% to 12% by 2025 if there was no change to the status quo.