US financial firms need more top women managers: study

New York

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 per cent of firms' executive committees in 2013, up from 10 per cent a decade earlier, and more than a third of the companies had no females in their top management group, according to the study released on Thursday. Women comprised 20 per cent of firms' directors in 2013, an increase from 12 per cent in 2003.