Lydia, who reached the role of UK Chief Credit Officer, shares her journey of navigating the intricate world of finance and risk management and her reflections on how the industry can still do more when it comes to diversity and inclusion.
Insights from Lydia Lee-Crossett, Managing Director, Senior Risk Executive
However, Lydia’s success is not without its broader lessons for the industry, especially regarding gender diversity in leadership. Despite the progress made, the investment banking sector still struggles to elevate more women into senior roles. She often found herself being the only woman sitting at the table or in the room, and even more often she was the only female MD.
Lydia acknowledges that her journey was far from conventional and often fraught with systemic challenges, including the infamous “glass ceiling.” She credits her rise not to focusing on vertical advancement but to cultivating horizontal development, asking the right questions, taking feedback on board, deepening management skills, and building credibility with stakeholders—but she also notes that not all women receive the same support or opportunities.
Why Diversity Matters in Leadership
Lydia highlights that diverse teams drive better decision-making and diversity of thought, particularly in areas like credit risk, where understanding a broad range of perspectives and experiences can lead to asking the right questions and more robust governance and strategy.
Yet, while the industry has recognised the business case for diversity, there is still work to be done to create environments where women feel supported and empowered to rise through the ranks.
The lack of visible female role models in senior leadership positions can deter aspiring women from believing they belong in such spaces. Lydia emphasises the importance of mentoring:
“Find mentors outside your department and outside your organisation, and a level above. They provide a different perspective on both business and personal development.”
She also advises women to take ownership of these relationships, using tools like personal gap analysis to:
- Identify current skills and accomplishments
- Compare them with the proficiency level they aspire to achieve
- Gain a clear understanding of skill gaps (technical and personal)
- Develop a roadmap for professional growth
- Creating Structural Support for Women
Lydia believes that organisations need to do more to establish structured assessments and transparent promotion pathways that support women’s advancement.
Senior Management must show commitment to a holistic strategy to drive inclusion and diversity, with targets that aim to bridge the gap between minority and majority groups.
She recalls a time when leadership roles were automatically assigned to individuals who didn’t always possess the right skills, mindset, or tools to manage their teams. Today, businesses must choose leaders based on their ability to embrace and drive inclusivity to ensure sustainable, long-term change.
Be curious. Grow horizontally. Take responsibility for your career. Network. Seek feedback early and often.
Navigating the Double Bind
One of the unique challenges women face in investment banking is the “double bind”—the pressure to be both assertive and likeable, competent yet approachable.
Lydia advises women to remain authentic and focus on their strengths:
“Prove you’re ready for leadership by performing the role before the promotion comes. People thought I was an MD before I was officially one. That perception matters.”
The Need for Collective Action
Lydia notes that achieving greater diversity in investment banking leadership isn’t just about individual effort—it requires collective action.
This includes:
Addressing biases in hiring
Creating more flexible working environments
Fostering inclusive cultures where diverse voices are genuinely valued
For her, hybrid working models represent a double-edged sword. While they provide flexibility, they also risk sidelining employees who aren’t physically present.
Organisations must find ways to ensure visibility and opportunity for all staff, regardless of their work location.
Final Reflections: Inspiring the Next Generation
Lydia’s advice to aspiring leaders—women and men alike—is simple yet profound:
- Be curious
- Grow horizontally
- Take responsibility for your career
- Network
- Seek feedback early and often
For organisations, her message is equally clear:
- Hire better people than yourself
- Develop managers to manage with intention
- Build environments where everyone can thrive and reach their full potential
The world of financial services remains one of the most intellectually stimulating and challenging fields, but without deliberate efforts to embrace diversity, it risks losing out on the full spectrum of talent.
Lydia’s story reminds us of what’s possible when individuals and organisations commit to breaking barriers and creating pathways for all.