And to offer a very practical suggestion as to how each of you might be able to do more in your organisations too. Why diversity and inclusion matters The Bank’s approach is to consider all aspects of diversity as part of a broad strategy to deliver an inclusive working environment for all our colleagues. And I can tell you from speaking with senior leaders throughout the City that diversity and inclusion are no longer seen as HR buzzwords, but as critical ingredients to running a successful organisation. A workforce that lacks diversity will never be as effective as it could be. That should be obvious. If we look the same, think the same, and come from the same backgrounds, then we are bound to make the same mistakes. Strangely enough, I have found an analogy to this issue in my day job as the supervisor of UK banks. If a bank has substantial exposures in one sector or geography, it is running significant risk. On the other hand, a bank with a diversified portfolio is less exposed to something going wrong in any one area, and so will likely find itself better positioned, in most states of the world, to weather bad times. Launched in 2011, “The Network of Networks” (TNON) serves as both a forum for sharing best practice and a support community for the leaders of employee networks.
Out and proud – a note-worthy cause Speech given by Sarah Breeden, Executive Director, UK Deposit Takers Supervision  LGBT The Network of Networks (TNON) breakfast, Bank of England 25 July 2019  I would like to thank Zane Jamal, Nick Strange and Eoghan McArdle for their help and assistance in preparing this speech 1  All speeches are available online at www.bankofengland.co.uk/news/speeches  I am very pleased to welcome you all here to this cross-industry employee Network of Networks (TNON)1 event at the bank for banks that is more famously known as the Bank of England. Being a bank for other banks is just one of our roles. For many people, we are known best for printing Sterling banknotes. On that theme, I am sure that many of you are aware that just last week we announced that the new face for our next 50 pound note will be Alan Turing - father of computing and artificial intelligence, the basis of our modern economy, and a gay man persecuted for his sexuality2. The response to this news from the Lesbian, Gay, Bisexual, Transgender plus (LGBT+) community has been incredibly positive. Speaking personally, I was thrilled to hear it given my role as executive sponsor of the Bank’s LGBT+ and Allies network. Building on this positive momentum, I want to use my opening remarks today to set out what more we can do to support this community.