Culture in Financial Services: What the Numbers Really Say
Discover the good, the bad, and the ugly of culture in Financial Services. Real employee data shows what drives — and holds back success.
The Financial Services sector has long been associated with high performance, long hours, and fierce competition. But what’s it actually like inside some of the world’s largest banks?
Looking at culture intelligence data from 2023 to 2025, we explored how employees across the sector experience their workplace. The data doesn’t just capture the culture of individual firms — it shines a light on the strengths employees value most and the weaknesses that continue to frustrate them across the industry.
For CHROs and senior leaders, the questions are pressing:
How do you sustain collaboration and team spirit in organisations that operate across continents and silos?
What does real investment in learning and development look like when skills are evolving faster than ever?
How do you balance competitive reward structures with the need to build purpose, progression, and long-term engagement?
This level of insight helps leaders move beyond assumptions and anecdotes. It gives a sharper view of how culture is really experienced across the industry — and it raises a clear challenge: can Financial Services build on its strengths while tackling the systemic barriers that hold people back?
The Good
Collaboration remains a cultural asset
Employees across several firms report strong collaboration. BNP Paribas (59.9) stands out as a clear leader, and HSBC (43.6) also performs above the peer average (40.0). In a sector known for silos, these numbers suggest employees are increasingly finding ways to connect, share knowledge, and work together.
Learning & Development is an investment priority
Every firm outperforms on this dimension. JPMorgan (59.9) and HSBC (54.7) lead, showing that structured development, training, and upskilling are firmly embedded. This is critical in a sector facing constant regulatory change and digital disruption.
Pay & Rewards are strong at the top end
While progression pathways are less clear, pay is a differentiator. JPMorgan (39.5) and Barclays (36.7) score well ahead of the peer average (24.6), showing how compensation remains a competitive tool in the fight for talent.
| Company | Collaborative | Learning & Development | Pay & Rewards |
|---|---|---|---|
| BNP Paribas | 59.9% | 52.8% | 2.5% |
| HSBC Holdings plc | 43.6% | 54.7% | 12.4% |
| Citigroup Inc. | 26.0% | 43.5% | 31.9% |
| Barclays Plc | 41.8% | 37.4% | 36.7% |
| JPMorgan Chase & Co. | 28.7% | 59.9% | 39.5% |
| Peer set average | 40.0% | 49.7% | 24.6% |
Source: Deltabase Culture Intelligence, 2023–2025
The Bad:
Bureaucracy is slowing the sector down
Agility and bureaucracy remain the lowest-performing dimensions. Barclays (−81.0) and Citigroup (−79.6) illustrate how processes and hierarchies weigh heavily on employees, limiting responsiveness and innovation.
Empowerment is missing
Employees don’t feel they have the autonomy to act. JPMorgan (−54.9) and Barclays (−50.0) highlight how decision-making power is often concentrated at the top, leaving teams unable to drive impact.
Career progression frustrations
Despite strong development programs, employees feel uncertain about their future. HSBC (−50.8) and BNP Paribas (−49.4) underline a lack of clear advancement pathways across the industry.
| Company | Agility & Bureaucracy | Empowerment | Career Progression |
|---|---|---|---|
| BNP Paribas | -47.6% | -40.0% | -49.4% |
| HSBC Holdings plc | -79.5% | -34.5% | -50.8% |
| Citigroup Inc. | -79.6% | -47.2% | -24.6% |
| Barclays Plc | -81.0% | -50.0% | -42.2% |
| JPMorgan Chase & Co. | -77.2% | -54.9% | -26.5% |
| Peer set average | -73.0% | -45.3% | -38.7% |
Source: Deltabase Culture Intelligence, 2023–2025
A Disconnect Between Talk and Action
Another pattern emerging from the data is what we call the “progress gap” — where companies communicate modern, forward-looking values but fail to embed those values into culture and practice.
The “Progressiveness” category scored -57.7% below baseline on average. Employees frequently referenced inclusive initiatives, innovation labs, or ESG efforts — but described these as surface-level, tokenistic, or slow-moving. In some cases, the bureaucracy issue feeds directly into this, as even well-intentioned transformation efforts become bogged down in process and hierarchy.
The Ugly
Purpose feels absent
Across the peer set (−65.8), employees question the “why” of their work. Citigroup (−72.9) and HSBC (−66.2) show particularly deep gaps. Without a stronger sense of meaning, firms risk disengagement at a time when purpose is increasingly valued.
Technology is a barrier, not an enabler
With the exception of JPMorgan (10.2), all banks report negative experiences with workplace technology. BNP Paribas (−57.5) and Barclays (−40.3) illustrate how legacy systems and clunky tools are dragging culture down.
Progressive culture is missing
All banks perform poorly on progressiveness, with HSBC (−75.6) and Barclays (−73.1) among the weakest. For institutions under pressure to adapt, the absence of an innovative, forward-looking culture is a critical gap.
| Company | Purpose | Technology in Workplace | Progressive |
|---|---|---|---|
| BNP Paribas | -64.2% | -57.5% | -62.2% |
| HSBC Holdings plc | -66.2% | -37.8% | -75.6% |
| Citigroup Inc. | -72.9% | -41.4% | -71.3% |
| Barclays Plc | -64.0% | -40.3% | -73.1% |
| JPMorgan Chase & Co. | -61.9% | 10.2% | -71.6% |
| Peer set average | -65.8% | -33.4% | -70.7% |
Source: Deltabase Culture Intelligence, 2023–2025
How Deltabase Helps
The financial institutions profiled here vary in size, global footprint, and market focus — yet the cultural patterns are strikingly consistent. This reflects what we’re seeing across the financial services sector more broadly: strong results on collaboration, learning, and rewards, but deep challenges around bureaucracy, empowerment, and purpose.
These are not just HR issues. Culture is now a board-level risk factor — shaping everything from digital transformation and AI adoption to customer trust, regulatory compliance, and long-term competitiveness.
If you’re a leader in the sector, ask yourself:
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Can your people connect with the purpose behind your strategy?
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Do they feel empowered to deliver it at pace?
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Is your culture evolving as quickly as the risks and opportunities in your market?
Want to See Your Culture in Context?
If you’re responsible for people, culture, or transformation inside a utility firm — we’d love to show you what’s going on in your company and how it compares to your peers.
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Leroy Hall
http://deltabase.ioLeroy Hall is a strategy and culture specialist at Deltabase, where he helps organizations unlock insights into leadership, workforce, and cultural dynamics through data-driven intelligence.
