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State Street Global Advisors will still hire Caucasian males – but recruiters must show that women and ethnic minority candidates have also been interviewed. It comes as the company – one of the world’s biggest investment firms – aims to triple the number of black, Asian and other minority ethnic staff (BAME) in senior roles by 2023.

This is part of a drive to improve diversity within its middle and senior management.

Should the target not be met – executive bonuses will be lower, The Times suggests.

Jess McNicholas is the bank’s head of inclusion, diversity and corporate citizenship in London.

She said: “This is now front and central for State Street — it’s on every senior executive’s scorecard.

“All of our leaders have to demonstrate at their annual appraisals what they have done to improve female representation and the number of colleagues from ethnic-minority backgrounds.”

Under the new rules, recruiters must create a panel of four or five people that includes a woman and someone of an ethnic minority background when hiring middle management staff.

This is classified as employees at vice-president and above.

As well as seeking to diversify its own staff, the firm has similar aims with its suppliers over the next three years.

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State Street has vowed to “hold ourselves accountable for strengthening black and Latino owned businesses”.

The firm, which has 30 offices worldwide including in Canary Wharf in London, currently employs 39,400 people.

On the “Our Mission” section of its website, it says: “At State Street, inclusion and diversity are embedded in our values and culture.

“We know that an inclusive culture and a diverse workforce make us stronger and more successful.

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“In a fast-paced and evolving world, we make it a priority to ensure that all of our employees across the globe feel their identities and experiences are represented, embraced, and celebrated.

“Fostering an environment that encourages the authenticity of our employees is essential to our business.

“By educating, inspiring, and empowering our employees at every level, we cultivate a global force of leaders that reflects the diverse markets we serve.

“That’s why we focus on attracting, hiring, developing, and advancing talent of all kinds.”

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