The bosses of State Street Global Advisors which is one of the world’s largest investment management companies will now be required to get special permission if they want to hire white men.
The new rule comes amid the company’s aim to diversify its staff with minorities and people of black or Asian descent.
It plans to triple the number of minority representatives in its staff by the year of 2023.
If the plan will not be reached executives will have a drop in their bonuses.
The company has as many as 30 offices spread across the world and the estimated number of its employees is almost 40,000 people.
“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,” the bank’s head of inclusion Jess McNicholas said in a statement.