Are Wall Street And Women Not Meant To Be?
Wall Street firms have been expressing regret concerning their treatment of women for years now but has their been any real progress? Just recently Goldman Sachs, Bank of America and Citigroup have been faced with lawsuits regarding their treatment of female employees. Some of the statistics compiled by the Wharton Business School are even more symptomatic of a growing divide.
The current situation
- Women hold significantly less jobs than men in the financial sector and yet, according to Bloomberg News, five times as many women were fired after the beginning of the recession.
- Bloomberg News also indicates that the pay gap between the two genders has increased between 2000 and 2007.
- The Wall Street Journal highlighted the fact that over the course of the last ten years, 9.6% more men work in finance while the number of women has decreased by 2.6%.
- The numbers get worse when considering a more specific group: young women.
- Over the same ten year span, the number of women aged 20 to 35 dropped by 16.5% and there are 21.8% fewer women in finance aged 20 to 24.
Possible explanations
- Hypotheses are often emitted stipulating that because women value work-life balance more than men they are not drawn to the grueling jobs found in the financial sector.
“I resist looking at this as an issue of ‘women don’t want to work as hard. They do work hard and want to, but they want it to pay off.” Monica McGrath, adjunct professor of management at Wharton
- The problem is that on Wall Street, it is not obvious that their efforts pay off.
- In 2008, women executives represented just over 10% of all Wall Street execs.
- In 2009, the number had slipped to just below the 10% mark.
- The recent lawsuits against Wall Street’s Goldman Sachs, Citigroup and Bank of America, filed on the basis that the companies are “failing to address the pervasive discrimination and retaliation that its female employees have been subjected to through the course of their employment” according to the WSJ, does not exactly make jobs in finance more appealing to women.
Why this matters
- If Wall Street does not make a real effort to become more appealing to women, its companies will in essence be losing out on 50% of the available talent and on more than 50% of all college graduates.
“If women are finding satisfying opportunities elsewhere, do they really need Wall Street, and does Wall Street need them? Most observers say “yes” on both counts.“ Wharton Business School article
- Women, on the other side of the equation, are being kept out of some of the most important and highest paying jobs available.
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