What she lacked in ready-made inroads, she made up for with resourcefulness and persistence. She spent the summer doing trading comparables and drafting company overviews at Bank of America Merrill Lynch. Her success there led to an offer of a post-graduation job on their leveraged finance team.
My Vault For the past several months, controversy has been brewing across the Atlantic about the possibility of the European Commission imposing gender quotas upon company boards. In fact, it's possible that certain European companies will soon be required to have 40 percent of their board seats occupied by women.
Which, at a glance, might sound like a good idea.
That is, why not force firms that are most definitely not embracing female diversity to place a significant number of women in senior roles albeit non-executive roles, which is to say roles that aren't technically inhabited by employees but outside directors.
Looking a bit deeper into quotas, though, and it's very possible, and even probable, that they could prove more harm than good when it comes to increasing female representation at the top of finance firms org charts.
And no one knows just how much harm more than the top-ranking women on Wall Street. And many spoke out against them.
Elizabeth Corley, the CEO of Allianz Global Investorscalled quotas "misguided" and "a heavy stick" and said they should be used only as "a last resort. Which, she pointed out, is a "bit of a burden for anyone to deal with.
Which, of course, would only hurt women in the workplace, not help them. Also coming out against quotas was Marisa Drew, a Credit Suisse managing director. She agreed woth Corley that quotas could have "unintended consequences, undermining … gender representation.
However, Drew also said there should be a "nudge," explaining that "if there isn't some type of a pressure with the perception that there are consequences on the back end, I think the excuses for inaction remain. Now that the topic of the lack of senior-level women in finance is being talked about, Drew said finance firms need to "keep the spotlight on the issue" and work hard toward increasing women's representation in senior roles.
While Drew conceded that women haven't gained much ground in the past decade in finance, she expressed some although not much confidence that ground could be made in the coming years. More important, according to Silver, is the industry and regulatory focus shouldn't be on increasing female representation in non-executive roles where, incidentally, it's possible that one woman could work on numerous boards, fulffiling several quotas on her own but on increasing female representation in executive roles, that is, in senior management throughout finance firms.
Silver called this "the real challenge. In a Wall Street Journal article published this past summer entitled "Women in Finance Are Cold on Quotas," Pam Kaur, the global head of audit at Deutsche Bankwas cited as saying "there was a clear distinction between companies that want to address gender imbalance because it seems the right thing to do politically, and companies that believe it makes business sense.
Which is certainly shortsighted given the amount of recent data some of which appeared in the aforementioned Journal article that supports the belief that diverse senior management teams result in larger profits.
And given that many finance industry observers have asked if the financial crisis of could have been mitigated had their been more estrogen in banking C-suites.
And given that some observers, including this one, believed the answer to be yes.“It takes wisdom to grow, strength to overcome, will to persevere, and power to inspire. ” — Jaclyn Milford, founder.
In short, I think that this Vocal Fry trend is an instance of Wall Street invading Main Street.
Personal Access. If you have access to this journal as a benefit of membership in the sponsoring organization, log in through the member link in the right column. The Wall Street Women’s Alliance is an inter-firm network of networks, dedicated to creating a culture that enables women to advance to c . Jul 06, · Fisher’s Wall Street Women is a topical text. Fisher, an anthropologist, conducted extensive Fisher, an anthropologist, conducted extensive interviews over two decades with the first generation of Wall Street women, the door openers.
Young American women have picked up on a way of talking found in a very small clique of wealthy and. Apr 20, · An "Orange is the New Black" and "Law and Order" star are teaming up to tell the stories of Wall Street's women.
The Wall Street Journal: Secrets of Wealthy Women. podcast on demand - A rotating cast of money-savvy experts join The Wall Street Journal’s Veronica Dagher to explain how women can empower themselves and establish financial and professional stability.
Nov 22, · A defiant statue of a young girl facing off with Wall Street's famous “Charging Bull” was placed on Broadway by an index fund giant the same day it rolled out an initiative to get more women. Trading Places, American Psycho, Margin Call, Wolf of Wall Street, The Big Short the list of blockbuster films depicting the moneyed world of Wall Street are overwhelmingly written by men, directed by men, produced by men, and — you guessed it — starring men.
Women in powerful business roles are sparse.