a case study on the failure of Wall Street to vastly recognize women as viable solutions to portfolio management and other high-profile positions that are predominantly held by men.
Diversity on Wall Street: Where are the women decision makers?
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Signature Assignment:
The Diversity Failure of Women on Wall Street vs International Finance Firms
Stacey Troup
Managing Organizational Behavior/ MBA-646
August 15, 2018
Professor Dr. Anastaisia Luca
Touro University Worldwide
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Abstract
Women in investment banking seems a simple term. But why have so many US firms
failed to promote or even hire women in positions of power at these firms? Great strides are
being made overseas in order to not only measure diversity and inclusion of women in finance
but implementation of measurables to ensure delivery of this deliverable in accordance with the
corporate vision and ethics statements is making these firms light years ahead of efforts for
inclusion. A review of the US vs. international markets will be done, showcasing a vast
difference in how these things are measured, reported, delivered, and carried out at financial
firms.
Keywords: Institutional Investors, diversity and inclusion, hedge funds,
European investments, female discrimination, sexual harassment in finance.
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Women On Wall Street – A Question of Diversity Acceptance
When we think of diversity and inclusion, we think of the acceptance of different
cultures, orientations, regions and other sociological factors of people from various places as
they integrate into the U.S. business markets. However, while the country seeks to embrace
different cultures as part of their corporate diversity programs they are so eager to publish, an
ugly beast is rearing its head just under the surface – the failure to hire and promote women in
positions of power at financial services firms. While Europe is clearly ahead of the curve in
terms of diversity for women, they have also been rewarded with better ROI and a positive
investor confidence as a result. This paper will dive into the differences in hiring practices and
diversity measures of women in both the US and Europe, the laws that are in place in both which
prohibit this type of behavior, and who is exactly doing what should be done in order to foster a
positive corporate culture for years to come.
Ruth Bader Ginsberg
When we dive into the past as an extension of where we came from and the struggles that
were fought so that we could enjoy the liberties that we embrace in today’s society, this current
landscape would not be what it is without the extraordinary efforts of Ruth Bader Ginsberg.
Ruth Bader Ginsberg is a pioneer and icon among women for her tireless efforts toward
gender equality during and after her time in law school. Upon joining the ACLU, she partnered
with several equally strong women in the fight to have things such as employment protected in
the event of a pregnancy, as many during her time were fired for being just that (ACLU, N.D.).
Realizing the social injustice women faced in the world of male-dominated employers,
she fought tirelessly against sexual harassment, pay equality among the sexes, admission of
women into colleges prohibiting female candidates (such as Citadel College), and sexual equality
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in the workplace. In terms of sexual equality in the workplace, she fought relentlessly for the
ability for women to enter only male-dominated careers and vice versa, as she felt everyone
deserved the chance at the career of their dreams, regardless of their born gender (ACLU, N.D.)
With all of the efforts of the ACLU, Ruth Bader Ginsberg, and her team of women
fighting the battles for equality decades ago, how do we find ourselves at the forefront of a
discriminatory workforce within the realm of corporate investment banking? The answer is the
oversaturated, male-dominated, ivy league “boys clubs” that seemingly permeate investment
banks and hedge funds of New York City, refusing to allow women into positions of power, lest
they lose a piece of their power over these women and the respect of their ivy league brothers.
CHRISTENSEN V. IOWA – SEXUAL DISCRIMINATION LANDMARK CASE
Throughout the course of history, Ruth Bader Ginsberg (RBG) was integral in her efforts
for gender equality, equal pay, and workplace equality. Working with a “dream team” of women
who helped overturn the segregation laws for women and minorities in the workplace, they
successfully challenged the sexual discrimination practices of Iowa’s UNI College in the
landmark case of Christensen v. Iowa (ACLU, N.D.). That case challenged the ability of
workers of different sexes to be hired into departments which were seen as discriminatory.
Departments such as the clerical department, who were vastly or exclusively women, were also
drastically underpaid compared to the grounds workers of the university who were almost,
exclusively male at the time of the suit. This case set a precedence of discrimination in the
workplace as well as started the legwork for pay equality (same pay for same job) legislation as
Iowa was found to be discriminatory in its practices during this trial (Christensen V. State of
Iowa, N.D.).
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Title VII Of The 1964 Civil Rights Act
Under Title VII of the 1964 Civil Rights Act, specifically relating to this paper’s content
is the section relating to Unlawful Employment Practices, SEC 2000e-2, Section 703 which
states:
“It shall be an unlawful employment practice for an employer -
(1) to fail or refuse to hire or to discharge any individual, or otherwise to
discriminate against any individual with respect to his compensation, terms, conditions, or
privileges of employment, because of such individual’s race, color, religion, sex, or
national origin; or
(2) to limit, segregate, or classify his employees or applicants for employment in
any way which would deprive or tend to deprive any individual of employment
opportunities or otherwise adversely affect his status as an employee, because of such
individual’s race, color, religion, sex, or national origin” (Title VII, N.D.).
So why, in the modern age of opportunity and decades following these landmark
cases on equality, hiring practices, pay equality and gender legal fights for jobs, do we find
ourselves in an environment of privilege, ivy league “boys clubs”, and an underserved
market by women executives such as that of the financial services industries in New York?
Why has this been so drastically overlooked by the government, the hiring firms, and the
market in general? Could it be that we still face sexual discrimination in a modern
environment? It sure seems so. When we compare the number of female executives
managing hedge funds, mutual funds, or in positions of power in places around the world (of
finance) compared to that of the U.S., we can see vast differences in the views of the respect
of female executives within the industry.
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Women in Positions of Power In Finance – The US V. Europe
Several independent firms have done evaluations of the global banking environment
to help discern the diversity efforts of these companies, the reporting trends in their financial
statements to investors, and what they are truly doing about helping overcome the stigma of
retaining women executives within their walls.
As outlined in a survey conducted by CNBC.com, women are trying to get ahead in
finance but their efforts are rarely noticed by men (U.S.). This report outlines that less than
17% of senior leaders in investment banking are female, while private equity firms only
boast a 9% female executive structure. Hedge funds, trying to prove they are attempting to
bridge the gap, are reported to have an 11% female executive leadership representation
(Boorstin, 2018). Within these “male-dominated cultures” lays the claim that lack of (upper)
management support or biased corporate culture as the biggest obstacles preventing women
from advancing in these markets (Boorstin, 2018) (numbers represent US presence).
European banks and investment firms seem to be leading the way in terms of their
diversity and inclusion efforts as they realize the impact having a woman on their executive
committee or managing their fund has on the reputation of the management team, the firm’s
progress toward change, and their commitment to finding the right person for the strategy,
regardless of their gender.
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The Harvard Study (US Markets)
As Harvard Business Review reports, the 2016 Labor Statistics Report cites that 47%
of management and professional roles in American financial firms are held by women.
However, these statistics have been challenged due to the inconsistency that (denying) “an
underlying lack of progress of gender equality in financial services” whereby these firms set
their own definition of an “executive” role and that true C-Level, Board Member, or
Executive Committee numbers for these positions held by women are likely skewed as a
result of inclusion of roles of lower and middle management roles (St-Onge & Jaekel, 2016).
Harvard took to surveying and analysis of 50 U.S. Financial Services firms to get to
the root of these numbers and reveal the truth about diversity for women in the sector. The
study revealed that women hold only 20% of Executive Committee leadership roles, 22% hold
Board of Directors positions and only 12% hold CEO positions with large U.S. based financial
services firms (St-Onge & Jaekel, 2016).
During their study, they discovered that there is a perceived “impression of success”
in investment bankers, most of these qualities historically belonging to male counterparts
including aggressive demeanor, dominating personality, and specific transactional traits.
The study also revealed that (women feel) firms take greater risks on men and require
women to prove themselves rather than taking a risk on their ability to do the same job (St-
Onge & Jaekel, 2016)
Finally, the study concluded that as a result of 2013 survey by CTI, women who earn
over $100k per year and possess vast liquidity for investing, continue to fail to retain investment
professionals who they feel meet or understand their goals, seemingly due to the lack of women
advisors running investment firms (St-Onge & Jaekel, 2016).
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EUROPEAN MARKET ANALYSIS
European markets, from a distance, seem to have an edge regarding their acceptance and
appointment of women executives within the realm of finance. Some female executives cite the
“boys club” as being alive and well in their markets and that aside from front office jobs such as
assistants, promotions for women tend to come for those who are “kissing up” to senior managers
over those with true abilities at an alarming rate (Butcher, 2018).
As we can see from the comparison chart in Appendix A international banks tend to hire
more female executives but equality in the pay for these roles between men and women still comes
up short. Their laws against discriminatory hiring practices emulate that of the U.S. Counterpart
so why have both countries failed to level the playing field for hiring and payment of female
executives (Key EU directives in gender equality and non-discrimination, N.D.).
Executives at some key investment firms believe that some progress has been made, but
not nearly enough. Most notably Jim Cowles, Chief Executive at Citi for the European, Mid-East,
and African Markets is pushing for more female executives to be acquired. Other firms such as
Bank of America/Merril Lynch EMEA President Alex Wilmont says of the discrimination
“Certainly if someone does something negatively or behaves in a way which is inconsistent with
our goals, they will be reprimanded” (Noonan, Smith, Blood, & Stabe, 2017).
The most notable investment firm seeking to diversify their workforce and embrace a
positive corporate culture is Standard Chartered Bank. This UK investment bank has a “very
positive corporate culture of diversity and inclusion” throughout its offices as is evident from the
front doors as you walk through the firm (Noonan, Smith, Blood, & Stabe, 2017). In addition,
they are routinely named to the HERoes™ Champions campaign as well as The Champions of
Women in Business lists, published by Financial Times™. The HERoes awards are for promoting
diversity and inclusion milestones greater than the average mass in the field of business, of which
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Standard Chartered is a pioneer (Our staff are in 2017 FT and HERoes Champions of Women in
Business Lists, 2017).
Surprising Statistics
DHR International, a consulting firm specializing in management consulting and
statistical reporting (as well as staffing and placement). Their report showcases some alarming
trends in the reporting of diversity measures vs the actual incentives and programs internally
which are specifically designed to correct the issues of a lack of females within the walls of
investment firms.
As evident in the reporting of diversity within international firms, we can see UK firms
are taking strides to report (and better than average implementation of diversity hiring methods)
these diversity measures within their annual reports, taking great steps over their US competitors.
While reporting and implementing your standards seems to be a key strategy for these firms, they
also measure the proportions of women holding top positions at 80% compared to only 30% of
similar firms in Europe reporting same statistics Figure 1: Reporting Diversity in Annual
Reports (DHR, 2016).
The idea in reporting diversity measures is that investors will view the company as better
managed, more open to change, and more stable in their workforce when they embrace and hire
diverse workforces, including women, as they seek to grow in emerging markets.
As we can see from the diversity measures between the US and Europe, Europeans do not
just say they have diversity measures, they implement plans of action to ensure a diverse
workforce as part of their competitive edge Figure 2: Diversity Reporting Vs. Action Plans.
Germany is neck and neck with European investment firms in their diversity and inclusion
measures, including in its diversity measures the number of women at director (or higher) levels
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within their firms as part of their annual reports Figure 3: Diversity Metrics: German V.
European V. US.
The trend of retail banking vs investment banking seemingly favoring women in the retail
banking sector over the investment banking sector Figure 4: Women Preferred in Retail Banking,
Figure 6: Hiring Trends: Women in Retail Vs. Investment Banking. Is this trend due to the
(perceived or implied) dispositions of women and generalizations of their capabilities? As these
statistics show, Europeans also tend to favor women on their Board of Directors of Retail Banks
vs Investment Banking sectors Figure 5: Women on Board of Directors, By Sector (DHR, 2016)
Hiring Trends – UK vs US
Where some investment houses (brokerage firms) tend to hire based on work history over
education (TP ICAP), an alarming trend of being locked out of jobs due to fashion faux pas such
as wearing brown shoes to an interview or having a tie that is “too loud” is a current trend facing
recent graduates looking for work in these sectors (Pells, 2016).
Here in the US, specifically in the heavily saturated market for finance that is New York
City, a preference is given to those stemming from the ivy league (even for low-level assistant
positions) over work history. This 2015 study only scratches the surface of the Ivy League “boys
club” that exists in New York finance firms (Crowe, 2015).
New York City, in an effort to level the playing field for women entering a male-dominated
marketplace, passed and enacted the New York City Human Right Law (2017). This law
prohibited asking candidates salary history for jobs in the city, they can now only ask what you
would like for compensation, not what you have been historically paid. Failure to adhere to this
law can result in fines up to $250,000 by the city. Revered as a first step by the people living and
working in the city, we feel that this can be taken a step further by enacting EEOC laws with the
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assistance of Civil/Regulatory agencies overseeing financial services business practices such as
the SEC (Salary History Frequently Asked Questions, n.d.)
Fund Performance: Male V. Female
While women have a global dominance in financial services with Finland reporting 58%
of women employees currently working within financial services (as an example) Figure 8. But
how do these women executives performance (ROI) compare to their male counterparts
(globally)? According to The HFRX Women index, an index available in Bloomberg™
terminals that measures the performance of female hedge fund managers determined that in
2017, the performance of funds run by women outperformed that of those run by their male
counterparts at a rate of nearly two times (Fortado, 2017). Most notable among these top-
performing funds is Systematica, a fund spun out of Blue Crest Capitals (Mike Crest, CEO)
investment in its CEO Dr. Leda Braga’s vision and background. Systematica has grown to be
the largest hedge fund spearhead by a woman with over $10B under management as of 2017.
Ms. Braga holds a Ph.D. in Engineering and a history of performance at JP Morgan (UK) where
she was a quantitative analyst (About Us, N.D.).
Forbes publishes yearly the list of the top women in finance positions as well as their
performance and assets under management (AUM) (The Most Powerful Women in Finance,
2017). With visibility showcasing the talents of these women, why do so few firms see the
diversity benefits of having a woman at the top? Why do they restrict access to the “boys club”
by women who have skills equal to or far surpassing those of their male counterparts? (Vines,
2017). The answer may be that the employees, management, and staff at these firms have not
fully grown up.
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Boys Behaving Badly – Sexual Harassment in Finance
Amidst the #metoo movement that swept through Hollywood last year, exposing sexual
predators utilizing the “casting couch” as a way to coerce and even abuse female staff into
unwanted sexual activities, Wall Street is also facing backlash for the bad behavior by executives
at top investment firms, investment banks, and hedge funds.
TCW fired a top manager over litigation alleging his holding an investment in a female
fund managers business unless sexual favors were traded for the “privilege” (Women in Banking
Men behaving badly edition (UBS, Goldman Sachs, FHFA and more), 2018). Additionally, Bank
of America faces serious backlash over recent allegations of executives behaving badly with
female staff and is facing a very serious sexual harassment claim as a result (Copeland & Ensign,
2018).
Impact on Investor Confidence
More and more, investors are looking at the legal issues as well as the social
responsibility efforts of companies, including those of hedge funds and investment banks, prior
to committing their money for investment by these firms.
Social media and the press are helping to bring the misconduct issues into the light for
these investors, who were once kept in the dark as to this type of behavior due to lack of
coverage on the topic prior to the #metoo movement. The thought is that investors are utilizing
this type of behavior as a measurement of risk to a company’s social responsibility and
organizational behavior goals (Kim, Norton, & Rublin, 2017). Suggesting that companies need
to discuss the corporate culture and the responsibilities of the company, staff, and managers in
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response to such instances is required to maintain a positive environment of culture for all staff
(and thus keeping a positive image socially) (Kim, Norton, & Rublin, 2017)
Mass Exodus of Women in Finance
While these women outperform and attempt to adapt to the male-dominated world of
finance, they are, as previously stated, often overlooked for promotions because of their gender
(under the radar). As investment banks and hedge funds believe that investors are predominantly
men and that men prefer male advisors to manage their money, they have a narrow sided view of
the world. What they do is miss out on the opportunities which come as a result of women in a
position of power, including better visibility and lower risk factors to investments, a more stable
staff of diverse people, and better overall returns for all involved (YEC Women, 2014).
After having given years of their lives and their educational goals to the world of finance,
more and more women are leaving this world in search of better opportunities for advancement,
to the detriment of their companies overall corporate cultures and public opinions of the stability
of the companies they leave (Epprecht, 2013). Seeking to make a difference in the companies
they give themselves to while creating a more positive culture of responsibility through diversity
in hiring and positive moral compasses of business, these women are being recruited by some of
the top alternative industries seeking to make a change in the public perception of their
companies (Epprecht, 2013).
Where Are The Civil Regulators?
As Civil regulatory agencies such as the SEC oversee all business functions of
institutional investors, finance firms, and hedge funds, why have they not partnered with the
EEOC to ensure compliance with their hiring practices and fine firms who are noncompliant?
Within union based firms such as the UAW, they have a requirement to hire percentages of
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minorities, women, disabled, etc. into their workforce less they be fined for their practices. So
why can't civil regulatory agencies enforce the very laws they have passed over the years as it
relates to diversity among women and women executives in finance?
Conclusion
Although tireless efforts which forever changed the face of Employment Laws were
forged by people like RBG, and current laws prohibiting the discrimination of hiring, promotion,
or termination of employees based on factors such as gender (to name a few), why have civil
regulators not joined the fight to fine firms who refuse to adhere to diversity measures of hiring
and retaining staff as part of a positive corporate culture?
In Europe, it is apparent that financial services firms embrace women at the helm of their
business as part of diverse workforce as well as the idea that women make more sound
investments and bring a more positive environment within their firms, the US has failed to get on
the bandwagon, despite laws which prohibit their discriminatory business practices.
Firms are finding ways around the laws and finding themselves at the helm of litigation
because these practices are seemingly the result of the desire to keep the old-fashioned “boys
clubs” intact. With litigation resulting from this bad behavior, such as the massive sexual
harassment litigation from executive staff bad behavior, these firms are still not doing what can
be done to correct the gender-based discrimination that is going on within their walls. They are
doing so and causing themselves (a loss of) profits, customers, positive corporate cultures, and a
failure to achieve a positive view of their business in the public light. Only when we truly
embrace diversity in our workforce do we embrace the ideals of what it brings to the team, our
bottom line, and our culture.
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Financial services firms also tend to recruit the ivy league hoards, but to what end? Why
do they fail to promote women of superior skill set over those with an ivy league degree who
have yet to perform? Gender bias and refusal to bring a positive culture, regardless of the cost
are the only answers. The industry will lose some amazing (women) employees as a result of
their closed minded mentality toward hiring and promotions and may find themselves sans
investors if their refusal to change is allowed to continue into the future. Now is the time for
civil regulatory agencies to take these illegal business practices under their wings, to correct this
corrupt business practice from the ground up.
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Appendix B
Figure 1: Reporting Diversity in Annual Reports
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Figure 2: Diversity Reporting Vs. Action Plans
Figure 3: Diversity Metrics: German V. European V. US
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Figure 4: Women Preferred in Retail Banking
Figure 5: Women on Board of Directors, By Sector
Figure 6: Hiring Trends: Women in Retail Vs. Investment Banking
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Figure 7: Top Universities (US) for Finance Jobs
Figure 8: Global Representation of Women in Finance
Global
Women Represent Nearly Half of All Employees in the Global Financial Services Industry
Women’s Share of Employment in Financial and Insurance Activities1
Country % 2016
Finland 58.8%
France 57.2%
Germany 50.3%
Italy 44.1%
Japan 52.2%a
Norway 48.9%
Portugal 42.0%
Spain 51.3%
Sweden 53.6%
Switzerland 41.4%
United Kingdom 43.5%
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