I started in the financial services industry in 1988 as an analyst at Goldman Sachs. Eight years later at the age of 32, I was the first female trader and youngest woman to be invited in to the partnership of this firm. I was an example of how women could make it on Wall Street and the financial services in general. Or was I?
Last week, we heard that Citigroup, like so many other financial companies in peril, is going to raise base salaries by as much as 50 percent in order to discourage the culture of excessive risk-taking in pursuit of big bonuses. Newsflash! Citigroup: there’s a foolproof way to shift away from high-stakes gambling in the financial sector that makes perfect economic sense, namely: hire more women.
While the pinstripe crowd fixates on troubled assets, a stalled stimulus and mortgage remedies, it turns out that a more sure-fire financial fix is within our grasp -- and has been for years. New research says a healthy dose of estrogen may be the key not only to our fiscal recovery, but also to economic strength worldwide.
What if there were more women leaders on Wall Street? This is the question raised by a new report from The National Council for Research on Women, a network of 120 leading U.S. research, policy and advocacy centers. The report, entitled “Women in Fund Management: Achieving Critical Mass and Why It Matters,” takes a close look at the lack of women in leadership roles in fund management.
There has been a lot of debate and discussion about whether federal appeals judge Sonia Sotomayor, who President Obama has nominated for the Supreme Court to replace retiring Justice David Souter, should allow her ethnic background to influence her rulings. In other words, does race matter? Sotomayor, if approved by the Senate, would become the first Hispanic on the U.S. top court. Along those same lines, does sex matter?
It has been one year since the collapse of Lehman Brother and the ensuing economic crisis that forever changed Wall Street. A recent report by the National Council for Research on Women examined whether the meltdown would have been less severe if more women had been involved in fund management. New Hampshire-based mutual company Pax World is mentioned in the report. The company's CEO, Joe Keefe, joined NECN's Business Day to share his thoughts on the report's findings.