As a female managing director at a prominent investment firm in New York City, a professional I’ll call Amy is an anomaly. Fewer than 17 percent of senior leaders in investment banking are women and Amy said her 15-year road to the top, starting as an analyst in 2003, was quite challenging.
When working in Asia, she dealt with bosses who would force her to sit through client events held in brothels. She had uncomfortable meetings with colleagues who told her she needed to spend more time at the office than her male peers. She even is postponing having a second child out of fear that it will make it challenging for her to progress in her career.
The problems that Amy experienced on her way up the corporate ladder are by now almost the background noise of the “Me Too” movement — so common that talking about them elicits nods and similar tales from women in every industry. Yet despite this growing conversation, Amy still wanted to stay off the record: She is not confident that women starting out in finance today will have it much easier than she did.
“Even if you do the same amount of work as a guy, it’s like you have to work harder,” she said. “Then you have to talk about your work all the time and you have to talk about it with more people.”
The finance industry — for decades the prime example of an industry unable to recruit or retain women — has largely escaped the blaring harassment headlines, which have toppled leaders in entertainment, media, tech and more. But professionals in the industry say issues are still festering. Fewer than half of high-ranking women agree that men and women are equally likely to become leaders in finance, according to a recent LinkedIn survey of more than 1,000 members. Interviews with nearly two dozen women across levels in finance paint the picture of a sector that still struggles to provide adequate support for women trying to get to the top.
While the women’s roles within finance varied from managing partners to associates working in retail banking, capital markets, investment management and more, their stories were consistent: Glass ceilings still hover over Wall Street’s hallways and female mentors with the experience to help young women navigate it remain hard to come by.
“I’m the only woman,” said a 23-year-old analyst at an investment advisory firm in Newport Beach, Calif. in an interview. “Everyone used to stare at me, but I think they’ve gotten used to me being around so now they’ve stopped… it’s pretty clear to me that I’m just not a part of the boy’s club.”