Women continue to report encountering sexism, bullying, and microaggressions in the workplace, and the financial industry struggles to eradicate its toxic culture.
research by financial news Ahead of International Women’s Day, it was revealed that the situation for women in the financial industry is not improving, with 60% saying the “old boys’ club” is the biggest reason holding back female professionals from advancing.
A majority of respondents working in investment banking, asset management, professional services, trading, and consulting firms said: FN They say they are often the only older women in the room, are often cut off during meetings, are accused of being “emotional” by male colleagues, and are forced to tolerate “feminine” behavior. .
An older woman working at a City law firm said she was expected to take food and drink orders from clients, was called “I love you” and “sweetheart,” and had colleagues say derogatory things to her. He said he experiences “constant microaggressions” and sometimes “outright attacks,” such as hearing people asking for help. Comments about other women on the team.
“There are still some men who think it’s 1960 and act accordingly. To be successful, you have to be as close to white, straight men as possible,” she said.
“I’ve had clients ask me if I like spankings, or say they might get raped,” she says. [have been] I was hoping for a laugh,” said one respondent. FNadded that sexism and related abuse is “the norm” in the industry, “particularly in the trade industry.”
“Many companies say such behavior is unacceptable, but little effort is being made to actually enforce it,” they say.
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The industry has invested heavily in diversity and inclusion initiatives in recent years to attract and retain female talent and increase the number of women in senior management positions.
However, these efforts failed, according to 61 women. FN In the poll, many said companies pay “lip service” to D&I and treat it like a “tick-the-box exercise.”
“Look at the CEOs and executives. No women,” said a woman who works at an investment bank.
Another woman in the banking industry said the industry “doesn’t live up to its word.” She says, “We want diversity, but we haven’t built the leadership structures and ways of working that support it.”
The Financial Conduct Authority has cracked down on sexual harassment and launched investigations into non-financial misconduct this year following a series of high-profile scandals in the industry. Hedge fund mogul Crispin O’Day was accused by several women of harassment and sexual abuse last year, which he strongly denies, but executives at the Confederation of British Industry have also faced similar accusations. There is.
Meanwhile, the Treasury Committee will investigate the barriers women face in the financial services industry and what role government and regulators can play in tackling sexual harassment and misogyny. We have started our own investigation into the matter.
D&I backlash
Investment banks, in particular, have been criticized for having too few women at the top. FN Last year, the shortage of female dealmakers became apparent. 40% of those who answered that their girlfriend FNResearch work in the field of.
However, respondents across the board pointed to slow progress in getting more women into top jobs.
“Companies want diversity, but they don’t address the element of inclusivity,” said a woman who works at an asset management firm. “As International Women’s Day approaches, companies want to showcase their internal women to the outside world, but a month later when they reveal their gender pay gap, they’re met with radio silence.”
One respondent, who works at an accounting firm, said that while D&I is supported “on paper,” it “creates extreme defensiveness among senior male leaders and inhibits openness.” .
“There are a lot of references to “you get promoted just for being a woman,” but also “where is the commitment to white men?” they added.
Almost one-fifth of people FN In our poll, respondents said they were very concerned about the potential for a backlash against D&I efforts.
read Rothschild, HSBC are the worst pay gap offenders, with women earning nearly half as much as men
Family leave double standards
Reluctance to offer flexible working arrangements and ‘punishing’ women who take a break from their careers to start a family have been repeatedly cited as major obstacles to professional women in the city.
Women complained of double standards when it comes to taking time off to raise children.
A woman involved in asset management said, “There is an assumption that women who have families are not ambitious.”
“Meanwhile, men from the same family ‘set boundaries’ when retiring at certain times, allowing them to groom themselves for promotion.”
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These concerns were echoed by a male respondent who took six months of shared parental leave with “almost no pay” for his two children.
“When I came back, it became clear to me that I may have tarnished my career over time,” he said.
“Hands on your back. Eyes looking at breasts
Sexual harassment, including unwanted and inappropriate touching, still occurs in the industry FNDespite repeated promises to remove bad apples from the system, the findings of the study show that.
“Men come too close to me. Hands on my back. Eyes on my breasts,” one female respondent said of the behavior she experienced in less than 10 years in the industry.
To contact the author of this article with feedback or news, email Kristen McGachey