Could a bold and creative act by the Boston-based State Street Global Advisors (SSGA) finally bring gender equity to corporate boards in the United States? When senior female executives at SSGA decided to commission the statue “The Fearless Girl,” their goal was to bring visibility to the lack of women on boards. By placing the statue in front of New York City’s iconic Bull of Wall Street in during the middle of the night prior to International Women’s Day on March 9, 2017, they hoped to spotlight this issue.
Why are there so few women in senior management in the banking and investment industry, also known as Wall Street? In spite of a plethora of diversity committees, women’s leadership programs and retreats, and inclusion training in Wall Street firms for at least the last two decades, the representation of women in senior positions has not changed much. A major investment bank has never had a female CEO, and only 2 percent of hedge fund managers are women.
So many talented women entrepreneurs with great technology business ideas cannot raise the capital needed to start their businesses from Silicon Valley investors. Likewise, many women in Wall Street firms cannot make partner, or otherwise advance, no matter how well they perform. Even with lots of publicity, such as the recent gender discrimination lawsuit against Kleiner Perkins Caufield & Byers, programs put in place to help women advance, diversity programs on unconscious bias, and millions of dollars spent to settle class-action gender discrimination cases, not much has changed on Wall Street for women. What keeps the glass ceiling in place? New research reveals some root causes that could open pathways to change.