My friend Adam Quinton at Bank of America sent me this interesting
article on the return of Sallie Krawcheck to Wall Street when
she was hired six months ago as president of global wealth and investment
management at Bank of America.
Sallie was amazed and delighted with
the emails she received from current and former Wall Street women celebrating her return.
She had been forced
out very publicly as head of a comparable unit at Citigroup in
August 2008 and of other women in a similar position she is the only returner. Bruce Greenwald, a professor of finance
and strategy at Columbia University Business School believes “It is more
difficult for women to come back because the
environment in financial institutions is generally more hostile to women,
this culture has developed over a very long period of time and it has been
exacerbated as the firms’ emphasis has
shifted from traditional investment banking to sales and trading, which is
an even more macho culture.”
The number of women
in this sector has declined since 2006 with the aggressive environment of
the trading floor being cited as the reason. I certainly see in the work I do
with professional women that there is a growing anxiety for women in
the financial industry that their career
paths are narrowing despite business starting to pick up.
You can learn techniques to develop your career as a woman in banking and finance, in our Beyond the Boys Club Boot
Camp the next one starts on March 12th. This could be just what
you need to make that breakthrough.