According to data compiled by Bloomberg News back in March, the largest gender gap in terms of pay occurs on Wall Street, where women earn 55 to 62 cents for every dollar that men earn. But that’s not the only way in which Wall Street leaves women behind.
According to research highlighted by the New York Times, women make up more than half of the financial industry’s workforce, but are executives at barely any firms:
The figures tell an alarming story. Women make up more than half of the work force in the financial industry but are chief executives at fewer than 3 percent of U.S. financial companies, according to Catalyst, a New York-based global research and consulting nonprofit focused on women’s career advancement.
Why is Wall Street so slow to promote women? Is that a reflection of U.S. society in general or is there a peculiarity to the Wall Street experience?
Of course, even reaching the upper echelon of corporate America doesn’t guarantee women equal pay, as a female CEO makes 69 cents for every dollar that a male CEO makes. But perhaps Wall Street is shooting itself in the foot by failing to promote women to positions of power, as “several studies have shown that women are more profitable investors, money managers and hedge fund managers, and they incur less risk in the process.”