Wall Street is the final frontier for the TIME’S UP movement. Investing in women is key to ending sexual harassment—there and elsewhere.
Happy new year, and “happy” anniversary. I use quotation marks because, as anniversaries go, this one is a more bittersweet celebration:was launched on January 1, 2018.
Thus it is perhaps not surprising that the gender power imbalance is nowhere more tilted than in the industry that represents money itself: Wall Street. The number of people in that industry who have publicly lost their jobs because of #MeToo allegations over the past couple of years could be counted on one hand; in fact, one finger.
Second, we know—and research supports this—that non-diverse teams tend to take on more risk than heterogeneous ones. We also know that it was a very non-diverse group of people who occupied the trading desks of Wall Street in the run-up to the financial crisis in 2008. In other words, maybe if more women and minorities worked on Wall Street, the financial crisis wouldn’t have been as bad. Or—probably more accurately—anywhere even close to as bad.
When I was on Wall Street, I saw again and again that when a junior woman accused a more senior man of harassment, step number one was to put together a financial offer that would entice her to leave the company quickly and easily. Only then did an investigation of the accused take place, and a “stern talking-to” was typically the extent of the “punishment.”
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