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GUEST COMMENT: Female investment bankers are NOT discriminated against
23 October 2009By Anonymous
COMMENTS
If you can't afford a proper nanny, do you really want to leave your newborn with someone with 2 GCSEs and a alcopop addiction? Read all comments »Nicola Pease has said the unthinkable: the City is less sexist than it used to be and women's careers in financial services are being wrecked, not by chauvinistic men in braces, but by excessive maternity leave and huge discrimination claims. If there are few senior women in the City she also points out that this is a matter of choice: women decide that financial services careers are incompatible with family life.
To any dyed in the wool City-discrimination-obsessive, this is heresy. It also contradicts a recent report from the Equality and Human Rights Commission, which suggested the City is a hotbed of discrimination and that men’s bonuses are five times larger than women’s.
I am inclined to agree with Nicola.
While it is both depressing and completely true that women are paid less, given fewer opportunities and are far more likely to be in part time employment, investment banking is one of very few sectors of the economy in which this disparity is less absolute.
I know lots of men who earn less than me
In over ten years in the industry, I have never felt discriminated against because of my gender. This applies equally to my experiences day to day as it does to my base or discretionary pay.
I know lots of men who earn more than me and many who earn less. I have been a line manager in a mainly male department; I have worked in banking as a single, married and divorced woman originally without and now with children. Overall, I think the opportunities made available to me and my female colleagues have been offered on merit (unlike in many areas of commerce) and that the pay offered has related to the job and not to our gender. The ability to accept and make a success of what is available is where the differences need to be addressed, both in banking and in the wider world.
The bottom line is that men have it easier. Their ambition is socially acceptable and there is considerably less pressure on them to stay at home and look after the children. They are also more assertive when it comes to pay and bonus negotiations, fully able to talk up their various achievements and, perhaps most significantly, many of them have extremely supportive wives, (some working, many not) who provide a wide variety of home administration, food, cleaning and childcare services.
You can stamp your feet, or you can perform
Social change tends to happen slowly. What is acceptable now is different to what was acceptable 50 years ago and, hopefully, from what will be acceptable in 50 years’ time.
If some men find it hard to relate to women in the workplace, especially women in senior roles, because they have not had enough exposure to career-minded women then we have a choice. We can choose to stamp our feet and complain about the difficulties we face or, those of us who are fortunate to work in an industry which generally operates as a meritocracy, can take the opportunities offered and get on with it. We can focus on demonstrating our effectiveness by doing our jobs well and providing the working examples that will mean fewer and fewer people haven’t been exposed to a female peer or even a female boss.
True equality is about access equal access to choice and opportunity. It’s about the ability to prove yourself to be good as, if not better than, the next man (because it will be a man). The world we work in is not perfect, but it is better than many and gives us the opportunity to drive wider change leading by example. Nicola is one such example. The presence of senior female role models is likely to be more effective and longer lasting than the outcome to any survey- however well meaning.
COMMENTS
Sonia, FX & Money Markets, Fri 23 Oct 09
The fact is that Nicola Pease can easily say maternity leave should be shorter as she happens to have a top hedge fund manager for a husband. If you don't have that luxury and can't afford a proper nanny, do you really want to leave your newborn with someone with 2 GCSEs and a alcopop addiction?
Add your comment »Jason, Derivatives, Fri 23 Oct 09
Only hot women should be allowed to work in an investment bank. Trust me, equality won't be an issue then.
Add your comment »anon, Debt / Fixed Income, Fri 23 Oct 09
I agree with the sentiment expressed. I have spent many 30 years in & out of the City assuming I was as good as the men around me. I did not have children or get married (I had several offers but all, quite understandably, wanted me to give up my career for a 'women's job' which would allow me to be a better housewife ) I have now realised at 50 and unable to get a decent job after the recession, without having made mega bucks ) - that I am not and never will be equal with men. I should have had a better understanding of this as when I was young and therefore both a 'pretty young thing' and acceptable.I thought the City was a great environment.
I think Nicola is entirely right - and so is the writer of this article. We women should accept that our place in life is better than it was 50 or more years ago and just get on with it. We are not equal but maybe one day that may change. We do have to try to fit in and comply with what the world around us - including our bosses and employers - want and it is a simple as that.
Perhaps, as with any other lesspowerful group, you simply have to try to fit in better and not complain. Life is Darwinian - nowhere more so than the City
nobody important, Commodities, Fri 23 Oct 09
Actually, life is simply Darwinian and that is it. Money is the modern day equivalent of food. If women are not intelligent enough to work the sytem (and the brightest are the trophy wives because they have the most 'food' through the least work) then its their own fault.
(I am a female who has earned her own living - not very handsomely - and sacrificed having children and marriage on the altar of 'equality')
Ha Ha Ha
steve, Debt / Fixed Income, Fri 23 Oct 09
women with children should be supported in the workplace. women without children (by choice) who have husbands in work should be removed from the workplace.
Add your comment »woman-in-the-city, Capital Markets, Fri 23 Oct 09
I think people do not address the real issue - transfer of skills and mentoring.
Investment banking is a fast-moving business with little tolerance for second-guessing. People need to pick up skills and perform quickly. To do that you need someone who will spend time and energy on you and teach you the ropes. Women in general dont get that attention from their bosses and peers - many of whom are men. These guys would rather hang out with, teach and coach someone who is "like them" i.e. another guy.
In short, women need to grab someone's attention and hold it long enough to learn the trade. (easy to understand why pretty women tend to do well in this business). Then it becomes a fair game between her and her male colleagues.
trueplaya, Derivatives, Fri 23 Oct 09
woman-in the city,
"Then it becomes a fair game..."
yep, but that hot woman must KNOW that the guy wants...ahem...something in return for all that mentoring and he generally tends to get it....one way or the other.....
MD, Information Services, Fri 23 Oct 09
Please please stop I am getting crazy with all these pro female things. In a certain prestigious bank in a certain department there are over 70^% females, is that what you want? .
All the female leaderships bla bla... Come on get a life, stay at home and care for the kids, that is what you belong to do.
cja105, Sat 24 Oct 09
What a silly article, who the hell cares that "men’s bonuses are five times larger than women’s" - the simple fact is that you're not cut out for it, go and stamp your feet elsewhere!!
Add your comment »Bill, Credit, Sun 25 Oct 09
If women were allowed in Premier League, their salaries would be one fifth of those of male footballers. Why would that be I wonder.
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