Three Women Accuse Goldman Sachs of Gender Bias
http://www.cnbc.com/id/39208358
Has anyone read this article yet this morning? Taken directly from CNBC:
“The number of women in management positions at Goldman dwindles as the level of management rises,” the complaint said, citing Goldman data that showed that women made up 29 percent of the firm’s vice presidents, 17 percent of its managing directors and 14 percent of its partners."
What do you guys think? Is this actually a problem in finance, or is it just the nature of the beast? I can honestly say that at my bank, in my department, there are probably 150 - 200 people total, and of those, MAYBE 15 are women...but here's where it gets really good -- of those 15 women, only about 8 have what I would consider "proffessional jobs" and the rest are administrative assistants/receptionists/operations.
Is this a problem on Wall Street? Is it a symptom of gender bias or is simply the nature of the industry? If you ask me, women (in general) do not necessarily have the desire or drive necessary to pursue a career in finance. Most of us in the industry would agree that it requires huge sacrifices, both in terms of your personal life as well as your career. For those of you out there with families who work 80-100 hour weeks consistently, how big of a purden does it take on your life?
I think that this suit will either a) get thrown out by the judge. As I mentioned above, the world of finance simply isn't equally represented by men and women, for various reasons. Thus, you can't expect the number of men/women in management positions to be equal, and if the number of men/women in these positions aren't equal, you can't expect pay to be either; or b) Goldman will settle and throw a fat stack of cash at these complaining housewives to get them to shut up.
I don't think this is sex
I don't think this is sex discrimination, something about the 4/5th's rule I learned in HR Mgmt. which I forget.
Wired did an article along
Wired did an article along these lines. Not enough women are going into finance. Short of going to colleges and forcing women to study finance and then forcing them to apply and then forcing them to stay with the firms what else can they do? You never read articles about the shortage of men in nursing and how hospitals MUST do something about it. Some professions naturally have more men or more women. It isn't discrimination, it is just how things are.
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Yeah, that's right too. I
Yeah, that's right too. I don't know any undergrad girls who want to go into IB.
In my MSF class we had 3
In my MSF class we had 3 women out of 20. This year there are 4-5 out of 30. Not enough apply or want to do it. All this fairness crap never looks at the fact that some professions are not attractive to certain people.
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http://techcrunch.com/2010/08
http://techcrunch.com/2010/08/28/women-in-tech-sto...
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I don't see it being a gender
I don't see it being a gender bias, I just don't think as many women have the desire to live the finance lifestyle, and surely less-so over the long term. Sure there are plenty of very motivated and driven women in this world, and they may go into finance and I think they have the same chance to succeed as any man. But, there just aren't as many as men. I think that if you are a woman that shows the same passion for the job as a man, you actually have an advantage because employers WANT to boost their numbers.
I am sure there are plenty of industries which are exactly the opposite, where women are the majority because the lifestyle/job doesn't appeal to men.
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I was just writing about this
I was just writing about this actually and I think they'll get a settlement. It's easy to see that they really don't have much of a case here, just because they throw statistics around that fewer women get the top jobs (2 of them were MD's by the way) or get paid less than the men doesn't mean that the firm itself is sexist, the only thing they got going is populist sentiment.
Wall Street really is a man's world, and not just your typical dude; but type A, power and money hungry personalities who call each other names and don't play fair between themselves.
Discrimination my ass man, they were actually getting taken into the fold. Except for the groping part of course.
People like Coldplay and voted for the Nazis, you can't trust people Jeremy
I agree with the above
I agree with the above posters, but I'd be curious to hear from any of the ladies out there who are currently working in high finance. Do they agree / disagree with the points of view mentioned above? How do they deal with the male-dominated world that is finance?
Guys are assholes. Girls are
Guys are assholes. Girls are not assholes. Wall Street success is about being an asshole.
Therefore, fewer women succeed on Wall Street.
Dumb bitches.
Its a man's world.
Its a man's world.
Jorgé wrote: I was just
I was just writing about this actually and I think they'll get a settlement. It's easy to see that they really don't have much of a case here, just because they throw statistics around that fewer women get the top jobs (2 of them were MD's by the way) or get paid less than the men doesn't mean that the firm itself is sexist, the only thing they got going is populist sentiment.
I was just going to poke fun at them alleging women getting unfair promotions, yet one is an MD, one a VP, and one an associate.
I think although there is clearly under-representation of women on Wall Street, I think much of it stems from women in general having a different value system. I allude to a CNN article about women in hedge funds, and I quote "One veteran male hedge fund manager says that a fantastic woman who worked for him left to get a doctorate in history, "and she never looked back." He adds, "I've never had a male analyst do that."
So yes, fewer women end up working on the Street, but I feel like it's more due to differing ambitions and personalities than actual gender discrimination.
"Despite a voluminous and often fervent literature on 'income distribution', the cold fact is that most income is not distributed: it is earned."
-Thomas Sowell
Apologies, here is the link
Apologies, here is the link to the CNN article:
http://money.cnn.com/2005/11/11/funds/hedgingwomen...
"Despite a voluminous and often fervent literature on 'income distribution', the cold fact is that most income is not distributed: it is earned."
-Thomas Sowell
The real is question what %
The real is question what % of the total female goldman workforce, is SVP and up. Let's compare that to the Male population.
No, the REAL question is how
No, the REAL question is how many women got in (or promoted) due to quid pro quo.