Wall Street's Bro Culture

Saw the article on bloomberg and i thought it was pretty interesting as it shed life into the Wall Street's male dominated workspaces.

The article went on to state how the election has actually got some females worrying over the banter they have detected from their male counterparts in response to whether Hillary Clinton would be a good president.

In interview upon interview, a couple of core concerns emerged. They're bothered by the uptick in edgy banter they've detected from their male colleagues as Trump advanced in the campaign. And they wonder how they'll advance in their own careers if their coworkers question Clinton's fitness for the presidency because she's a woman.

Many women say discrimination, subtle or not so subtle, is a fact of life in an industry dominated by men. Indeed, they worry that talking openly about it will stifle their careers. Most of those interviewed by Bloomberg spoke on the condition they not be named, saying they feared they'd lose their jobs or be ostracized by colleagues. As one put it, gender politics is the elephant in the room: Most women want to discuss it, but few think they can.

An executive at a large hedge fund, who said she's Republican, said that hearing male colleagues disparage Clinton -- "potentially the most powerful person in the world" -- in ways they would never disparage a man made her question what they say behind her back.

Thoughts?

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Comments (30)

Nov 7, 2016 - 3:35am

Why am I not surprised?

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

See my Blog & AMA

Best Response
Nov 7, 2016 - 3:36am

Traders: Higher Testosterone = Higher Profits (Originally Posted: 06/01/2012)

Testosterone and cortisol, two hormones your trading performance may depend on. One makes us more likely to take risks, the other pushes us away from it.

John Coates, who previously ran a derivatives desk at Deutsche Bank in New York, has turned his pursuits towards understanding exactly what it is that drives our decisions regarding risk. Businessweek explains his method:

he took saliva samples over a two-week period from 250 traders at a London firm, all but three of them men. At the same time, he tracked the profit and loss on their trades. He found that when a trader's testosterone levels were particularly high in the morning, he went on to make more money than on days when his morning testosterone level was low. Coates calculated that on an annual basis, the differences between high-testosterone and low-testosterone days would add up to around a million dollars in take-home pay.

It turns out that in many species there exists a "winner effect", the resulting testosterone spike caused by a victory in some shape or form. In the most primal sense, animals that compete for females often experience this, with the winner's testosterone spiking and the loser's dropping tremendously.

The theory is that elevated testosterone levels in the bloodstream of the winner-which in some species last for months-will help him in his next bout. Testosterone doesn't just boost confidence, it raises the blood's oxygen-carrying capacity and lean-muscle mass. With each bout the process repeats itself: The winner's testosterone level keeps climbing, making him fitter, stronger, and more confident, and raising his odds of winning.

However this creates a problem, as the increased testosterone compounds to the point where the animal takes too large of risks, gets in unnecessary fights, and tries to control too much territory. For the losers, the same is true. The decreased testosterone makes them extremely risk-averse, and they are timid and cautious.

Juxtapose this scenario onto the trading floor. After all, despite being human, at the heart of things we are all still animals in nature, driven by the same chemicals that pump through their veins.

One of the traders Coates studied went on a hot streak, making twice his average profit-and-loss ratio for five days in a row. By the end of it his testosterone levels had risen 80 percent. If Coates had followed the trader long enough, he believes, there was a good chance "he would be irrationally exuberant and blow up."

For losers, the effect is the opposite: The stress and worry of losing money cause the endocrine system to flood the body with cortisol, which makes people afraid to take even favorable bets. In the wake of a financial crisis, it's not just Wall Street traders who suffer from this, but anyone making decisions about money, whether it's an employer who balks at hiring or a bank officer leery of making a loan even when the Federal Reserve is offering her free money to do so.

Given the role hormonal shifts play in decision making, what are some precautions traders could employ to avoid these pitfalls? One suggestion Businessweek suggests is "hormonal diversity", making sure that women and middle-aged men (less testosterone) are better represented on the trading floor. Do you agree? What are some ways to beat the cortisol "slump" resulting from losses?

Nov 7, 2016 - 3:40am

The REM phase of sleep increases the production of testosterone. This means that when people do not sleep enough, their testosterone levels are lower. This lack of sleep, which leads to less testosterone will probably lead to less concentration and focus than when they had a good night of sleep.

I might be wrong, but I would have taken the hours of sleep per night these traders had during this two week period.

Nov 7, 2016 - 3:42am
blackid:
something something correlation is not causation something something

something something ever heard of econometrics something something

This guy definitely controlled for lagged profits, sports activity, sex etc and regressed for testosterone as dependend variable - like every decent researcher does...

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Nov 7, 2016 - 3:44am
adapt or die:
Intense training sends your free testosterone much higher, especially certain lifts like squats and power cleans.

I also thought it was strange that hormones (T and cortisol) are being called chemicals above.

Ah, nice editing catch on me labeling them as chemicals. I'll have to edit it to "compounds of chemicals" when I'm off work. Thanks

Nov 7, 2016 - 3:43am

This is some fascinating stuff. The implications are a bit scary. I always envision traders as having high testosterone anyways...if they start juicing, things might get ugly.

Nov 7, 2016 - 3:49am

Is Testosterone BAD for M&A? (Originally Posted: 09/20/2010)

Apparently all of you guys looking to break into IBD are asking the wrong questions. Turns out estrogen boosters are now the fast track to FT offers at a BB. Who knows, maybe a home castration kit is better than multiple SA stints and a 4.0?

Writers over at The Deal almost always give me something to think about. Today, it was something to smile about .

Most of the time I discuss media approaches to issues I do so with index finger strategically placed down throat. Not so today. Quite the opposite, in fact.

In properly aloof, sarcastic, stare-down-nose-at-your-inferior alpha tone, author Jeffrey Kanige gives us a tale of prevarication, retardation and most definitely non-Normal Backwardation within the increasingly strange world of academic thought.

It seems as though though the geniuses over at the University of British Columbia's Sauder School of business have published a report entitled:

"Deal or No Deal: Hormones and the Mergers and Acquisitions Game"

Funny, I thought B-schools didn't offer a molecular biology track. Good to learn something new. In a nutshell, testosterone...bad...alpha male...bad...grunt...no good...limp wrist...good...lack of spine...great...ask for permission...always.

This bit of bad humor is a further reminder of what awaits some of you guys in corporate Droneville. Don't be fooled by bright lights, there's evil in that big city.

Though the article is written extremely tongue-in-cheek, there is certainly a great element of truth to the underlying point of academia's recent over acceptance into the business world's self-regulatory approach.

As many Americans have never faced a 10% unemployment world filled with large levels of uncertainty, we have seemingly forgotten the old adage that "those who can...do, those who can't...teach".

At times like these many a crackpot with little real world experience is more than ready to bring mountains of irrelevant data and personal bias into an argument which really does not exist. Things are tough. They will get better. Now shut it, Egon.

That having been said...guys/girls...stick up for your principles and don't be afraid to fight for them. Though you have been told that getting a job or remaining employed is paramount, the satisfaction you will derive from following what you know is right will always lead to success in life. Remember, linearity is for automatons. If brain is algorithmic more power to ya, if you can reach down there and still feel'em, let them lead the way.

The road less traveled and the path of least resistance are in direct conflict in today's business world, as always the difference between security and success means taking the dive into the river of risk.

Make sure you're riding the right horse when you storm into your own personal battles.

Nov 7, 2016 - 3:52am

Why do men dominate finance? (Originally Posted: 01/12/2012)

Because big swinging dick flows so much better then big swinging vagina.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

Nov 7, 2016 - 3:55am

Because women have fooled many men into thinking that the better role in the marriage is slaving away in an office for 100 hours a week while they get to hang out at home.

Who's really the winner in this arrangement?

Get busy living
Nov 7, 2016 - 3:58am
Buyside CFA:
According to Operah, "Being a mom is the hardest job in the world."

Lol Oprah never had kids how would she know?

Why so many women these days want to break our of their traditional roles as homemakers and enter high-stress careers like those of high finance is beyond me. I'd rather marry into money and chill out at home watching tv, working out, and making food than slave away in any type of traditional male career. A lot of middle/upper class families send their kids off to day care/nannies/boarding schools anyway so these mothers aren't solely raising the kids or anything.

Ever wonder why women live so much longer on average? I HIGHLY doubt that the cause of this trend is purely biological, as some sources would have you believe. It's because most women chill for their entire lives or do low(er) stress work.

Impossible is nothing
Nov 7, 2016 - 4:00am
Buyside CFA:
According to Operah, "Being a mom is the hardest job in the world."

Rasing kids isn't hard do what all the black girls that get pregnant at 14 do, let your kids run wild or make someone else pay to take care of them.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

Nov 7, 2016 - 3:59am
alpha currency trader wanna-be
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