Women on Wall Street

5. What can or should be done to transform the persistent culture of sex discrimination on Wall Street?

It is apparent that change on Wall Street, with regard to sexual discrimination, is a difficult proposition. Throughout the years there have been numerous lawsuits and negative publicity but the culture remains relatively unchanged. Partly to blame is the financial industry’s vast wealth, even sizable settlements equate to minimal percentages of earnings for these firms (Weiss, 2009). Some progress has been made within individual companies, such as the hiring of Smith Barney’s first woman CEO in 2002, but industry statistics continue to reveal an uneven playing field (p. 407).

Optimistically, a huge change could be prompted if the real company statistics regarding women’s pay and opportunities were made public. Companies’ reputations could be severely damaged with this information. The problem lies with the industry’s ability to conceal this information because they are able to offer such tremendous settlements. Yet, it may only take one woman who cannot be lured into settlement to finally crack the glass ceiling. Until this situation comes to fruition, women must continue to pressure these companies through litigation and continue to build entrepreneurial and personal success. With the decline in economy settlements are more costly than ever and as women build greater wealth, through their successes, the industry will have to meet the needs of their growing clientele. Weiss states “to serve an increasingly diverse client base… they will need a diverse group of employees” (p. 406). Women’s success gives them real leverage in this fight.

The U.S. government has the ability to influence the financial industry’s practice. The precedence is apparent with the U.S. Dept. of Labor’s compliance programs for companies with federal contracts (OFCCP). It is outside of the scope of this paper to understand all ramifications of, or to argue for or...