In the rough and tumble world of stock and bond trading and private wealth management, women have made “virtually no gains,” a new study shows.
Part of the problem is the industry’s lingering image as dominated by a “cigar-chomping group of men” where everyone works 15-hour days, Lynn Kennedy, managing director of foreign exchange for BMO Capital Markets, told a luncheon where the report was released yesterday. Kennedy said the idea women need to network after office hours to get ahead is probably over-rated.
The study by Catalyst Canada found women made no progress even as employment in capital markets at the management level grew 12 per cent to 16,300 during an eight-year period ending in April 2008.
Despite the stated support of senior bank executives, women remained stuck at 17 per cent of all senior managers, those with jobs that lead to a shot at the corner office, the study found. They made up 21 per cent of all middle managers.
“There is still no-one holding the title of chairman, president or chief executive officer,” Deborah Gillis, vice-president, Catalyst Canada, said.