CASHING IN
are promoted to manager for every 100 men , which is on par with the crossindustry Women in the Workplace findings .
Several factors contribute to this gender gap . One significant issue is the presence of unconscious bias , which can influence hiring , promotion and compensation decisions . Studies have shown that women in finance are often evaluated more harshly than their male counterparts , particularly in high-stakes environments such as investment banking or trading . Additionally , the culture in many financial firms has traditionally been male-dominated , creating environments that can be unwelcoming or even hostile to women .
Work-life balance is another critical factor . The demands of finance careers , particularly in areas like investment banking , often require long hours and intense commitment . This environment can be challenging for women , who may face societal expectations or personal desires to prioritise family or caregiving responsibilities . The lack of flexible working arrangements further exacerbates the problem , making it difficult for women to ascend to higher levels of leadership .
Corporate responses : What large companies are doing
In response to these challenges , several large financial institutions have implemented initiatives aimed at closing the gender gap . These efforts include diversity and inclusion programmes , mentorship opportunities and leadership development initiatives specifically designed to support women in finance . Goldman Sachs , for example , has introduced a ‘ Launch with GS ’ initiative , a US $ 500 million investment strategy focused on increasing access to capital for women , Black , Latinx and other diverse entrepreneurs . This programme not only supports diverse business leaders but also aims to create a pipeline of women and minority professionals within the company .
Similarly , Citigroup has made significant strides by publicly disclosing its gender pay gap and committing to improving pay equity . In 2019 , Citi became the first major US bank to reveal a median pay gap for both gender and race , setting a new standard for transparency in the industry . The company has also set goals to increase female representation at the assistant vice president through managing director levels globally to at least 40 % by the end of 2021 .
Bank of America has implemented robust mentorship and sponsorship programmes designed to support women throughout their careers . The company ’ s ‘ Power of 10 ’ initiative pairs women with senior leaders who provide guidance and advocacy , helping them navigate the challenges of the industry and advance into leadership roles .
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