Why are Woman Disappearing from Wall Street?
Sex discrimination on Wall Street is on the rise. Wall Street is a boys club and shows no signs of changing. The statistics show that the number of woman working on wall street dropped by 16% over the past decade, while the number of men on Wall Street increased by 7%. However, the number of women in the overall national workforce increased by 4% over the same period and number of men joining the overall workforce fell by half a percent. Look at the graphs illustrating this trend at Fincom and their article, The Changing Face of Wall Street. The data comes from the U.S. Department of Labor and it shows that women are disappearing from Wall Street and being replaced by men.
The statistics show that more women than men are entering the workforce, except on Wall Street. Wall Street is still stuck in a male dominated culture such as that portrayed in Mad Men. I suspect that we could still find real life Don Draper's on Wall Street complete with the trophy wife at home in the suburbs and the secretary that sends out his dry cleaning.
It is probably easier for a woman to join the Army than to work on Wall Street. The military has changed it's culture, so why is Wall Street so behind the times? If you want to share your thoughts, please send me an email at robert@ottingerlaw and I will post some comments.
