Sexism is a reality for all women in banking, even if few cases are reported, and is rampant worldwide. In her own banking career, Courtney said “it was clear to me throughout my time in the City (both in Wall Street, where I trained, and in the City of London, where I worked) that there is an inherent sexism that runs through the fabric of the place. “I do believe that if Yellen were a man, her chances would be a lot better, simply as a result of the preconceived notion - among men and, unfortunately, women - that anyone taking on such a powerful role should be someone with 'gravitas' - namely, a man,” said City banker turned novelist Polly Courtney. Madden declined to comment on what role sexism plays in Yellen’s chances of being appointed. About 1 in 3 full-time stockbrokers are women, and they generally earn two-thirds of the salaries of their male colleagues. Even as Yellen competes for the most powerful position in her career, she faces the same underlying discrimination as any other woman in business or finance.Ī study by University of Pennsylvania Professor Janice Fanning Madden found that women stockbrokers tend to receive inferior accounts and sales opportunities compared to their male colleagues, which results in lower salaries. The underlying or hidden sexism exists at a far deeper level than any whispering done behind closed doors. New York Times columnist Paul Krugman dilutes it down to two sexist campaigns: "One is a whisper campaign whose sexism is implicit, while the other involves raw misogyny.”
Is the Job Market Ripe for the Revival of the Rogue Trader? How State Street is bypassing recruiters to attain its top tier hiring targets A woman in line for a key role that straddles the old boys clubs on Wall Street and Washington and gives her critical authority to make decisions that impact the global economy is scrutinized more than any male candidate, both by critics and supporters, even as both sides claim that gender has nothing to do with it. The gray, male eminence at the helm of the Federal Reserve is a tough habit to break. There is, it seems, some typecasting at work. She even has high profile supporters in and around the U.S. Nobody claims that she is not a monetary policy expert. Nobody claims that she will do a bad job. There is no opposition to Janet Yellen rising from Vice Chairman of the United States Federal Reserve Board to Chairman.
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