Women and minorities have long struggled with the question of whether to speak out against discrimination and harassment or keep quiet in order to keep their jobs and their reputations. Although the #MeToo movement is doing much to encourage women to speak out about the inequalities they face, especially in the workplace, a movement doesn’t put food on the table or pay rent when someone loses their job as a result of having spoken up.
Wall Street has created an especially difficult environment for women. It remains a male-dominated industry with very few women rising to leadership positions. Women who do manage to climb the ranks consistently find that they need to be more qualified than men who achieve similar positions. After having worked so hard to get where they are, few women are willing to risk their positions by criticizing their employers or coworkers.
The result is that many women are still subjected to discrimination and sexual harassment in the workplace and the people who should be disciplining their tormentors are other men, who are all-too-often unwilling and unmotivated to deliver any kind of punishment.
On top of that, Wall Street is a small world. Anyone who gets a reputation for “stirring up trouble” will find it hard to get another job. In general, the industry prefers to handle allegations of misconduct quietly. Continue reading ›