Tautological as it may be, it's worth reiterating that the men and women who work in finance are not the same. The women are paid less. They're less likely to make managing director. They're more likely to leave in the mid-ranks. And they're more likely to have challenging personal relationships - or no relationships at all.
Earlier this year, the CFA Institute conducted a study of 5,000 of its members, of whom 1,000 were women and 4,000 were. The newly-published results are illuminating. If your'e a woman in finance, you're more likely to be unmarried, childless, divorced, or betrothed to someone who works full-time than are your male counterparts. You probably won't have a spouse whose time is devoted to familial well-being, and because of this you probably won't have a large family.
By comparison, 30% of male financiers in the CFA's sample had partners wholly devoted to the family and 11% had three or more children (compared to 5.5% of women). Curiously, the CFA also found that men are more qualified than women at postgraduate level - suggesting they have more time or resources to pursue additional qualifications. You can see the CFA's results in the charts below; the women are green and the men are blue.
The marital status of CFA Institute members by gender:
Spouse's occupation of CFA Institute members by gender:
Children of CFA Institute members by gender:
Separately, the warnings about the impact of Brexit on the City of London are coming thick and fast. Jens Weidmann, president of the Deutsche Bundesbank, says losing passporting rights would be a disaster for the City, which would no longer operate as a hub for Europe's financial services industry. Nobuyuki Hirano, chief executive of Mitsubishi UFJ Financial Group, says Britain's exit from the European Union needs to be "soft" and that the Japanese bank will relocate from London if British-based firms lose the right to sell into the EU. Politico's Francesco Guerrera says other banks' comparative silence on Brexit shouldn't be misread as inactivity: "Banks are moving out. The silence you hear from the City of London is a political smokescreen not to upset the British government, not a sign that banks want to stay." Jobs will move from London and reappear elsewhere, says Guerrera, who's been talking to "sources" at a large bank: "Positions will move, but few actual people will follow...London’s economy will be a net loser."
Women working at the Bank of England earn 26% less than their male colleagues. (Bloomberg)
Wren Investment Office, a multi-family office serving the super rich, is opening in London irrespective of Brexit. (Financial Times)
China Minsheng Investment’s finance arm is “actively looking" at opening in London, but has reservations until Brexit is finalized. (Financial Times)
Polish people would now prefer to work in Germany than London. (Bloomberg)
The conditions that allowed London to thrive since the 1970s are about to disappear. (LSE)
Thanks to central bankers, it's a great year to work in debt capital markets: "This market has been engineered by central bank quantitative easing.” (Financial Times)
Doom for European research jobs as asset managers plan to cut research budgets by a third: “The buyside does not need 30 brokers to give them the same report." (Financial Times)
Why RBS's DOJ fine could be even bigger than Deutsche's: the total amount of mortgage bonds involved in terms of the Federal Housing Finance Agency case and Deutsche Bank was $14.2bn. At RBS it was more than double that at $32.1bn. (Reaction)
Credit Suisse credit conference hit by Zika fears ("regularly spraying public areas and grounds with insecticide, pruning trees, inspecting pools twice a day and clearing standing water"). (Reuters)
Top London private school offers bursaries to parents earning £120k who can't afford its fees. (Independent)
A collection of open source Python libraries. (Cuemacro)
Routinely cold showering reduced sickness absence by 29%. (Plos)
Law firm stumbles upon method of getting more endorsements on LinkedIn, (RollonFriday)