Women are notoriously underrepresented at the top of investment banks. At Goldman Sachs, only 23% of last year’s crop of managing directors were women. At Credit Suisse, only 11% of managing directors were women.
Possibly in order to remedy this state of affairs, Credit Suisse has this week appointed a woman – Madelaine McTernan – as its head of mergers and acquisitions in the UK. This follows the appointment of another woman – Marisa Drew – as head of its European investment banking business.
A qualified solicitor with a seemingly acute sense of timing, McTernan fortuitously joined Credit Suisse from Lehman in 2007 according to the Financial Times.
Neither Drew nor McTernan are the first senior female bankers to make it to the top of Credit Suisse. The FT notes that Susan Kilsby was previously co-chief of European M&A at the bank. However, Kilsby stepped down from this position in 2009 and has since become a non-executive director at four different companies plus an advisory board director at Yale School of Management, whilst also continuing as a ‘senior advisor’ at Credit Suisse.
Maybe Kilsby illustrates the real reason women don’t hang around in senior banking jobs? With female board members as scarce as hen’s teeth, a top female banker will be hotly pursued for director and non-executive directors (NED) positions.With pay for NEDs in the UK averaging £64k for a part time role, it’s easy to see why building a portfolio career as an NED might look more appealing than dealing with the politics at the top of an investment bank.
Separately, and in further evidence of the fact that technology companies are becoming the places to be, CNN reports that Google is paying some of its technology interns $20k (£13k) for three months’ work. This puts intern pay for top technology companies slightly above pay at top investment banks, where the going rate for a three month internship is usually around £11k.
If you want to know the future of RBS, ask a hedge fund. (Guardian)
Warren Buffet has taken a 28 year old woman under his wing and his grooming her to be very important when he retires. (Wall Street Journal)
Edward Snowden didn’t make $200k after all. (Huffington Post)
John Mack is off to Glencore. (Financial Times)
Brevan Howard has just finished its biannual review and has asked a few people to leave. (Financial News)
Earning more money can make people feel better but only under the right circumstances. Strong friendships and family are much more consistent in providing people with feelings of well-being than higher earnings. (London School of Economics)
Caffeine withdrawal symptoms include ‘rambling flow of thought and speech.’ (Wall Street Journal)