The finance industry has always had a reputation for sexism. Whilst this is being sharpened by revelations that bonuses across Barclays are, on average, 78% smaller for women than for men (admittedly, probably, because a higher proportion of women work in the lower paying retail bank, but also because few women make managing director in the investment bank), a new set of revelations points to sexism of a more pernicious kind.
Bank of America has fired Omeed Malik, a high-flying young MD in its prime brokerage unit, for having relationships with subordinates. Now, it has emerged that a young woman at Credit Suisse in London has accused her manager of a serious sexual assault at a bar in London.
The alleged assault happened eight years ago and the woman in question no longer works for CS. The accused man does, however, and the woman has written a letter to Credit Suisse CEO Tidjane Thiam, seen by the FT, which says, "HR departments often defend the boss — especially if he is seen as a rainmaker,” and that the, “tacit complicity of managers and staff," creates a culture where harassment can thrive.
Bloomberg says the incident was probed twice by London police in 2010 and that no charges were brought; the FT says there was insufficient evidence. After reviewing the police statements, Credit Suisse did not review the matter internally at the time. Nonetheless, employees at Credit Suisse will be looking askance at male managers this morning, wondering who the historic allegations pertain to. Somewhere at the bank is a male manager who stands accused of assaulting his female junior. Eight years later, she's still accusing the Swiss bank of protecting him.
Separately, a 50 year-old Nomura employee died of overwork - but not at the investment bank. Japanese media sources report that a male employee of Nomura Real Estate put in 180 hours of overtime in a month, implying that he worked 95 hours a week. The Tokyo Labour Bureau found that the long working hours contributed to the man's suicide in 2016. "Karoshi," or death by overwork, is comparatively common in Japan.
After the only woman on the trading floor at a City investment bank received her bonus, her boss shouted out: “Now she can get a boob job!” That wasn’t in the 1970s; it was last year. (The Times)
Goldman Sachs, Morgan Stanley, UBS, Credit Suisse and Bank of America Merrill Lynch have yet to publish figures for the gender pay gap in the UK. Before it happens, banks are understood to be holding internal PR meetings to convince women that they're paid fairly. (The Times)
Theresa May on passporting and the EU: "“If we were to accept‘passporting’ we’d just be a rule taker, we’d have to abide by the rules that were being set elsewhere.” (Reuters)
Blackstone founder Steve Schwarzman earned $800m last year. Just $350k of that was salary. (WSJ)
Macquarie poached Stephen West, a Barclays MD who was rationalizing the British bank's IT systems. (Financial News)
Ex-Youtube employee says the company stopped hiring white and Asian males for technical positions because they didn’t help the world’s largest video site achieve its goals for improving diversity. (WSJ)
Launching a hedge fund is too much hassle, even if you're a star PM. (Business Insider)
Goldman Sachs wants to increase its U.S. financial advisor ranks by 30%. (NY Post)
The personality of female managers contrasts sharply with the traits of non-managerial women. (BPS)
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