Banks still pushing for more female executives
In our most recent survey, nearly nine out of 10 respondents said they don’t believe their employer has any specific targets in mind when it comes to gender diversity. Hopefully those people don’t work at Deutsche Bank, because they’d be dead wrong.
Speaking at a Women on Wall Street conference in New York, Chief Executive Jürgen Fitschen reiterated the German lender’s goal of promoting more female executives to the higher ranks, calling the bank’s recent efforts “just the beginning,” according to Financial News.
Those recent efforts include adding two females to its all-powerful executive committee – Sylvie Matherat, its new global head of government and regulatory affairs, and Nadine Faruque, the bank’s soon-to-be global head of compliance.
Deutsche Bank, which has taken heat for being rather slow in advancing more women to the top rungs of its organization, has been rather methodical, hiring strategically rather than making “cosmetic” changes – aka hiring for the sake of hiring, rather than on merit alone, Fitschen suggested.
But Deutsche Bank is standing by its pledge: to have women hold 25% of managing director and director positions and 35% of officer positions, like vice presidents, by 2018. Those numbers as of 2013 stood at 18.7% and 31.1%, according to Financial News.
Despite the criticism, Deutsche Bank’s numbers aren’t far off from its rivals. The most recent class of managing directors at Goldman, for example, was 20% women, down from 23% the previous year. Women only hold 17% of all board seats, a number that hasn’t budged in a decade. And female finance professionals earn 66% of their male counterparts – the worst ratio in any industry.
Fitschen urged women to do their part and “be bold” with their career ambitions. “Don’t wait for things to be delivered to you,” he said, according to the report.
In the latest hiring roundup, HSBC is recruiting heavily in the UK, JPMorgan is targeting a new region and Nomura pours money into its US investment bank, again.
It’s U.S. bank results week. JPMorgan’s third quarter results are now properly out after they were accidentally released early. Citi’s third quarter results are out too. What do they say? What are the learnings for your own job in banking? Well...
It was a matter of when, not if. Fidelity Investments has named Abigail Johnson its new chief executive. Johnson is taking over for her father, Edward, who will remain as chairman of the firm his father founded in 1946.
Don’t write LOL in your emails, know the chief executive’s name when interviewing and refrain from posting drunk pictures of yourself on social media. That’s the advice Morgan Stanley executives just gave to potential recruits in Miami. That and don’t cheat.
The guy who cc’d 200,000 co-workers while asking Wells Fargo’s CEO for a raise spent two weeks adding the names to the email. He did it during lunch breaks though, so at least he won’t be fired for slacking off on company time.
A former UBS banker who pled guilty in the U.S. to conspiring to defraud the IRS stayed out of jail largely by helping American authorities gain insight into offshore banking services in Switzerland. The country then charged him with handing over such data, finding him guilty this week. He is currently serving probation in both countries. Bizarre.
Chicago’s CME Group plans to cut around 5% of its workforce, or roughly 150 people, by the end of the week. The exchange will make most of the cuts within its technology and corporate and administrative units.
Buzz Around the Office
A parrot that sported a British accent when it disappeared four years ago was reunited with its owner this week. The bird now speaks only Spanish, sans the British accent. No one knows where the parrot was living.
Quote of the Day: “There are a lot of people who could have been up here with us talking today, but they made bad decisions, and they’re out of the game. Really think about the decisions you make….and what they say about you.” – a Morgan Stanley exec with advice for potential recruits