A Compendium of News

Going, g o i n g, g o n e
WSJ reports that women are leaving financial institutions at a rate far greater than their male counterparts (see above).

"In the past 10 years, 141,000 women, or 2.6% of female workers in finance, left the industry. The ranks of men grew by 389,000 in that period, or 9.6%, according to a review of data provided by the federal Bureau of Labor Statistics.
The shift runs counter to changes in the overall work force. The number of women in the U.S. labor market has grown by 4.1% in the past decade, outpacing a 0.5% increase in male workers.
The difference is pronounced at brokerage firms, investment banks and asset-management companies."

Thanks to Francesca for the heads up on this story.

Thumbs Up... Thumbs Down
As part of the Clinton Global Initiative, Coca Cola has committed to have women represent 50% of their micro-distribution centers (basically individual entrepreneurs who distribute product to retailers). While this is great news on one level, my trip to Guatemala in June was evidence of two dangers from American beverage companies: an overabundance of waste in developing countries without the infrastructure to handle it and the very sad feeding of cola products to infants.

Let's Hear it for the Swiss!
For the first time, Switzerland has more women in its cabinet than men. This a mere 40 years after women gaining the right to vote. Now, why is U.S. so far behind after nearly 100 years?

"The four-three majority makes Switzerland only the fourth country in the world to have more women than men in its cabinet, according to the Inter-Parliamentary Union. The others are Cape Verde, Finland, and Norway."

Vision 2020
Speaking of 100 years of women's suffrage...Next month is the first meeting of Vision 2020, a decade-long initiative to advance women's equality in advance of the 100th anniversary of women's sufferage. I am honored to be one of the delegates from RI and look forward to the first meeting next month. Please reach out to your state's delegates and ask what you can do to make change.

And speaking of what's left to be done. Here's what Jenna Goudreau of ForbesWoman has to say.

"In 2010, women are legally able to achieve equal footing. But have they? They are now half of the workforce, but earn only 78% as much as men. They earn the majority of bachelors and masters degrees, but are still more likely to serve as primary parent and housekeeper for the family. We came close to a female president but haven’t had one. Meanwhile Ireland, India, Costa Rica and Liberia have elected a female leader. Women are 51% of management and professional workers, yet in the largest companies in the U.S. only 3% have female CEOs and only 16% of board members are women. For the first time in history, we have three female Supreme Court justices. Time to celebrate? Only 17% of Congress members are women, and only six of the nation’s 50 governors are women."

More on the "Glass Cliff"
In 2004, the term "glass cliff" was coined to describe women who are placed in leadership positions in organizations in precarious financial situations. Summarized in the British Psychological Society's Research Blog, the study by Susanne Bruckmüller and Nyla Branscombe finds:

"...the phenomenon occurs firstly, because a crisis shifts people's stereotyped view of what makes for an ideal leader, and secondly, because men generally don't fit that stereotype. '...[I]t may not be so important for the glass cliff that women are stereotypically seen as possessing more of the attributes that matter in times of crisis,' the researchers wrote, 'but rather that men are seen as lacking these attributes ...'."

That's Dr. Ms....
For the first time ever women earned the majority (50.4%) of doctoral degrees awarded in 2008-09. Most in public administration, health sciences and education.

Women continue to lag behind in mathematics, computer sciences, physical sciences (all <30%), style="font-weight: bold;">Going, going, g o n e?
Women in financial institutions are disappearing, well relatively speaking. (See graph above)

"In the past 10 years, 141,000 women, or 2.6% of female workers in finance, left the industry. The ranks of men grew by 389,000 in that period, or 9.6%, according to a review of data provided by the federal Bureau of Labor Statistics.
The shift runs counter to changes in the overall work force. The number of women in the U.S. labor market has grown by 4.1% in the past decade, outpacing a 0.5% increase in male workers.
The difference is pronounced at brokerage firms, investment banks and asset-management companies."

Goldman Sachs in the Crosshairs
Once again a financial institution has been sued for gender discrimination. If it goes the way of Morgan Stanley, it could come at a substantial cost. Morgan Stanley paid out a $54million award.

"Wall Street doesn't get it," said Kelly Dermody, a partner at Lieff Cabraser Heimann & Bernstein LLP representing the plaintiffs.

"Even as some (women) do crack the glass ceiling, Wall Street continues to pay them less, relegate them to jobs that have less upside potential, and exclude them from important clients and business opportunities," she added."

Lead ON!
Susan
Susan Colantuono is CEO of Leading Women and author of No Ceiling, No Walls. She blogs on networking for PINK Magazine. Follow her on Twitter.