Wall Street women stuck in the middle

Business Woman

The first woman to run a Wall Street firm could be a behavioural scientist, a mathematician, or an engineer.

Bloomberg News reports that three women with these backgrounds - Karen Peetz, president of Bank of New York Mellon; Mary Callahan Erdoes, chief of asset management at JPMorgan; and Avid Modjtabai, head of consumer lending at Wells Fargo - are all currently within striking distance of the CEO suite.

Then again, none of them may get there. After all, no woman has ever been CEO at one of the 22 largest U.S. investment banks or financial firms, and none of these three female executives wanted to speculate on her chances.

Women have been close to the top of Wall Street firms before, only to get derailed or swatted away. Both Zoe Cruz, president of Morgan Stanley, and Sallie Krawcheck, head of Citigroup Global Wealth Management, lost their jobs following the financial crisis. Ina Drew, another contender, left JPMorgan Chase in 2012 amid the London Whale scandal. And earlier this year, Ruth Porat, Morgan Stanley’s chief financial officer, whom many considered a potential CEO, said she would instead decamp to Google for a $70m paycheck.

To access the complete Bloomberg News article hit the link below:

Why Wall Street’s Women Are Stuck in the Middle

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