The Future Can Be Female: Starting the Finance CEO Pipeline Earlier
March 15, 2021 by Jane Carten
When I walk into a room and see a crowd full of white men over the age of 40, I know I’m in the right place. Lack of diversity in the asset management industry is a fact that is palpable.
Earlier this fall, when Jane Fraser was announced as the next CEO of Citigroup, there was much celebration for the first woman to head a Wall Street bank. One Fortune headline promised a tell-all about how Fraser “broke banking’s highest glass ceiling.” An article in the Financial Times stated that there was an “amorphous sense of tribal pride, a collective ‘we did it.’”
But given Citi’s recent regulatory troubles — resulting in a $400 million fine for “unsafe and unsound banking practices” — Fraser’s promotion may appear, to the cynical, like just another example of an extremely capable woman being appointed to a glass cliff. It’s been well documented that women and minorities are more likely to be promoted to “top leadership roles when an organization is in crisis.”