Elena Broughton

Bibliography Assignment
21 October 2015

Source:
1. Kolhatkar,
Sheelah. "A
Lawsuit Peeks
Inside the
Goldman
Sachs 'Boys'
Club'"
Bloomberg.co
m. Bloomberg,
2 July 2014.
Web. 21 Oct.
2015.

2. Katherine
Abrat,
executive
director,
Goldman
Sachs, Hong
Kong

Annotation:

Thoughts/Connect
ions
This is a gender-discrimination lawsuit
Pay gap of 21
against Goldman Sachs. Areas focused
percent. Could this
on in the lawsuit are compensation, work pay gap be because
assignments, promotions, and
of credentials or
advancement. Paid female employees are something else?
being paid 21 percent less than their male
counterparts. These women are doing the
same job and preforming the same as
men but are getting paid significantly
less. The women also brought up the fact
that they were being overlooked for
promotions. It is harder for women to
move up the ladder. They have filed
sexual harassment claims and sexual
assault claims. After pregnancy leave
their important cases were handed to
males. They were looked down upon for
being pregnant and taking time off.
These two women spent four years
gathering evidence against Goldman for
this lawsuit.
Katherine Abrat leads Goldman Sachs
Woman who
Asia Pacific prime brokerage consulting climbed the ladder
team. She assist Hedge Funds in building at Goldman Sachs.
their business. She also help them with
Proves that women
every day operating procedures. She over can succeed in the
looks all the companies she is in charge
company.
of. Katherine is well qualified for the job.
She practiced law for many years in
Australia. Katherine worked for another
investment firm before Goldman Sachs
and has a lot of experience.

Elena Broughton
Bibliography Assignment
21 October 2015

3. Fisher, Melissa
S. Wall Street
Women.
Durham, NC:
Duke UP,
2012. Print.

4. Stock, Kyle.
"Ranks of
Women on
Wall Street
Thin." WSJ.
Wall Street
Journal, 20
Sept. 2010.
Web. 10 Dec.
2015.

Wall Street Women is the story of the

first women to succeed on Wall Street.
These women first established
themselves in the 1960s. They overcame
discrimination, and barriers to
advancement. The author interviews
some of the first-generation Wall Street
Women. She covers their careers and
their growing power. Where they were
and what they experienced on Wall
Street. How they climbed the ladder. She
also recorded their experiences with the
2008 collapse. The women in this book
werent involved in the womens
movement. However, by having careers
in Wall Street they showed other women
that it is possible to have a career in a
field traditionally dominated by men.
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 the federal Bureau of Labor
Statistics. This is opposite of the overall
changes in the work force. The number
of women in the U.S. labor market has
grown by 4.1% in the past ten years,
exceeding the 0.5% increase in male
workers. The difference is at brokerage
firms, investment banks and assetmanagement companies. Since 2000, the
number of women between the ages of
20 and 35 working in finance has
dropped by 315,000, or 16.5%, while the
number of men in that age range grew by
93,000, or 7.3%. This means either

Has it gotten easier

for women today
compared to
women in the
1960s? Are women
doing anything
different to combat
these
discriminations
today?

These statistics
back up what
women in the
industry have been
saying for quite
some time. Maybe
this is the evidence
that can be used to
push industry leader
to make a change.

Elena Broughton
Bibliography Assignment
21 October 2015

women arent as interested in entry-level

finance-industry jobs or are being
overlooked for positions that are
available. In U.S. financial companies,
only 16.8% of executive officers and
only 2.5% of chief executive officers are
female, according to a 2010 study by
Catalyst Inc.
5. Galbraith,
Sasha.
"Financial
Services: The
Industry
Women Love
to Hate."
Forbes. Forbes
Magazine, 18
Mar. 2011.
Web. 21 Oct.
2015.

6. Otani, Akane,
and Jonathan
Rodkin.
"Women Can't
Get Equal Pay
in Finance No

Studies have proven that women are

conscious risk takers and achieve
consistent and higher profits on funds
they manage. 73% of women are not
satisfied with how they are treated in the
finance industry. They feel disrespected,
talked to in a condescending manner.
One participant shared her frustrations
saying, I hate being stereotyped because
of my gender and age, and I dont
appreciate being talked to like an infant.
Some companies are trying to change
this. Wells Fargos has a Womens
Business Services program that gives
women research, education, and
resources to help them manage their
business finances. Consumer Credit
Counseling Services has a series of
educational workshops called
FinanciallyHers. With programs out
there like this maybe other businesses
will catch on and create more
opportunities for women in the industry.
Wall Street jobs usually give women
similar compensation packages as men.
However, in a sample 509 men and 98
women took jobs in banking. Out of
these people women made an average of
$11,114 less than their male counterparts.

These frustrations
of women in the
industry is
something that
needs to be
addressed.

Are these results

scientifically
significant?

Elena Broughton
Bibliography Assignment
21 October 2015

Matter What
They Do."
Bloomberg.co
m. Bloomberg,
29 Jan. 2015.
Web. 21 Oct.
2015.

For the top earners the pay gap was more

severe. The median for the top 25% of
males was $190,000 while the median
for the top 25% of women was just
$140,000. Data shows that the reason for
this pay gap is not men having more
experience. 44% of males switched into
finance from another field about the
same as women at 47%. This article
states that the underlying issues is not
that companies are sexist. They believe
that it is an unconscious bias. That the
solution would be to hire more managers
to scrutinize hiring decisions and to
implement equality efforts.
7. Symonds,
940 students have started Harvard
Matt. "Harvard Business School this year. According to
Will Have
their profile for the class of 2016 41% of
Trouble
their class are females. This percentage is
Getting to an
higher than most other business schools
MBA Class
ratio of 37% women. However, it is
That's Half
believed that they wont be reaching an
Women."
equal ratio of 50% males and 50%
Bloomberg.co females any time soon. Legislation is
m. Bloomberg, trying to create incentives to increase this
29 Aug. 2014. number. Business schools also need to do
Web. 21 Oct.
their part by encouraging women to get
2015.
their MBA and take more leadership
roles. Harvard just celebrated 50 years of
women in their MBA class. Originally,
there were only 6 out of 676 men in the
Harvard class of 1965. Hopefully, they
will continue to increase the number of
women in their class as will all the other
business schools. The end goal would be
to have an equal ratio of men to women
in the MBA program.

What will Harvard

do an in effort to
even the Ratio?
Why is Harvards
ratio more equal
than other top notch
business schools?

Elena Broughton
Bibliography Assignment
21 October 2015

8. Fry, Erika.
"Goldman
Sachs."
Fortune
Goldman
Sachs Leans
out for the
Women of
Small Business
Comments.
Fortune, 12
Oct. 2015.
Web. 21 Oct.
2015.

Goldman Sachs has been leaning out to

support women with small businesses.
They have created a program called
10,000 Women. It is a program for
female business owners that provides
training and financial education. Hanan
Khalil, founder and managing director of
Zahraa Trade attended Fortunes Most
Powerful Women Summit in Washington
D.C. She stated her involvement with
the program has professionalized and
utterly transformed her operations.
Another person who benefited from the
program is Carla Walker-Miller. She is
the president and CEO of Walker-Miller
Energy Services. This is a Detroit-based
firm specializing in energy efficiency.
Millers company profits were boosted
significantly when she joined the
company. Many other women have
prospered from the program.

Is this enough effort

to have equality?
What is Goldman
Sachs doing within
their company to
empower women?