Will 2020 be the year women begin to get something akin to equality on Wall Street?
Will 2020 be the year women begin to get something akin to equality when it comes to pay and opportunity on Wall Street? It’s been a chimera forever, of course—the idea that the women on Wall Street will be treated like the men on Wall Street—an elusive mirage just beyond the horizon.
But lately Wall Street seems to want to convey the message that progress—big progress—is being made. For instance, both Citigroup and JPMorgan Chase have very publicly signaled that women are being seriously considered for the role of CEO of each bank when those jobs open up this decade. In late October, Citigroup announced thata 15-year bank veteran after a decade at McKinsey, would become its sole president, putting her in line to succeedCiti’s 59-year-old CEO.
The same scenario seems to be in play at JPMorgan Chase, the nation’s biggest and most successful bank, with a market value of around $440 billion. To his credit,the bank’s longtime, soon-to-be-64-year-old CEO, has put several women in senior positions around him, giving us the impression that one of them might succeed him when—and if—he decides to give up his valuable seat.
The problem, of course, is that like Corbat at Citi, Dimon is in no hurry to retire, nor presumably is the bank’s board of directors anxious for Dimon to do so. After all, the bank’s stock increased around 40% in 2019. Why make a change with that kind of performance? In an interview with Dimon nearly five years ago, after he overcame throat cancer, he told me that he was thinking of retiring in “five years or so,” but that his retirement was ultimately up to his board.
At other big banks—Goldman Sachs, Morgan Stanley, Bank of America—few women are seriously in the running for the top job. While underGoldman’s new CEO, the bank has made hiring women a priority, and that effort is beginning to show results, Solomon has only been in his job a little more than a year and has much left to accomplish, as he will lay out for investors in February. He’s not going anywhere soon. At Morgan Stanley, CEOisn’t going anywhere soon, either.
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