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Gender bias in the finance industry

On Behalf of | Jul 5, 2019 | Uncategorized

You’ve probably heard about the gender pay gap across many industries in the United States. In the finance industry, there is another gender-related gap that has reared its ugly head. A study published earlier this year revealed Wells Fargo punished men and women financial brokers disproportionately with women experiencing the most negative impacts of this bias.

The report showed that of the 25 largest settlements at Wells Fargo over a 10-year period, a female broker was only involved in one of them. Similarly, women had fewer customer complaints, lower settlement costs, and regulations issues.

In theory, this should make women more competitive within the company but that isn’t the case. Nearly 70 percent of women lost their jobs or resigned after someone brought allegations against them compared to 41 percent of men.

This inequality is often career ending as 75 percent of women never worked in the finance industry again. By comparison, 59 percent of men resigned or lost their jobs never worked in the industry again.

What you can do about it

Gender bias like in the above example can not only damage or end your career, but the practice is illegal. The Equal Employment Opportunity Commission investigates and rules on discrimination cases such as these. Their ruling can attempt to force your employer to do things such as restore you to your previous position and more.

While these cases are often difficult to prove, you can do your part by documenting any evidence of unequal treatment in the workplace and keeping records of complaint sent to your superiors. Discrimination like gender bias are not victimless and affect your livelihood.

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