Monday, June 23, 2008

High-Ranking Women Lose Jobs on Wall Street

Recent instability in the financial services sector has had a negative impact on women in corporate leadership. One of the highest-ranking women on Wall Street, Lehman Brothers chief financial officer Erin Callan, was recently removed from her post after the company suffered a $2.8 billion loss in the second quarter. The change came just months after Morgan Stanley forced the retirement of co-president Zoe Cruz. While no one should be allowed to remain in a job just to fill a quota, experts say that the expectations for women executives are higher and that women have to be “twice as credentialed” to even be considered for top jobs. Although women make up 46% of the workforce, only 15.4% of them hold Fortune 500 senior officer positions. “There’s so few women [that] when one of them gets fired [from an executive position], the percentage drops 10 percent,” said Gail Evans, former CNN executive vice president.
http://www.mainstreet.com/wall-street-women-under-siege

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