Opinion: Why Wall Street’s discrimination against women has no future – Lotte Bailyn

MIT Sloan Professor Emerita Lotte Bailyn

MIT Sloan Professor Emerita Lotte Bailyn

From Market Watch

We are well-accustomed by now to the ways in which women are mistreated and discriminated against on Wall Street.

Over the past decade, nearly every major bank — from Goldman Sachs GS to Morgan Stanley MS, Citigroup C— has settled a sex discrimination suit. News reports have exposed in lurid detail just how badly women are underpaid; the degree to which they face hostility from their male peers; and how they are subjected to a demeaning environment and made to feel inferior.

The latest gender bias suit, filed by Megan Messina, a senior fixed-income banker, is against Bank of America. The suit accuses BofA of vastly underpaying her and other women. In addition, Messina said her boss made her feel unwelcome in his “’bro’s club’,” and subjected her to questions like, “Have your eyes always been that blue?” The suit also accuses the bank of misconduct, and describes alleged instances of front-running trades and withholding information from clients.

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