Magazine article American Banker

Women in Banking: Pam Joseph Returns; #TheNew10 for Canada

Magazine article American Banker

Women in Banking: Pam Joseph Returns; #TheNew10 for Canada

Article excerpt

Byline: Tanaya Macheel

#TheNew10, Canada Edition: The Bank of Canada will soon begin accepting nominations for an "iconic" woman to feature on a new bank note to be distributed in 2018. "With this new note, we can honor the achievements of Canadian women and inspire future generations to learn more about the significant contributions women have made to our country," the central bank governor, Stephen Poloz, said. Nominees must be Canadian by birth or naturalization, deceased for at least 25 years and not fictional. The nomination process will launch April 15.

C-U-Later: Debbie Matz, who has chaired the board of the National Credit Union Administration since August 2009, will step down at the end of April. She served 11 years at the NCUA, which is the regulatory agency overseeing credit unions.

Higher R-O-ETF: State Street Global Advisors has launched an exchange-traded fund that tracks companies with high levels of women in senior leadership positions. The ETF began trading this week under the ticker "SHE." It is the latest example of a trend in which asset managers are seeking to bring social causes to their U.S. investment strategies. "SHE seeks to help address gender inequality in corporate America by offering investors an opportunity to create change with capital and seek a return on gender diversity," says Kristi Mitchem, head of the Americas Institutional Client Group for State Street Global Advisors. (You may recall that Barbara Byrne worked on the launch of a similar investment option at Barclays.)

No More Arguments: More women-owned businesses mean more board opportunities are coming for women, argues Carla Harris, vice chairman of global wealth management at Morgan Stanley. Data from the National Women's Business Council -- an organization Harris chairs -- shows there are now 10 million U.S. women-owned businesses generating a total of $1.4 trillion in revenue and employing 8 million people. This is "a clear tipping point," Harris said in a Bloomberg video interview that partly focused on the gender gap on corporate boards. Harris said boards will find it harder to overlook female candidates with so many coming to the table as experienced business owners. Arguments that women lack the operational expertise boards seek will become "defunct." Finally, "those who don't get it will hug the data," which shows that companies with diverse boards outperform their peers.

Rising Through the Ranks?: Mercer research shows women make up 76% of support staff in the financial services industry. That figure shrinks to 44% of mid-level managers, 30% of senior managers and 21% of executives. Mercer surveyed 583 companies, with a total of 3.2 million employees across 42 countries.

Don't Wait: Some say women's lesser status on Wall Street has improved since the pre-crisis dark days, but not Sallie Krawcheck. Is it worth waiting for, though? The CEO of the forthcoming women's investment platform Ellevest said that the industry pipeline of women at junior levels now is the same as when she started working a couple decades ago -- and the lack of women at higher levels is about the same too. She said one problem is that inherent biases (like managers wanting to promote someone similar to themselves) still exist, despite research showing gender-diverse teams outperform others. Krawcheck pointed out that it's less costly than ever to be an entrepreneur (try crowdfunding!) and that women have greater opportunities to make change instead of waiting for it.

Change Will Take a Generation: Asia is witnessing the rise of women in corporations and in politics, Jing Ulrich, JPMorgan Chase managing director and vice chairman of Asia Pacific, said in a video interview. …

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