Rebel bankers create a "Noah's Ark" women's finance



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Deborah Sayagh, Banker at InvestecPhoto provided by Investec.

  • A culture of perseverance, laddy sporting events and a lack of leadership recognition have gone bankrupt at the pound (and the dollar).
  • Today, three quarters of women say that financial services are the industry with which they are most disappointed.
  • This must change: women's private wealth is booming (from $ 34 trillion to $ 51 trillion between 2010 and 2015 and is expected to reach $ 72 trillion in 2020).

London's Kensington and Chelsea properties include Grace, a women-only business club, where women entrepreneurs pay 5,000 ($ 6,500) a year or $ 38,000 ($ 49,000) a year. membership for life. Secretly, the most influential women in the world of finance worldwide have been meeting in its luxurious salons for two years.

More than 20 businesswomen in the financial world, including JPMorgan, Barclays, Citi, Goldman Sachs, AXA and UBS, are nowfor the first timebringing this underground covenant to the open air.

Why? Because a plumbing culture, difficult maneuvers and the lack of recognition of women leaders is not only a failure for women in finance, it is a failure for all women, leaving three quarters of female clients disappointed. Forbes.

Lauren Garey, banker at JP Morgan.Photo courtesy of JP Morgan.

Billionaire women hold $ 876 billion worth of wealth around the world. They represent a larger market than the combined GDP of China and India, and their private wealth is growing, reaching $ 72 trillion by 2020, according to the Boston Consulting Group. The banks of the world are now acting because the female pound (or dollar) can not be ignored.

"There are ongoing dialogues and disagreements," says Lauren Garey, JPMorgan's banker, who launched the project "Difference & amp; "Dividend" after six years in finance (she affectionately nicknamed it "Noah's Ark for Women's Finance" through her collection of leading members). However, Garey's goal is clear: to help women get the services they need and to promote a better gender balance in the finances.

Unlike regular bank meetings, meetings at Grace are no excuse for spilling the pinot grigio, or for treatment at the spa or health care offered by the club. As both friends and competitors, the group shares best practices at least every quarter with freshly squeezed orange juice glasses at Grace, or occasionally visits JPMorgan's Mayfair office for presentations.

Garey, 27 – one of the youngest members of the group – calls for a "gender-neutral" approach to women's finance, the elimination of women-only advisory committees and individual consideration. "Our clients tell us that they want to be part of the" club "and not the" girls' club, "she said. Forbes.

Events also change. "She does not need a bank to go shopping or to have a glass of champagne: she can do it alone," says Garey, a female customer of JP Morgan. Instead, Garey is pushing intellectual capital, with the JPMorgan events recently organized by millionaire fashion designer Diane von Furstenberg, multimillionaire multimedia Miranda Curtis, and Sarah Wood, founder of Unruly, the British video start-up company sold for 114 million pounds in 2015.

Grace Belgravia.Photo courtesy of Grace.

Deborah Sayagh, private banker of Investec Group, is also part of the alliance. She said Forbes Her clients had hired mansplaining financial advisors in a firm-commissioned survey last March: male money managers incorrectly assumed that their clients would be illiterate financially.

But equal treatment does not always mean the same treatment. Sayagh says her clients prefer a "more subtle" personal sale, with more face-to-face meetings. The banker also supports the Cricket and Rugby sponsorship bank's transition to "neutral" activities around the arts, theater and gastronomy. In February, Investec hosted a women's dinner at Core, the restaurant run by triple Michelin star chef Clare Smyth. .

Promoting gender diversity in the sector will also improve the experience of female clients, with the agreement of the group. Finance shows a difference of half between men and women, but the first UK reports published in Gender Pay Gap show that few women are promoted to management positions or in the high-paying sectors of investment banking and commerce. JPMorgan is not the only one who thinks: men earn 26% more than women, earn 41%, bonuses are 41% higher, and women make up only 22%& nbsp; leading roles in the business.

Selina-Valencia McDonald, Barclays Banker and other member of the group, is one of the few women to work on a floor of more than 70 men. But where a shortage of women might have previously created a "queen bee attitude" among her peers, Mr. McDonald says that women are more than ever feeding off the professional growth of each other, to Barclays and to l & # 39; outside. "You do not have to adopt male traits," she adds. "You can be a woman who will succeed and I love that."

Jo Andrews, co-founder of Equileap.Photo provided by Equileap.

Jo Andrews, a member of the group, co-founder of the Equileap Gender Data Society, said banks not only needed gender diversity to attract the best talent, but that diversity would soon govern access banks with capital. Andrews explains that more money is being spent on companies that focus on gender diversity, and since its launch in September 2017, Equileap has processed $ 500 million from what we've dubbed "gender goal, ", A practice that grew by 41% last year.

Reducing the pay gap between men and women will not be easy. Comments like "it's not even a problem" and "why do we discuss it" are still commonplace. But as Garey says, revealing her Noah's Ark for the first time, the diversity of the sexes and the equal service to the customers should be at the rendezvous. "business as usual." & nbsp; & nbsp;

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Deborah Sayagh, Banker at InvestecPhoto provided by Investec.

  • A culture of perseverance, laddy sporting events and a lack of leadership recognition have gone bankrupt at the pound (and the dollar).
  • Today, three quarters of women say that financial services are the industry with which they are most disappointed.
  • This must change: women's private wealth is booming (from $ 34 trillion to $ 51 trillion between 2010 and 2015 and is expected to reach $ 72 trillion in 2020).

London's Kensington and Chelsea properties include Grace, a women's business club, where women entrepreneurs pay £ 5,000 ($ 6,500) a year or £ 38,000 ($ 49,000) for a lifetime membership. Secretly, the most influential women in the world of finance worldwide have been meeting in its luxurious salons for two years.

More than 20 businesswomen in the financial world, including JPMorgan, Barclays, Citi, Goldman Sachs, AXA and UBS, are nowfor the first timebringing this underground covenant to the open air.

Why? Because a plumbing culture, difficult maneuvers and the lack of recognition of women leaders is not only a failure for women in finance, it is a failure for all women, leaving three quarters of female clients disappointed. Forbes.

Lauren Garey, banker at JP Morgan.Photo courtesy of JP Morgan.

Billionaire women hold $ 876 billion worth of wealth around the world. They represent a larger market than the combined GDP of China and India, and their private wealth is growing, reaching $ 72 trillion by 2020, according to the Boston Consulting Group. The banks of the world are now acting because the female pound (or dollar) can not be ignored.

"There are open dialogues and disagreements," says Lauren Garey, JPMorgan's banker, who founded the "Difference & Dividend" group after six years in finance (she has affectionately dubbed it "l & # 39; Noah's ark of female finance "high level members). However, Garey's goal is clear: to help women get the services they need and to promote a better gender balance in the finances.

Unlike typical bank meetings, meetings at Grace are not an excuse to tip over the pinot grigio, or for treatment at the spa or health care offered by the club. As both friends and competitors, the group shares best practices at least every quarter with freshly squeezed orange juice glasses at Grace, or occasionally visits JPMorgan's Mayfair office for presentations.

Garey, 27 – one of the youngest members of the group – calls for a "gender-neutral" approach to women's finance, the elimination of women-only advisory committees and individual consideration. "Our clients tell us that they want to be part of the" club "and not the" girls' club, "she said. Forbes.

Events also change. "She does not need a bank to go shopping or to have a glass of champagne: she can do it alone," says Garey, a female customer of JP Morgan. Instead, Garey is pushing intellectual capital, with the JPMorgan events recently organized by millionaire fashion designer Diane von Furstenberg, multimillionaire multimedia Miranda Curtis, and Sarah Wood, founder of Unruly, the UK startup of the video-selling industry. for £ 114 million in 2015.

Grace Belgravia.Photo courtesy of Grace.

Deborah Sayagh, private banker of Investec Group, is also part of the alliance. She said Forbes Her clients had hired mansplaining financial advisors in a firm-commissioned survey last March: male money managers incorrectly assumed that their clients would be illiterate financially.

But equal treatment does not always mean the same treatment. Sayagh says her clients prefer a "more subtle" personal sale, with more face-to-face meetings. The banker also supports the Cricket and Rugby sponsorship bank's transition to "neutral" activities around the arts, theater and gastronomy. In February, Investec hosted a women's dinner at Core, the restaurant run by triple Michelin star chef Clare Smyth. .

Promoting gender diversity in the sector will also improve the experience of female clients, with the agreement of the group. Finance shows a difference of half between men and women, but the first UK reports published in Gender Pay Gap show that few women are promoted to management positions or in the high-paying sectors of investment banking and commerce. JPMorgan is not the only one to reflect this: men earn 26% more than women, earn wages 41% higher than women, and women earn bonuses of 41%. only 22% leading roles within the company.

Selina-Valencia McDonald, Barclays Banker and other member of the group, is one of the few women to work on a floor of more than 70 men. But where a shortage of women might have previously created a "queen bee attitude" among her peers, Mr. McDonald says that women are more than ever feeding off the professional growth of each other, to Barclays and to l & # 39; outside. "You do not have to adopt male traits," she adds. "You can be a woman who will succeed and I love that."

Jo Andrews, co-founder of Equileap.Photo provided by Equileap.

Jo Andrews, a member of the group, co-founder of the Equileap Gender Data Society, said banks not only needed gender diversity to attract the best talent, but that diversity would soon govern access banks with capital. Andrews explains that more and more money is being allocated to companies that focus on gender diversity, and since its launch in September 2017, Equileap has processed $ 500 million in what has been called "l '. investment from a gender perspective ", a practice that has grown to 41% last year.

Reducing the pay gap between men and women will not be easy. Comments like "it's not even a problem" and "why do we discuss it" are still commonplace. But as Garey says, unveiling her Noah's ark for the first time, gender diversity and equal service for clients should unfold as before.