Women step into c-suite roles in banking

For decades women’s career successes have been determined by their capacity to adjust to a largely male-dominated workplace culture. The finance sector has proved no exception. Until now. Perception is fast changing as we see an increasing number of women leaders embrace their c-suite roles with a head-on and take charge approach.

Goldman Sachs: a pioneer in female empowerment

The Goldman Sachs Group is leading this move in the banking sector. They recently made experienced and respected media lawyer Kimberley Harris, one of their newest board members. Her appointment means that almost half of the Wall Street bank’s board of directors are now female.

Banks answer the call to diversify their leadership

Historically the financial industry has been made up of men in positions of executive rank. In 2019 a goal was set that at least 50% of new analysts and entry-level associates hired by Goldman Sachs in the US be women.

Goldman is not the only bank on Wall Street to pursue this goal:

  • JPMorgan Chase & Co’s board boasts 4 out of 10 female members
  • Bank of America places 6 women on their board of 16
  • Goldman Sachs also has 6 females out of 13 members of their board of directors

In August 2020, bank management stated that by 2025 40% of Goldman Sachs vice presidents should be female.

Women bring diverse qualities and skills to the workplace

Why hire women in leadership roles? Here’s why:

  1. Women are more likely to show compassion and empathy in the workplace, which are crucial qualities when leading a team.
  2. They are less likely to have the "leader of the pack" mentality. Whether through nature or nurture, they lend themselves to developing and helping others.
  3. Women also embrace the challenges they face though effectively utilizing their core strengths and leadership qualities: skill, knowledge - and emotion.

Female leaders step into the spotlight

Studies show that men often apply for a position when they meet just 60% of the qualification criteria, while women (historically) only apply when they meet 100%.

Why the difference?

Women don’t believe they will be considered for a position if they don’t meet the exact criteria.

The (boardroom) tables are finally turning

Women are starting to believe in themselves more and playing ball outside their comfort zone. They recognize the fear of not landing the job, but are taking the leap regardless.

The invisible curtain of anxiety created by male chauvinism, and felt by female leaders for decades, is incrementally being pulled open. And it’s about time! Let’s all look ahead to a continued female-forward approach in the future of work.

Read the full article on Goldman Sachs’s new strategy here.