Silence On Wall Street

Finance hasn’t had its #MeToo moment. Women say the culture of banking and a web of legal agreements keep harassment hidden

- Max Abelson

Three women who’ve had long careers in banking sat down for lunch together in Manhattan on the first Wednesday of the year. It didn’t take long before they asked one another the question: Why hasn’t the Harvey Weinstein effect hit finance?

After the movie mogul was accused last October of sexual harassment and assault, powerful men have been pushed out of jobs in the media, the arts, politics, academia, and the restaurant business because women spoke up to allege egregious behaviour. Something is different on Wall Street. While the #MeToo movement spreads far and wide, these companies have seemed practically immune.

Some bankers and executives will tell you that’s because the industry cleaned out bad behaviour more than a decade ago, after a string of lawsuits revealed what women were putting up with across top companies. That’s not the case, according to interviews with 20 current and former Wall Street women, who asked not to be identified describing personal experiences and observations.

Some say they’ve been grabbed, kissed out of the blue, humiliated, and propositioned by colleagues and bosses but have stayed quiet because of cultural and financial forces that are particularly strong in banking. They say they have a lot to lose by speaking out, no certainty about what they’d gain, and legal agreements that muzzle them.