The world of finance is moving at the speed of light and one thing that is grabbing everyone’s attention is women in finance. They are breaking all barriers and playing a crucial role in shaping the finance industry. Not only is their presence important but they are also proving to be a valuable asset.
In the starting phase both men and women are very close to parity. Yet males dominate the C-suite. Both enter in equal numbers but then why women are left behind? Why men rise faster? Is there any root cause that leads to such issues? Take a minute and ponder over these questions.
Be it investment banking or asset management, women are leaving a big mark everywhere. Then why such inequality? Let’s get deeper into it and understand why “women in finance” is the new thing.
Empowering Female Leadership- Women in Finance
The best way to empower women in the field of finance is through “Representation”. Seeing a woman at the top position or any leading position will inspire and motivate other females as well. There is absolutely no doubt that women will bring the best to the table and a very fresh perspective. So, why not do it?
Let us begin by asking ourselves the very basic question – Why are there very few women in finance?
The C-suite has men and women equally. But why it is difficult for a woman to rise and shine? Fewer role models are what demotivates other females to come. Whatever strides are made, they all seem to lack somewhere.
As per studies, the year 2023 ending showed that only 18% of women globally were present in the corporate suite. The statistics also revealed that women comprised only 30% of the Board, 22% of the executives, and 27% of the senior management. Don’t you think it is very low?
A simple solution can be to launch gender diversity programs that highlight how women’s leadership can drive-in innovation and growth. Companies must analyze how their gender-diversified programs are outperforming others programs.
Most Powerful Women in Finance- Real Examples
Below are some of the most powerful women in finance in real life along with their contributions.
1. Mary Callahan Erdoes
She is the CEO of AUM, JP Morgan Chase & Co. The Banking industry might be taking a hit but JP Morgan’s AUM is at its best all thanks to Mary Callahan. Since 2009, she has been associated with the company. An alum of Harvard Business School, she is now managing a company that has a 200-year-old legacy and a Net worth of $5 Tn. We all know how the 2007-08 recession hit the banking sector. It also shattered the blue-chip reputation of this company. But in 2009 the company came onto a great path of recovery.
2. Abigail Johnson
Another impactful woman on the list is Abigail Johnson. She is CEO & Chairman of Fidelity Investments. Currently, the company has over $4.5 Tn in client assets. Her grandfather started the company in 1946 & she took over the CEO role from her father. It sounds as if she had it all, but in reality, she is an extremely knowledgeable and keen woman with a degree from Harvard Business School. Her new worth is around $2,950 Crore.
3. Adena Friedman
Adena Friedman is the CEO and Chairman of NASDAQ (everybody who trades in the stock market knows about NASDAQ). Since 2017 she has held this position. Before this, she was associated with the Carlyle group. NASDAQ took one of the most important decisions during her reign of buying out Adenza Inc. for $10.5 Bn. The said company makes software for risk management and compliance. As of this year, her estimated net worth is $106 Mn.
4. Lynn Martin
Just like NASDAQ, the New York Stock Exchange Group’s President is also a woman. Lynn Martin is the leader of the largest stock exchange in the world. Heading such a large group whose name itself is associated with all the equity markets and capital flows ain’t easy. In one of the recent interviews she said that she is thinking about the future of NYSE and where she wants it to be in the next 231 years. It is amazing to see how far she thinks. She is the 68th president of New York Stock Exchange group and her net worth is $13.7 Mn.
5. Katy Knox
Last but not the least on the list is Katy Knox who is the President of Bank of America and a member of the Bank’s Executive management team. She manages and leads over 4000 professionals, which is a tremendous job. In 2018, when she became the president she was the only woman in the Executive Management team that directly reported to the CEO. Bank of America has some of the wealthiest clientele and has client balances of more than $578 Bn. She has successfully expanded the reach of the bank into newer markets and increased the number of active users on their online platform.
Whatever women achieved, they went through a lot of hardships to get that. They had to face many endearing challenges to be where they are. Sometimes it was the biases that pulled them back and the rest of the time it was a lack of support and confidence in them.
Even though there were plenty of opportunities, women still faced problems in grabbing them. But thankfully now there are plenty of mentorship programs, support groups, and networking options for the folk. Every barrier is slowly shattering and women are shining in the world of finance.
Role of Women in Finance- Final Thoughts
Empowering women in finance is not only about equality in the workplace. It is about creating a dynamic work environment that is inclusive and creative. Inclusion will help the finance industry unlock its true potential. Leveling the playing field is what every company should look for.
So, keep on celebrating the women who are making great strides in the world of finance because when you support them, you empower them and when you empower women you are empowering the future of finance.
What do you think about the role played by women in finance? Comment down below!