Post by Bozur on Dec 29, 2018 19:34:41 GMT -5
Wall Street Rule for the #MeToo Era: Avoid Women at All Cost
By Gillian Tan and Katia Porzecanski
By Gillian Tan and Katia Porzecanski
December 3, 2018, 5:00 AM EST Updated on December 3, 2018, 9:59 AM EST
No more dinners with female colleagues. Don’t sit next to them on flights.
Book hotel rooms on different floors. Avoid one-on-one meetings.
In fact, as a wealth adviser put it, just hiring a woman these days is “an unknown risk.
In fact, as a wealth adviser put it, just hiring a woman these days is “an unknown risk.
” What if she took something he said the wrong way?
Across Wall Street, men are adopting controversial strategies for the #MeToo era and,
Across Wall Street, men are adopting controversial strategies for the #MeToo era and,
in the process, making life even harder for women.
Call it the Pence Effect, after U.S. Vice President Mike Pence, who has said he avoids dining
alone with any woman other than his wife. In finance, the overarching impact can be,
in essence, gender segregation.
Interviews with more than 30 senior executives suggest many are spooked by #MeToo and
Interviews with more than 30 senior executives suggest many are spooked by #MeToo and
struggling to cope. “It’s creating a sense of walking on eggshells,” said David Bahnsen, a
former managing director at Morgan Stanley who’s now an independent adviser overseeing
more than $1.5 billion.
This is hardly a single-industry phenomenon, as men across the country check their behavior
This is hardly a single-industry phenomenon, as men across the country check their behavior
at work, to protect themselves in the face of what they consider unreasonable political
correctness -- or to simply do the right thing. The upshot is forceful on Wall Street,
where women are scarce in the upper ranks. The industry has also long nurtured a culture
that keeps harassment complaints out of the courts and public eye, and has so far avoided
a mega-scandal like the one that has engulfed Harvey Weinstein.
‘Real Loss’
Now, more than a year into the #MeToo movement -- with its devastating revelations of harassment
‘Real Loss’
Now, more than a year into the #MeToo movement -- with its devastating revelations of harassment
and abuse in Hollywood, Silicon Valley and beyond -- Wall Street risks becoming more of a boy’s club,
rather than less of one.
“Women are grasping for ideas on how to deal with it, because it is affecting our careers,” said Karen
Elinski, president of the Financial Women’s Association and a senior vice president at Wells Fargo & Co.
“It’s a real loss.”
There’s a danger, too, for companies that fail to squash the isolating backlash and don’t take steps to have
There’s a danger, too, for companies that fail to squash the isolating backlash and don’t take steps to have
top managers be open about the issue and make it safe for everyone to discuss it, said Stephen Zweig,
an employment attorney with FordHarrison.
“If men avoid working or traveling with women alone, or stop mentoring women for fear of being accused
“If men avoid working or traveling with women alone, or stop mentoring women for fear of being accused
of sexual harassment,” he said, “those men are going to back out of a sexual harassment complaint and
right into a sex discrimination complaint.”
Channeling Pence
While the new personal codes for dealing with #MeToo have only just begun to ripple, the shift is already
palpable, according to the people interviewed, who declined to be named. They work for hedge funds, law
firms, banks, private equity firms and investment-management firms.
For obvious reasons, few will talk openly about the issue. Privately, though, many of the men interviewed
For obvious reasons, few will talk openly about the issue. Privately, though, many of the men interviewed
acknowledged they’re channeling Pence, saying how uneasy they are about being alone with female
colleagues, particularly youthful or attractive ones, fearful of the rumor mill or of, as one put it, the potential
liability.
A manager in infrastructure investing said he won’t meet with female employees in rooms without windows
A manager in infrastructure investing said he won’t meet with female employees in rooms without windows
anymore; he also keeps his distance in elevators. A late-40-something in private equity said he has a new
rule, established on the advice of his wife, an attorney: no business dinner with a woman 35 or younger.
The changes can be subtle but insidious, with a woman, say, excluded from casual after-work drinks, leaving
The changes can be subtle but insidious, with a woman, say, excluded from casual after-work drinks, leaving
male colleagues to bond, or having what should be a private meeting with a boss with the door left wide open.
‘Not That Hard’
On Wall Street as elsewhere, reactions to #MeToo can smack of paranoia, particularly given the industry’s history
of protecting its biggest revenue generators.
“Some men have voiced concerns to me that a false accusation is what they fear,” said Zweig, the lawyer. “These
“Some men have voiced concerns to me that a false accusation is what they fear,” said Zweig, the lawyer. “These
men fear what they cannot control.”
There are as many or more men who are responding in quite different ways. One, an investment adviser who
There are as many or more men who are responding in quite different ways. One, an investment adviser who
manages about 100 employees, said he briefly reconsidered having one-on-one meetings with junior women.
He thought about leaving his office door open, or inviting a third person into the room.
Finally, he landed on the solution: “Just try not to be an asshole.”
That’s pretty much the bottom line, said Ron Biscardi, chief executive officer of Context Capital Partners.
Finally, he landed on the solution: “Just try not to be an asshole.”
That’s pretty much the bottom line, said Ron Biscardi, chief executive officer of Context Capital Partners.
“It’s really not that hard.”
The Mentorship Imbalance
The top jobs in finance are dominated by men.
The top jobs in finance are dominated by men.
Source: "When Women Thrive,'' Mercer, October 2016.
In January, as #MeToo was gathering momentum, Biscardi did away with the late-night, open-bar
gathering he’d hosted for years in his penthouse suite during Context Capital’s annual conference
at the Fontainebleau Miami Beach. “Given the fact that women are in the minority at our events,
we want to make sure that the environment is always welcoming and comfortable. We felt that
eliminating the after-party was necessary to remain consistent with that goal.”
In this charged environment, the question is how the response to #MeToo might actually end up
hurting women’s progress. Given the male dominance in Wall Street’s top jobs, one of the most
pressing consequences for women is the loss of male mentors who can help them climb the ladder.
“There aren’t enough women in senior positions to bring along the next generation all by themselves,”
“There aren’t enough women in senior positions to bring along the next generation all by themselves,”
said Lisa Kaufman, chief executive officer of LaSalle Securities. “Advancement typically requires that
someone at a senior level knows your work, gives you opportunities and is willing to champion you
within the firm. It’s hard for a relationship like that to develop if the senior person is unwilling to
spend one-on-one time with a more junior person.”
Men have to step up, she said, and “not let fear be a barrier.”
Read More: Sexual Harassment in Workplace Is Seen Differently by Men, Women
— With assistance by Max Abelson, and Sonali Basak
(Adds detail on industry history in 15th paragraph.)
Men have to step up, she said, and “not let fear be a barrier.”
Read More: Sexual Harassment in Workplace Is Seen Differently by Men, Women
— With assistance by Max Abelson, and Sonali Basak
(Adds detail on industry history in 15th paragraph.)
Comments:
gordon.paulsen
3 weeks ago
Any woman that has been sexually harassed should report it immediately, not ten years later
3 weeks ago
Any woman that has been sexually harassed should report it immediately, not ten years later
when the alleged perpetrator is about to get a promotion or similar. This will go a long way
towards eliminating the potential for false accusations surfacing decades later and causing career
and marriage failures
Gary Chalmers
3 weeks ago
Who could have predicted that allowing unproven and untested allegations to ruin people's lives
3 weeks ago
Who could have predicted that allowing unproven and untested allegations to ruin people's lives
and careers would result in men protecting themselves from it?
.
Anyone that thinks the #metooo movement was ever a good idea, doesn't know how to think
.
Anyone that thinks the #metooo movement was ever a good idea, doesn't know how to think
critically and examine the logical outcomes of such a witch-hunt.
MikeM
3 weeks ago
Surely NO ONE could be surprised by this development? The truly frightening thing about the
3 weeks ago
Surely NO ONE could be surprised by this development? The truly frightening thing about the
fall-out from the #MeToo movement is that a man's entire life can be destroyed on the basis
of an unproven accusation by a woman. The presumption of innocence, fundamental to our
legal system for many, many years, has been discarded in a moment. Not just the baby has
been thrown out with the bathwater but the entire family.
Over many years working with women I have found that enough of them (not all or even a
Over many years working with women I have found that enough of them (not all or even a
majority, mind you, but enough of them), are paranoid and spiteful enough to make the
workplace a dangerous minefield for men. Some women take offence at the most innocuous
of statements. They have a chip on their shoulder the size of a boulder.
gruidae
3 weeks ago
As a woman I was worried this would happen I think it's the fact that there is currently no
3 weeks ago
As a woman I was worried this would happen I think it's the fact that there is currently no
defence to an accusation that is spooking men. It's having real life consequences, especially
for women who may not have great professional boundaries. Let me give an example. A
woman at my brother's workplace was well known for pushing physical intimacy in a way
male colleagues wouldn't if you had to meet with her one on one. Leaning over and touching
them on the leg or arm in a "I'm your confidante"" way and generally making the man squirm.
The other women in the office hated her, they saw it as a blantant "flirt your way to the top"
thing. The company downsized last year. Guess who didn't survive the cut? I think the women
who are being excluded are those who think because they're a woman they can touch a man
as much as they like "because there's no power imbalance".
donut124
3 weeks ago
Well that was predictable. Men wanting to protecting their reputation and jobs and the financial
3 weeks ago
Well that was predictable. Men wanting to protecting their reputation and jobs and the financial
reward coming from it, are avoiding putting themselves in what they consider to be risky situations
(to the women's detriment).
.
We've seen the exact same situation already with male primary school teachers (and in other roles
.
We've seen the exact same situation already with male primary school teachers (and in other roles
working with children). We've been fed a diet of articles detailing pedos and other people who have
done much damage and now every male primary teacher is looked at suspiciously. So, as a result,
men considering such employment have weighed up the risks and most avoid that job like the
plague.
Fred
3 weeks ago
After very public examples such as the Brett Kavanaugh witch hunt in the US, why would any man
3 weeks ago
After very public examples such as the Brett Kavanaugh witch hunt in the US, why would any man
now knowingly risk his job, career, financial security and personal life (marriage, kids) on unfounded
hearsay by a disgruntled woman who has missed out on pay increases, promotions etc. This is not to
say that women are not harassed in the workforce but why would a man take even a minor risk of
being unfairly spitefully labelled forever and destroyed - mud sticks.
.
Maybe those religions/cultures that separate the genders are on to something learned over thousands
.
Maybe those religions/cultures that separate the genders are on to something learned over thousands
of years of experience because clearly the workplace is a dangerous place for men and they are the
victims because evidence and facts are irrelevant in the face of random accusations.
battlecat
3 weeks ago
Its a sad truth unfortunately. The "#MeToo" movement grouped all men as capable of harassment
3 weeks ago
Its a sad truth unfortunately. The "#MeToo" movement grouped all men as capable of harassment
and abuse as if it was in their genes. Naturally the men get their backs up, even the squeaky clean
ones can be accused and then social media and the news crucifies them. They loose their jobs and
become ostracised, all without a trial or even been charged for any offence.
Ron
3 weeks ago
I follow these rules. I work for a major corporate and have a female boss offshore. She is the only
3 weeks ago
I follow these rules. I work for a major corporate and have a female boss offshore. She is the only
female I will meet / dine alone with. I travel internationally extensively for work and I absolutely
will never eat, drink, travel alone with a female. Further, I limit any social activity with female staff
to the bare minimum. I do not attend work social functions with alcohol unless I have to - and then
I will only stay for 15 minutes.
.
Why? Because not actually being guilty of an accused transgression is a pathetic, useless and utterly
.
Why? Because not actually being guilty of an accused transgression is a pathetic, useless and utterly
ineffective defence. I base that on my experience in adjudicating and watching the progress of
complaints - as an informed insider. Any man who thinks he is lowering his risk by simply not
committing an offence is an idiot.
.
In fact, I go further. I never give even the mildest negative feedback on any performance or piece of
.
In fact, I go further. I never give even the mildest negative feedback on any performance or piece of
work a female has been involved in. I will not review a document until I know the gender of the author.
"getting it right" for the company is in no way worth the damage to your reputation as a male if you
give negative feedback on a female.
chet.mannly
3 weeks ago
How can anyone possibly be surprised about this? Right now men are guilty until proven innocent, and
3 weeks ago
How can anyone possibly be surprised about this? Right now men are guilty until proven innocent, and
a single complaint will destroy his career. Even if the complaint is utterly disproven later on, even if it
is proven it was malicious, his reputation will never recover from the attack from the media and the
online lynch mob.
.
Legitimate complaints of course should be heard, and it's a good thing that the legitimate cases are
.
Legitimate complaints of course should be heard, and it's a good thing that the legitimate cases are
coming out.
.
But equally you can't blame men when they start making new rules for themselves like Mike Pence
.
But equally you can't blame men when they start making new rules for themselves like Mike Pence
has - it's a perfectly rational and sensible thing to avoid risks around accusations.
.
And while it's all well and good for Lisa Kaufmann to say men have to step up - it's easy for her to
.
And while it's all well and good for Lisa Kaufmann to say men have to step up - it's easy for her to
say, as she doesn't face the same career-ending risks that men do in this climate.
Heibrin
3 weeks ago
"not let fear be a barrier." Sounds so easy, however when you don't know if the (to you) innocent
3 weeks ago
"not let fear be a barrier." Sounds so easy, however when you don't know if the (to you) innocent
remark you made is going to be turned into the next #metoo fighting slogan just because the woman
you made it to feels offended (and take note, feels offended and being sexually harassed are two
very different realities, which have been made indistinguishable by the #metoo movement) then
I'd also opt for no interaction.