“The Cost of Devaluing Women” (nytimes) says that women are systematically excluded from jobs on Wall Street and that this leads to underperformance:
Homogeneity has led Wall Street firms to travel in packs, going after the same opportunities at the same time: junk bonds in the 1980s, tech stocks in the late 1990s and subprime lending in the run-up to the crash 10 years ago. … one can draw a line from the gender discrimination on Wall Street through to the lack of women — and lack of diversity of thought — in the industry to increased risk and to the financial crisis.
If there are women out there with amazing skills who have been pushed out by the big banks, why isn’t there an all-female bank that is able to deliver amazing performance at a low cost? Or maybe a mixed-gender bank that doesn’t practice gender discrimination and is therefore super profitable to the point that it can put the “brotrader” banks out of business?
Wall Street is all about greed, right? Why isn’t there someone greedy enough to want to become the richest person on the planet by starting a bank staffed entirely by women whose contributions to the established banks weren’t recognized?