CU institute in NYC hosts panel on status of women in the finance industry

By Annarose Fitzgerald

Cornell's Institute for Women and Work (IWW) hosted an invitation-only dinner and roundtable discussion, Sept. 25, with Catherine Nolan (D-37th Dist.), the first New York state assemblywoman to head the Assembly's Standing Committee on Banks. The event took place at the Cornell Club in New York City.

Chaired by IWW Director Francine Moccio, a senior extension associate with the School of Industrial and Labor Relations in New York City, the event served as a forum for women bankers, executives, entrepreneurs, activists and academics to discuss current issues facing women and minorities in the finance industry. Nolan and four guest panelists spoke about the obstacles to the advancement of women in the finance profession; the "sticky floor" phenomenon in which women in finance and banking get stuck in base-line positions within organizations; the need for increased financial literacy among women, and other subjects.

The audience of about 70 included representatives from Morgan Stanley, New York Met Life, Citigroup, Citicorp, 100 Black Women, the New York State Women's Agenda, Catalyst, the National Council of Negro Women and other organizations.

Nolan began with remarks on her experiences as a female politician, citing barriers similar to those facing women in other professional occupations. She stressed the importance of women mentors, recalling that her election to the state Assembly in 1985 was "an opportunity that was created in part because I had good women mentors." Nolan, whose hard work and readiness to accept challenging appointments at the Assembly have earned her a reputation as an effective policy-maker, said that training and experience also are crucial to women's success and retention in the male-dominated field of politics. However, women should be aware that some male colleagues may continue to question their ongoing presence in any challenging profession, no matter what their level of experience.

Guest panelist Judith P. Vladeck, a renowned employment law attorney who litigated the landmark sex discrimination class action suits against Western Electric and then Chase, criticized the lack of progress women have made in the finance professions. "It's as if we're moving in slow motion," said Vladeck about the lack of women in high-level positions. She also faulted the practice among some companies of requiring that employees agree to resolve gender-discrimination suits through compulsory arbitration, rather than through the courts. One disadvantage of arbitration is it keeps the issues private, whereas court cases air them publicly, she said.

Panelist Mia Larsson, a portfolio research analyst for Citigroup, noted the different ways in which men and women communicate and suggested that women become aware of those differences. "Men," noted Larsson, "always end [conversations] with an action plan" as part of an effective way of getting their point across. Larsson described how she keeps those differences of communication styles in mind when relaying information to her male boss. "If you're lucky," said Larsson, "you'll have a mentor who can tell you these things."

Joyce Moy, director of the Small Business Development Center at LaGuardia Community College, spoke of the need for increased financial literacy for women of all occupations and income levels. "Financial literacy is imperative at a young age," said Moy. She recalled a young woman, who, having been raised in a home in which welfare checks were the only form of currency, ran into severe credit card debt, and a female attorney who managed her finances poorly after opening up her own practice. The daughter of immigrant parents who ran their own laundry service, Moy advocated entrepreneurship as one way for women to achieve financial success but cautioned that lower-income women needed a stronger foundation in financial literacy. "We are highly educated people, and we have obstacles," said Moy. "A lot of us would fail in a small business. Lower income women [would fail] even more. Policy interventions are needed."

The final panelist to speak was Catherine Gretta, corporate vice president for New York Life Insurance. She created and directs the Women's Markets project for New York Life, which aims to increase the number of women sales agents and managers as well as the number of women clients. "Our products are not specific products for women, but we can change the way we market to women," she said.

In the discussion that followed, attendees shared experiences from their own work lives on the gains and setbacks of women in finance and women's familiarity with financial issues and spent time networking with the panelists.

The event raised awareness about workplace practices that enhance women's status and sustain their progress as well as the level of change that could be demanded of employers today by policy interventions. "We know the law alone cannot achieve a full victory," said Moccio. "It does, however, open the door for institutions to change, if they can be motivated to do so."