Morgan Stanley has named its 2012 class of managing directors and this year it includes more women. The firm appointed 210 managing directors last week, down nearly 10% from last year’s figure and the lowest total since 2008. Of the 210, 37, or 17.6%, are women. The percentage is up from last year, when 38 out of 232, or 16.4% were women. But Goldman Sachs likes the ladies more, as fifty of the 261 newly appointed managing directors at that firm are women, or about 19%. But this was actually a drop for Goldman so Morgan Stanley wins this round.
This is really great to hear considering in the U.S., women account for only 2.7% of the chief executives in the financial industry, and 16.8% of the executive officers, according to a study by Catalyst. Approximately 141,000 women or 2.6% have left Wall Street in the last ten years. To give you some context, 9.6% or 389,000 men have started working in finance in the same period. Sallie Krawcheck, the former head of Bank of America Merrill Lynch global wealth, said at a conference in November, “Our industry does not do a great job for women. We do have large groups of people – women – who are underserved by our business.” Krawcheck, who has been on Wall Street since the 1980s, said this disappointment in progress hit her very hard the week before when she talking to women at Harvard Business School. “I kept wanting to say, ‘I’m sorry—I feel sort of sad that, when I was your age I really wouldn’t have thought that 25 years on, that we wouldn’t have made more progress than we’ve made.’ ” Well work this new Morgan Stanley data into your speech next time Sallie!