Gender and the Law Prof Blog

Editor: Tracy A. Thomas
University of Akron School of Law

Monday, December 3, 2018

Wall St Execs Overcompensating for MeToo Fear by Limiting Interaction with Women at Work

Wall Street Rule for the #MeToo Era: Avoid Women at All Cost

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.” What if she took something he said the wrong way?

 

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 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 at work, to protect themselves in the face of what they consider unreasonable political correctness -- or to simply do the right thing.

 

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.

    [Umm... because no man would ever make sexual advances at a woman over age 35?!?]

 

* 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. “It’s really not that hard.”

https://lawprofessors.typepad.com/gender_law/2018/12/survey-shows-wall-st-execs-overcompensating-for-metoo-fear-by-limiting-interaction-with-women-employ.html

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