Discrimination in Banking and Financial Services
Even in the era of the MeToo movement, discrimination in banking and financial services remains all too common, including in global banking. To effectively combat discrimination and retaliation, it is critical to have an experienced discrimination lawyer fighting to obtain the damages that you deserve.
According to a March 2018 study from the SKEMA Business School, although women make up 52% of banking sector employees globally, they average only 38% of middle managers and 16% of executive committees. The study examined the female representation of 71 banks in 20 countries.
Similarly, a 2014 Oliver Wyman report titled Women in Financial Services found that only 4 percent of CEOs at the world’s major banks and more than a third of executive committee members are entirely male. And a recent internal Citigroup pay equity review found that median pay for women is 29 percent less than it is for men at the bank.
And the glass ceiling in banking and financial services extends to African-American employees as well. For example, the proportion of African-American managers in financial services companies has actually decreased from 2007 to 20015, according to a Government Accountability Office’s (GAO) report released in November 2017.
For years, Wall Street has promised to bring more women and people of color into its upper ranks, but none of the country’s largest banks — those with at least $200 billion in assets — is headed by a woman or a person of color. And only two of the 15 biggest banks in the country agreed to publicly disclose their most recent government diversity reports.
Law Firm Combatting Discrimination in Banking and Financial Services
Hiring a proven and effective advocate is critical to obtaining the maximum recovery in an employment discrimination case.
U.S. News and Best Lawyers® have named Zuckerman Law a Tier 1 firm in Litigation – Labor and Employment in the Washington DC metropolitan area. Contact us today to find out how we can help you. To schedule a confidential consultation, click here or call us at 202-262-8959.