Women Are Finding Progress in Finance

Share

Women Are Finding Slow But Steady Progress in Finance. Female executives are seeing more positive shifts in their quest for full equality.

Jeff Bounds reports: After coming to Dallas early in her banking career, Carla Brooks got a surprise at a private club atop a downtown skyscraper, where a man had invited her for a business lunch. “We had to go to a separate dining room where women were allowed,” the Midwest native says of that late 1970s episode. “The main dining room was part of the men’s section.” Things have changed for women executives like Brooks, who today manages private equity funds’ investments in banks for Dallas-based Commerce Street Investment Management.

Where finding women in the boss’ office was once scarce, Elaine Agather, who helms both the 12,000-employee North Texas operation for JPMorgan Chase and the 200-employee southern region of its private bank, says she not only has a female boss, but sees women running the company’s consumer bank and credit card business.

“It’s not been directed from above,” Agather says about women’s high-level roles at Chase. “It’s because we have received opportunities and the support to be successful here.”
Despite decades of diversity efforts, management and executive roles in banking and finance remain male-dominated, an issue that crosses industries and job duties. In 2015, women made up 2.8 percent of CEOs in 60 finance and insurance companies in the S&P 500, according to Catalyst, a New York-based research and advocacy nonprofit….Women are finding progress in Finance

Female CEOs Make More Than Their Male Counterparts

Share

– but there are a lot less of them.

New data shows that the median pay for female CEOs was $1.5 million more than their male counterparts.

Women CEOs earned big bucks last year, but there’s still very few of them running the world’s largest companies.

The median pay for a female CEO was $13.1 million last year, up 9 percent from 2015, according to an analysis by executive data firm Equilar and The Associated Press. By comparison, male CEOs earned $11.4 million, also up 9 percent.

But the number of women in CEO roles has barely budged. Just 6 percent of the top paid CEOs in the U.S. last year were women, according to the Equilar and AP analysis, a slight increase from about 5 percent in 2015 and 2014.

The highest paid woman was Virginia Rometty of International Business Machines Corp., bumping out Yahoo’s Marissa Mayer from the top spot. Rometty earned $32.3 million last year from the technology company, a 63 percent jump from the year before, mainly due to $12.1 million in stock option awards she didn’t receive in 2015. Highest-paid female CEO? IBM’s Rometty tops Yahoo’s Mayer
Women and Paid Work

Too Many Women Jump In The Back Seat When It Comes To Their Finances

Share

Growing up, I didn’t understand what a stock or a bond was, or how much my parents made, or if we were rich or poor.

Judith Ohikuare and Stacy Francis report: The financial world was very scary to me, and I never pictured myself working in it. Money was not something that my family deemed appropriate to talk about in public — and we didn’t talk about it at home either. Growing up, I didn’t understand what a stock or a bond was, or how much my parents made, or if we were rich or poor. My parents were definitely middle-class, and even though things weren’t always easy for them, they managed to give my brother and me anything that was important to us.

As a teenager, I got a job at a Dairy Queen and started to chip in for my own clothes, which is when I began to learn that things cost a lot of money — and that I’d need to go to college and do something other than work at Dairy Queen if I wanted to have what I considered an abundant life…..A Depressing Reason Women Should Care About Money

Rudolf Schuppler
www.w-t-w.org/en/cartoon/rudolf-schuppler

Cartooning for Peace Report

Share

On World Press Freedom Day, Cartooning for Peace publishes
its first 2016/2017 report on the situation of cartoonists around the world.

Whether their cartoons deal with politics, economics, sport or religion, cartoonists face the same threats as other types of journalists who cover sensitive subjects.

Whether they are victims of censorship, legal proceedings, unfair dismissal, physical assaults or imprisonment, the threats that hang over the cartoonists inform us about the status of democracy at times of insecurity and troubles.

In an international context in which freedom of expression is under frequent attack, it is crucial for cartoonists to express themselves, to share in their experience and recount their struggles. In doing so, they will help us to not close our eyes on what is going on around the world.

“Most importantly, let’s not give up. We should never abandon the principles of the Universal Declaration of Human Rights: freedom of expression is one of its pillars, freedom of the press one of its emanations.” Vladimir Vasak, Board member of Cartooning for Peace, Investigative reporter ARTE. Cartooning for Peace Report

Are Women Punished Harder by the Financial Industry?

Share

A new working paper finds that male financial advisers are considerably more likely to recover after they commit misconduct.

Whet Moser reports: When it comes to sexism in powerful and competitive industries like tech and finance, research tends to start with representation: how many women are employed at different levels of the companies? How many are on corporate boards?

If the number’s not representative of the general population, though, the problem can be difficult to diagnose. Is the problem in the industry itself? Does it go back farther into the talent pipeline, to graduate school, undergraduate, or even K-12, where young women or girls are gradually dissuaded from picking up the skills they need?

A new working paper, When Harry Fired Sally- The Double Standard in Punishing Misconduct from three professors of finance including the University of Chicago’s Gregor Matvos, takes a clever approach to measuring the presence of gender discrimination in finance: what happens to financial advisers after they commit misconduct? The pipeline question is eliminated; the group under examination is already in the industry…

Why would men be more likely to receive second chances, even though they’re statistically more risky as a gender and not significantly more productive? The authors don’t speculate on mechanisms, but finance professor Lily Fang spent five years looking into gender issues in the stock-research field, and found that, perhaps unsurprisingly, “the networking and personal connections that male analysts rely on so heavily to get ahead are much less useful for women in similar jobs.” It’s who you know: and, possibly, it’s not just about getting ahead, but also not falling off the map. Are Women Punished Harder By the Financial Industry

Laundered Russian Cash Went Through Big Banks

Share

British banks handled vast sums of laundered Russian money. Billions of dollars were moved out of Russia in ‘Global Laundromat’ operation, with anonymously owned UK companies playing major role.

Britain’s high street banks processed nearly $740m from a vast money-laundering operation run by Russian criminals with links to the Russian government and the KGB, the Guardian can reveal.

HSBC, the Royal Bank of Scotland, Lloyds, Barclays and Coutts are among 17 banks based in the UK, or with branches here, that are facing questions over what they knew about the international scheme and why they did not turn away suspicious money transfers…..theguardian.com

The Global Laundromat: where the money went

OCCRP/Laundromat

International Women’s Day

Share

The best and worst places to be a working woman

MARCH 8th is International Women’s Day, a date designated by the UN to celebrate and advocate for women’s rights. To provide a benchmark for progress on gender equality in the labour market, The Economist has published its fifth annual “glass-ceiling index”. It combines data on higher education, workforce participation, pay, child-care costs, maternity and paternity rights, business-school applications and representation in senior jobs into a single measure of where women have the best—and worst—chances of equal treatment in the workplace. Each country’s score is a weighted average of its performance on ten indicators. …The Economist

The Economist’s glass-ceiling index measures gender equality in the labour market.

Italy: Online Poker Chiefs Lose Big: 52 years

Share

An Italian court sentenced on Wednesday
two generations of a Ndrangheta-linked family to a total of more than 52 years in prison for running an illegal on-line gambling empire worth over US$ 65 million.

At the end of a three year-long trial, the Bologna Court sent Nicola Femia, 56, behind bars for 26 years and 10 months for running the mafia-type gambling business. His son Nicola Rocco, 26, received a 15-year jail term, while his daughter Guendalina, 32, was handed a 10-year and three months sentence.

The family controlled poker and casino websites that were hosted in Romania and the United Kingdom but operated in Italy without national license.The groups’ counterfeit slot machines in bars and shops provided access to the virtual casinos, according to the investigators….OCCRP report

Saudi Women in Top Financial Jobs

Share

Three women have been appointed to top jobs in Saudi Arabia’s male-dominated financial sector in the space of just one week, in what marks a historical moment for both the industry and wider society.

Sarah Al-Suhaimi is now the chair of Saudi Arabia’s stock exchange, the Tadawul; Rania Nashar became the CEO of Samba Financial Group; and on Tuesday it emerged that Latifa Al-Sabhan has been appointed chief financial officer of Arab National Bank (ANB).

Polyp
www.w-t-w.org/en/cartoon/polyp/

 

New Insights Into The Offshore World

Share

In October 2016, Andreas Frank*, an expert on money laundering, visited the Bahamas to take a look behind the scenes of the offshore world. Mr Frank was kind enough to share his field report with us, which you can scroll through below and download here.

Some introductory words on the report by Mr Frank:

“When it comes to offshore companies, the novel aspect we see here is that banks created these companies with the purpose of letting third parties use them to disguise financial transactions. The point here is that these banks do not simply facilitate tax evasion and money laundering – they actively initiate, promote and support the criminal activities of their clients.

In our case here a bank in the Bahamas established an International Business Company (IBC). The ICB’s directors were directors of a Swiss bank in Geneva, which in turn was the mother of the bank in the Bahamas.

An IBC has no employees, offices, telephones, or e-mail. An IBC has no bookkeeping nor is it required to produce an annual report, nor is it being audited. An ICB does not have to pay any taxes. With a nominal capital of below $ 50 000 only an annual government fee of $ 350 has to be paid. An IBC is not subject to any minimum capital requirements. $ 100, as in the case of Ms Kroes, suffices.

The IBC we are concerned with here, controlled by a Swiss bank, was ordered by a third party, a Swiss wealth manager from Geneva, to transfer several million euros to a Swiss fiduciary. Following the order, the Swiss bank transferred the requested amount to the account of the fiduciary. From there, the fiduciary had the money transferred, via a German bank, to a company in Cologne, Germany.”   New insights into the offshore world

*Andreas Frank:  Former banker with Goldman Sachs and HSBC,with in-depth knowledge of the financial sector. Internationally recognized independent expert in the field of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Currently serving as an advisor to the Bundestag and the Council of Europe.


2017-02-Report-Government-of-The-Bahamas

See also: Frauen und Kinder leiden unter Korruption/ Woher stammt das Geld?