Progress at all levels stagnant for women in capital markets
TORONTO, June 22 /CNW/ - A new report tracking the representation of
women in Canadian capital markets from 2000 to 2008 reveals troubling trends.
Despite an optimal economic climate and record job growth in this industry
over the past decade, women have made no gains since 2000 and men continue to
outnumber women four to one in all positions (excluding administrators).
According to the study, Catalyst's Report to Women in Capital Markets:
Benchmarking 2008, the industry has missed a key opportunity to recruit and
advance women in a period of record profits and revenue. The research
indicates concerns about the future of women in the industry amidst the
current economic downturn.
Measuring the representation of women in the Canadian capital markets
industry, the study examines the investment dealer and retail private client
lines of business and updates quantitative research from studies conducted in
2000, 2002 and 2005. The report includes profiles of senior women in the
industry signaling that while there are challenges to advancement, there are
personal and professional rewards gained from working in this dynamic
Overall, the study found that in 2008 women held 17 percent of all line
positions -- those important to advance to the highest levels -- with no
change since 2000. More specifically, when the study looked at positions by
level, there was also little change since 2000, with women's share of
positions consistently and substantially smaller at each higher level.
Decreased levels of women in line positions at the Professional and Managing
Director and above levels since 2005 indicate a weakening pipeline, the study
suggests, and, potentially, less diversity of thought at senior
"We acknowledge that systemic, cultural change is a slow-moving process
and there is no single reason as to why we are not seeing more positive
results," said Martha Fell, CEO, Women in Capital Markets. "We can only
interpret these findings as a wake-up call to the capital markets industry.
Organizations like Women in Capital Markets and Catalyst, as industry
partners, have emphasized the importance of mentorship programs, strong
support networks and greater access to female role models at the senior level.
However, more action is needed by the industry to set diversity as a priority
and hold executives accountable for change."
In releasing the study, Deborah Gillis, Vice President, North America,
Catalyst said: "While the Canadian banking industry as a whole has made
important strides in advancing women in leadership, the results of this study
suggest that not enough is being done in the capital markets industry.
Catalyst challenges the industry to take the numbers seriously, recognize the
benefits of building a critical mass of women, and seize the opportunity to
build and capitalize on women's talents."
Key findings of the 2008 report include:
- In the investment dealer business:
- Women's overall share of line positions was 20 percent, making no
gains since 2000, although the total number of line positions in
the industry increased considerably since 2005 -- particularly in
the corporate and investment banking and capital markets lines of
business. Of particular concern is women's representation in
capital markets, which decreased from 24 percent in 2000 to 21
percent in 2008.
- A smaller pool of women in line positions at the Professional
level, mostly the result of large decreases in the capital markets
business, may negatively impact women's advancement to more senior
- Despite huge population increases, women's share of middle office
positions dropped to 43 percent, its lowest level since 2000. Men
gained 63 percent of the 634 new positions in the middle office
- Women's share of sales positions decreased 8 percentage points
since 2000 to 26 percent in 2008. In 2008, women held 16 percent
of trading positions, only slightly more than in 2000.
- In the retail private client business:
- The total number of line positions in the retail private client
business increased 8 percent since 2005 but women's representation
remained at 16 percent, unchanged since 2000.
- Women's share of line positions at the Managing Director and above
level was 9 percent in 2008, a decrease from 11 percent in 2000,
and driven by large declines in the number of women Investment
Advisors at this level.
- Women held 15 percent of Branch Management line positions in 2008,
a decrease of 6 percentage points since 2000, and 31 percent of
National/Regional Management positions, the same as in 2000.
- Women's share of Investment Advisor positions was 16 percent in
2008, an increase of only 1 percentage point since 2000.
This report was commissioned by Women in Capital Markets and conducted by
Catalyst and is the fourth in a series of reports examining the representation
of women in the Canadian capital markets industry. Six of Canada's largest
financial institutions - BMO Financial Group, CIBC, National Bank Financial
Group, RBC, Scotiabank Group, and TD Bank Financial Group - sponsored and
participated in this study.
About Women in Capital Markets
Women in Capital Markets (WCM) is a nonprofit organization that promotes
the entry, advancement and development of female leaders in business, fosters
accountability for diversity and positive change in the industry and
recognizes leaders who have contributed significantly to the advancement of
women in the capital markets. WCM's innovative programming offers its members
diverse and creative opportunities for networking, personal and professional
development, mentoring and coaching along every step of their careers. These
initiatives and programs, together with this benchmarking report, represent
the cornerstone of WCM's mandate to attract, retain and advance women in the
Founded in 1962, Catalyst is the leading nonprofit membership
organization working globally with businesses and the professions to build
inclusive workplaces and expand opportunities for women and business. With
offices in the United States, Canada, and Europe, and more than 400 preeminent
corporations as members, Catalyst is the trusted resource for research,
information, and advice about women at work. Catalyst annually honors
exemplary organizational initiatives that promote women's advancement with the
For further information:
For further information: about Women in Capital Markets: www.wcm.ca; for
media - Sherry Boisvert, firstname.lastname@example.org, (416) 924-4442 ext. 260. For
more information about Catalyst: www.catalyst.org; for media - Charmain
Emerson, email@example.com, (416) 588-8514