Women at the Brunt of Financial Layoffs
The New York Times recently published an article detailing the effects that the financial crisis is having on women on Wall Street. The article references a piece from Forbes Magazine which cites figures estimating that roughly 72 percent of the more than quarter-million financial sector jobs lost were held by women.
As a result of the loss of jobs falling seemingly disproportionately on women, many of these women are responding by bringing gender discrimination suits against banks and brokerages, including against giants such as Citigroup, Merrill Lynch and Bank of America, claiming that they have been unfairly singled out for layoffs. Moreover, already thinly represented among the upper management of financial firms, Wall Street recently lost three of its most powerful female executives as a result of the recent downturn.
While it is unclear whether any of the recent suits will be successful, and naturally the financial firms dispute the allegations, there is belief that this may be the beginning of a larger trend. It is widely believed that women in the financial sector have, in the past, been hesitant of suing for fear of being ostracized in their industry, and bearing the brunt of heavy lay-offs within the financial community may prove to be the opening of the floodgate for future gender discrimination suits against employers in the financial sector.
