The 'Fearless Girl' statue stands facing the 'Charging Bull' on Wall Street. Photo: Jewel Samad / AFP via Getty Images

Bloomberg's Max Abelson looked at why the #MeToo movement, which has swept through almost every industry nationwide, has yet to make an impact on Wall Street.

Why it matters: Women in finance aren't immune to bad behavior from their colleagues — they too have been grabbed, harassed, humiliated and propositioned — but the industry has been particularly skilled at keeping them from going public. According to Abelson's interview with 20 current and former Wall Street women, they say they have stayed quiet because "they have a lot to lose by speaking out, no certainty about what they’d gain, and legal agreements that muzzle them."

  • Legal implications: Abelson points to Wall Street's increased concern about being brought to court. The industry tries to avoid any legal fallout by having new employees "sign away their rights to sue." As a result women who choose to speak up must do so through a private arbitration system.
  • The amount of money at stake: "People spend their entire educational and professional career trying to get to this pot of gold, and some guy dropping his drawers is not going to get in the way of that,” said Jennifer Hatch, who started her career at J.P. Morgan and is now a managing partner at Christopher Street Financial.
  • The "boys club" culture: Women told Abelson that the industry is so male-dominant that "they worry that pointing fingers would permanently alienate bosses, colleagues, and even rivals."
  • Settlements and nondisclosre agreements, like in other industries, are a very common form of keeping women quiet.

Go deeper

3 hours ago - Podcasts

Facebook boycott organizers share details on their Zuckerberg meeting

Facebook is in the midst of the largest ad boycott in its history, with nearly 1,000 brands having stopped paid advertising in July because they feel Facebook hasn't done enough to remove hate speech from its namesake app and Instagram.

Axios Re:Cap spoke with the boycott's four main organizers, who met on Tuesday with CEO Mark Zuckerberg and other top Facebook executives, to learn why they organized the boycott, what they took from the meeting, and what comes next.

Boycott organizers slam Facebook following tense virtual meeting

Illustration: Sarah Grillo/Axios

Civil rights leaders blasted Facebook's top executives shortly after speaking with them on Tuesday, saying that the tech giant's leaders "failed to meet the moment" and were "more interested in having a dialogue than producing outcomes."

Why it matters: The likely fallout from the meeting is that the growing boycott of Facebook's advertising platform, which has reached nearly 1000 companies in less than a month, will extend longer than previously anticipated, deepening Facebook's public relations nightmare.

Steve Scalise PAC invites donors to fundraiser at Disney World

Photo: Kevin Lamarque-Pool/Getty Images

House Minority Whip Steve Scalise’s PAC is inviting lobbyists to attend a four-day “Summer Meeting” at Disney World's Polynesian Village in Florida, all but daring donors to swallow their concern about coronavirus and contribute $10,000 to his leadership PAC.

Why it matters: Scalise appears to be the first House lawmakers to host an in-person destination fundraiser since the severity of pandemic became clear. The invite for the “Summer Meeting” for the Scalise Leadership Fund, obtained by Axios, makes no mention of COVID-19.