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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

Bryan Walsh, author of Future
Updated 8 hours ago - Technology

A dark view of the future of autonomous weapons

A still from the video "If Human: Kill ( )." Image: Future of Life Institute

A new short film warns of the coming risks posed by the development and proliferation of lethal autonomous weapons.

Why it matters: Drones with the ability to autonomously target and kill without the assistance of a human operator are reportedly already being used on battlefields, and time is running out to craft a global ban of what could be a destabilizing and terrifying new class of weapon.

Updated 8 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Coronavirus variant surveillance varies widely by state — Omicron cases confirmed in 5 U.S. states America probably won't lead the effort to understand Omicron.
  2. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine — Pfizer could have vaccine data for children under five by end of 2021, CEO says.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate — Omicron travel bans are sign of what's to come.
  4. World: WHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming — Germany approves new restrictions for unvaccinated people.
  5. Variant tracker: Where different strains are spreading.
Updated 13 hours ago - Politics & Policy

Prosecutors charge parents of Michigan school shooting suspect

Photo: Scott Olson/Getty Images

The parents of a 15-year-old accused of killing four students and wounding seven other people at a Michigan high school have been charged with four counts of involuntary manslaughter, according to court documents.

The latest: Lawyers for James and Jennifer Crumbley told the Detroit News they are "returning to the area to be arraigned," after law enforcement officials announced a search for the Crumbleys had been initiated.