Screenshot: Financial Services Forum

One of the more depressing pages on the internet is the "Our Members" page for the Financial Services Forum, a group representing the eight largest financial institutions headquartered in the U.S. Each firm is represented by its CEO, and seven of the eight CEOs are white men between the ages of 58 and 64. (The eighth, BNY Mellon's Charles Scharf, breaks the mold by being a white man aged 53.)

The bottom line: It's long past time that this group became significantly more diverse.

  • That's not going to happen if Wells Fargo replaces Tim Sloan with someone like Gary Cohn, as it reportedly attempted to do earlier this year.
  • Right now the best prospect for seeing a woman on this page is Marianne Lake, JP Morgan's CFO; Jamie Dimon himself told Reuters that she "has all of the qualities of a great leader."
  • The big question is when any changeover from Dimon to Lake might happen. Dimon (who is not running for president) has said he will remain CEO for another five years. That's a long time to wait.

By the numbers: The situation for female entrepreneurs is, if anything, even worse. A comprehensive survey of private-company cap tables performed by Carta for #ANGELS concluded:

  • Women make up 33% of the workforce but own only 9% of the equity.
  • Women are 13% of founders but own a mere 6% of founder equity.
  • Female-led companies are valued at just 16% of the valuation of male-led companies.
  • Black female founders have received an infinitesimal 0.0006% of all venture funding since 2009.

Go deeper

Analysts expect soaring stock market despite slashed earnings forecasts

Data: FactSet; Chart: Axios Visuals

Despite cutting expectations for companies' earnings by the most in history and revenue by the most since 2009, Wall Street analysts are getting increasingly bullish on the overall direction of the U.S. stock market.

What's happening: Equity analysts are expecting earnings in the second quarter to fall by 43.8% — the most since 2008's fourth quarter 69.1% decline.

Case growth outpacing testing in coronavirus hotspots

Data: The COVID Tracking Project. Note: Vermont and Hawaii were not included because they have fewer than 20 cases per day. Chart: Andrew Witherspoon/Axios

The United States' alarming rise in coronavirus cases isn't due to increased testing — particularly not where cases have grown fastest over the last month.

Why it matters: The U.S. doesn't yet know what it looks like when a pandemic rages on relatively unchecked after the health system has become overwhelmed. It may be about to find out.

The impending retail apocalypse

Illustration: Eniola Odetunde/Axios

Because of the coronavirus and people's buying habits moving online, retail stores are closing everywhere — often for good.

Why it matters: Malls are going belly up. Familiar names like J.C. Penney, Neiman Marcus and J. Crew have filed for bankruptcy. Increasingly, Americans' shopping choices will boil down to a handful of internet Everything Stores and survival-of-the-fittest national chains.