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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

Updated 14 mins ago - Politics & Policy

Inauguration Day dashboard

Screenshot: Fox News

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 30 mins ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.