Stories

#MeToo finally hits Wall Street

Photo: Volkan Furuncu/Anadolu Agency/Getty Images

"What the Point72 Lawsuit Says About Wall Street: Steve Cohen’s firm is part of an industry in which swagger and jerkdom are conflated with trading aggression" — Barron's "Streetwise" column, by Mary Childs(subscription).

Why it matters: "Like the civil charge that finally stuck after years of government effort to prove his firm traded on insider information, Bonner’s suit outlines a failure to supervise, a tolerance of bad behavior. That would be Cohen and Point72’s responsibility, and yet it can’t be pinned on them alone; they’re part of a culture in which testosterone-laden swagger and jerkdom are conflated with trading aggression and market conviction."

  • "People in finance, that great meritocracy, have been telling one another that they have been spared from #MeToo because they already went through all this in the 1980s and 1990s."
  • And yet. For an industry based on math, it doesn’t add up. A Preqin study last year showed that women account for 26% of junior employees at hedge funds. That figure falls to 11% for senior positions.
  • "This past week, an employee at Steve Cohen’s Point72 Asset Management sued the firm, alleging gender discrimination and pay disparity. "
  • "Executives 'refuse to hire women,' Lauren Bonner’s complaint says, because 'their wives won’t let them.'"
  • "A spokesman for Point72 said 'the hundreds of women at Point72 are vital members of every part of our organization' and that its female investment professional workforce exceeded 'published industry averages.'"
More stories loading.