The financial industry has been a breeding ground for aggressive behavior.
It has been suggested in the media that the financial industry's high dose of testosterone led to increased risk behaviors led to ... crisis. I was re-reading a study just the other day about how men are riskier investors than women (whether by sociology or biology or both). And men overwhelming dominate the financial industry.
While writing about the securities services industry in London, I researched a lot about the aggressive, high-risk atmosphere of the investment banking business (an entry from the Global Custodian blog). The trade room is, arguably by necessity, the quintessential breeding ground of male aggression. We replaced hunting grounds with trade screens and buffaloes with credit default swaps.
I don't actually blame men -- that would be a simplistic reading of what I am saying, and I'm not a fan of generalization. I do blame a society that has allowed aggression and workaholism to breed and flourish. I blame a welcome atmosphere for the dangerous trading of complex financial instruments. But blame aside, I also see this as an opportunity to reform the "old boys network" of finance.
I can see how a dose of feminine voice and matriarchal values -- channeled through both men and women -- could help the financial industry in the future to be a vehicle of healthy prospering rather than cliff-diving.
Posts
Sad Keanu Reeves in a Helmet Meme Hits the Web [GALLERY]
7 minutes ago
1 comments:
My brother posted this comment on my Facebook:
"I really couldn't tell about the impact it has on Wall Street, but, in my experience, women are just as likely to be risk takers as men, its really all about their individual personality. Also, don't forget, the CFO at Citigroup throughout this whole mess, at least until her recent departure, didn't seem to shy away from risk."
I thought it was good feedback to share. Facebook is being weird and not letting me comment back, so here is my response:
"Well I think you definitely have a point that individual personality has a lot to do with it and that there are some women in high-ranking positions and on trade desks... But overall my point is that Wall Street breeds a risk-taking environment (in both men and women -- but there are more men) associated with the masculine/patriarchal sensibility. And for whatever reason, studies DO show that men are more risk-taking in investing than women (but like any study, the broad numbers lose our sense of the individual)."
Post a Comment