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Workplace Lessons for Women in Financial Services

October 8, 2012

[ by Larry Goldfarb ]

Since the financial crisis, there have been a disproportionate number of women leaving the workplace, says Heidi Miller, the former Citibank CFO, and trusted assistant to Jaime Dimon when he was at Citibank.  "I don’t like the term ‘scapegoat.’  Women lost positions but I don’t think that they were scapegoat.  If there are fewer women [in an industry], [the disappearance] will feel disproportionately women-heavy.  There’s no conspiracy, just a lack of consciousness."
 
Miller offers advice to women to gain longevity in their careers and get ahead.
  • Women need to make sure they get credit for their work.  When Miller was just starting to work for current JPMorgan chief executive Jamie Dimon 20 years ago, she was crafting a presentation to submit to the board.  Dimon said he would cover it and she let him handle it.  But when she arrived into work on Monday, she discovered to her fury that a colleague who hadn’t done the same work as she had had instead given the presentation.  "I went to Jamie and asked how this could have happened,” she said.  "He said he didn’t think I would want to come in on a weekend" to present to the board.
  • Pick an area where women tend to rise fastest.  "Research still has a lot of women.  Staffing areas like HR, audit, compliance.  At Bank of America’s retail women are running branches. There are a handful of women in investment banking, fewer women in trading."
  • Don’t shortchange yourself.  "Women shortchange themselves in terms of competency to do a good job. Women will stay in jobs longer than a guy.  Part of it is also asking for the opportunity."  "Most CEOs, they got lucky…they hit the right person. They asked for the right opportunity."
  • Don’t demand a different working environment because you are a women.  "A woman would come in and want flexibility.  You can’t have that job, you can have a different job.  You can’t expect to work three days a week in that job of the institutional demands. I don’t think that makes me less of an advocate because I told particular people they couldn’t have particular jobs."

For further details, go to [Deal Journal, 9/25/12].