The testosterone-fueled work environment of Wall Street was not exactly welcoming to women when they started working in finance in positions newly opened to their gender.
Thanks to the market going into overdrive in the 1980s, college-educated women who had previously worked in “back office” jobs as researchers and analysts started breaking in to client-facing positions such as traders and investment bankers. Paulina Bren, Ph.D., a Vassar College faculty member, tells their stories and the challenges they faced in her 2024 book She-Wolves: The Untold History of Women on Wall Street. She spoke at Siena on November 12, following a luncheon for students and faculty.
Bren’s book traces the evolution of women on Wall Street from the 1960s up to 9/11. There were actual “No Ladies” signs on the doors of many luncheon clubs, and there may as well have been such signs in the brokerage houses and investment banks. The women found workarounds and protested their status in ways large and small: Analysts signed their reports with genderless initials. Muriel “Mickie” Siebert, the first woman to buy a seat on the NYSE, threatened to have port-a-potties delivered if the exchange didn’t finally install a ladies’ room near the dining room. In an infamous 1996 class action lawsuit filed by women at Smith Barney, an unapologetically sexist and racist subculture was uncovered through legal testimony.
“Attending this event felt like a breath of fresh air,” said Amy Rassmussen ‘26. “Her intense research and fierce storytelling of Wall Street was so inspiring, especially as a woman now going into the industry. It is extremely important to educate myself about those who paved the way.”
Rasmussen, who is president of Siena’s Financial Planning Club, added, “I will carry with me throughout all my professional years how hard these women worked, no matter what was giving them pushback.”
Carissa Brunt ’26, president of the Women in Business Club, also found the talk inspiring.
“It only takes one person to share the story of thousands and that is exactly what Dr. Bren did with her book,” said Brunt. “She covered the history of women in finance, and on Wall Street specifically.”
Karen Sonnelitter, Ph.D., professor of history had the opportunity to meet with fellow historian Bren and learn how she approaches her research and writing.
“She was able to provide Siena students some great insights into the history of women in the finance industry and the challenges that women faced breaking into such male-dominated fields,” said Sonnelitter. “There are a lot of lessons from She-Wolves that are still applicable today.”
Siena finance teaching instructor Marc Freed is a 30-veteran of Wall Street and can vouch for how challenging it was for women making their way in the field.
“The industry was completely a boys club, both at work and after hours, and it’s still male-dominated to a point,” said Freed. “Sadly, there are still obstacles to women in this field that men don’t face. It’s one thing to know the skills of a career in finance and another to navigate the culture.”
He said he hopes the Siena students who are planning on high-powered careers in finance understand how life choices impact men and women differently.
“Not every firm embraces the new way of doing things,” he said. “Some don’t have parental leave or make much of a consideration of family life. It’s helpful to go into the field knowing these are the conditions and the reality of the work.”
