Jpmorgan Woos Women To Invest In Their Careers: Gender In The City

Individual Reading Assignment

JPMorgan Woos Women to Invest in their Careers: Gender in the City

By Gillian Tett

Financial Times (London, England)

June 5, 2006

Summary

In her article JPMorgan Woos Women to Invest in Their Careers, Gillian Tett describes a recent event which took place in the opulent surroundings of the Dorchester Hotel located in London, England. At first glance, the list of speakers might lead one to conclude that the gala was merely a typical marketing event sponsored by the JPMorgan investment firm. Guest speakers included the likes of JPMorgan's CEO, Jamie Dimon, who spoke on the state of global markets, while former U.S. Secretary of State, Madeleine Al¬bright led a discussion on geopolitical risk. Finally, Laura Tyson, outgoing Dean of the London Business School enlightened the audience on the details of her political and academic career. However, while most "investment banking events are usually dominated by men in smart suits, yesterday's attendees [and speakers] were mostly female" (Tett, 2006).

The primary reason that U.S. investment bank JPMorgan met with a number of its "prized" international clients in this forum last week was to jointly participate in the "Conference for Women Leaders" sponsored by the Wall Street banking firm. The theme of the conference focused on "economies without borders - are you ready?" (Tett, 2006).

Tett questions whether this event, in particular, and JPMorgan's greater focus on senior female staff, in general, is indicative of an increased commitment to its female employers or if it instead a defensive move that provided the opportunity to publicly show the firm's increasingly female-friendly nature. Some of the competitors of JPMorgan, including Deutsche Bank, have also met recently to discuss the "state of women in European business." The banks "insist that their efforts are to attract women are genuine" and the fact that "a growing number of the banks' own clients... are female" spurs them on to convey themselves as organizations dedicated to the development of female talent (Tett, 2006).

Relationship/Reference to the Text

The text describes how "gender bias against women managers that exists in some countries, coupled with myths harbored by male managers, creates hesitancy among U.S. multinational companies to offer women international assignments" (Cateora & Graham, 140). The contention of the authors is that the most frequently cited reason for the comparatively small percentage of women employees chosen for such assignments - only 18% despite the fact that almost half the U.S. work force is comprised of women - is "the inability of women to succeed abroad" (Cateora & Graham, 141). The authors dispute this reason and assert that it is likely more fiction than fact. Many businesses believe that it is inappropriate to send a female executive to conduct business in a country where the culture is one in which women do not typically find themselves in managerial roles. "Despite the substantial prejudices toward women in foreign countries, evidence suggests... that prejudice toward foreign women executives may be exaggerated and that the treatment local women receive in their own cultures is not necessarily an indicator of how a foreign businesswoman is treated."

Although a woman might encounter differences in the way she is treated versus the treatment of her male counterparts in such countries, "this does not mean that women are not successful in foreign postings" (Cateora & Graham, 141). Whether or not a businessperson - male or female - is successful often hinges on the strength of the backing he or she receives from the represented firm. With strong backing by her employer and a firm grasp of negotiating skills, a female executive is likely to receive the respect that is "commensurate with the position she holds and the firm she represents" (Cateora & Graham, 141). Upon commencement of negotiations, the host's willingness to engage in business transactions and the respect that is afforded