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Ardith Lindsey’s lawsuit accusing Citigroup Inc. of tolerating years of sexual harassment and assault in opposition to her struck a chord throughout Wall Road for a lot of causes, not least of which was her title: managing director.
It’s sometimes essentially the most senior rank in finance aside from these in govt administration positions, one which comes with enhanced compensation and, presumably, energy. Ladies at that degree are sometimes touted by banks as examples of how gender isn’t any bar to development.
However Lindsey, 40, says seniority didn’t defend her, nor did the elevation of one other girl, Jane Fraser, to be Citigroup’s chief govt officer.
Lindsey joined Citigroup in October 2007 after graduating from the College of Virginia.
In accordance with her go well with, she spent her total profession within the financial institution’s equities division, beginning as essentially the most junior member on the digital gross sales buying and selling desk. She grew to become head of that desk in 2021, when she was promoted to managing director.
“I used to be positively somebody that very a lot had a highlight on me as being somebody who was going to proceed to develop and tackle extra accountability throughout the agency,” she mentioned in a current interview. That’s modified since she’s come ahead, Lindsey mentioned.
“Quite a few senior individuals within the business have instructed me my profession in finance is completed,” she mentioned. Lindsey mentioned she’s presently on go away from financial institution.
When requested for remark, Citigroup referred to an earlier assertion on the matter during which it mentioned, “Our values and expectations are clear — nobody ought to ever be discriminated in opposition to or harassed within the office.”
The financial institution mentioned on the time Lindsey’s go well with was filed that it will defend itself in opposition to her claims.
Lindsey joins different senior Wall Road girls who’ve mentioned they skilled office mistreatment regardless of their rank.
Final yr, Bloomberg reported that Goldman Sachs Group Inc. had paid out properly over $12 million to a feminine associate, a place above managing director at that financial institution, who’d complained internally that girls made lower than males and have been topic to vulgar and dismissive feedback by senior executives.
Jamie Fiore Higgins, a former Goldman managing director, made related accusations in a 2022 ebook, “Bully Market.”
‘It Will get Worse’
The allegations problem the banks’ efforts to current an image of larger gender equality, usually by pointing to rising numbers of feminine managing administrators. Earlier this month, Citigroup introduced it had promoted 304 individuals to that place, 30% of whom have been girls.
Final month, Goldman mentioned girls accounted for 31% of its newest managing director class.
“You’re on the high of the meals chain, and also you’re nonetheless being objectified by people who find themselves on the buying and selling ground,” mentioned Marjorie Mesidor, a associate at regulation agency Wigdor LLP who focuses on sexual harassment fits however shouldn’t be concerned in Lindsey’s case.
Higgins, the previous Goldman managing director, mentioned that, in her expertise, banks truly anticipate higher-ranked girls to place up with much more unhealthy habits by their male colleagues.
“It will get worse as you get extra senior,” she mentioned, noting that the bigger compensation packages for managing administrators give the banks extra leverage. They’ll successfully ask, “The place are you going to go that’s going to pay you this a lot?”
Goldman mentioned final yr that it strongly disagreed with Higgins’ characterization of its tradition however declined to answer her particular allegations, which included modified names, composites, compressed timelines and recreated dialogue.
Relating to its settlement with the associate, Goldman final yr mentioned it disputed Bloomberg’s story however declined to offer specifics. A decide who reviewed the associate’s grievance in a separate case mentioned it described “repugnant ‘bros’ membership’ habits and Goldman’s tolerance of it.”
Most senior Wall Road girls aren’t fairly on the high of the meals chain. Except for Fraser, the CEOs of the largest US banks are all males, and feminine managing administrators nonetheless usually report back to much more senior male executives.
Fraser has hailed Citigroup’s success in assembly targets for diversifying its govt ranks. Final yr, she introduced that the financial institution was aiming to have girls account for 43.5% of individuals in positions starting from assistant vice chairman to managing director by 2025, up from 40.6% in 2021.
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