Activists say J.P. Morgan and Bank of America Have a Big Gender Gap Problem
Call it too big to pay fair.
A group of investors are targeting the nation’s largest banks, pushing for a break up of Wall Street’s boy’s club. Pax World Management, Arjuna Capital, and Trillium Asset Management are asking several financial giants including Goldman Sachs (GS), Citigroup (C), Bank of America (BAC), and Wells Fargo (WFC) to disclose their pay data for men and women, Bloomberg reported.
“Given the financial benefits of diverse leadership teams, the female talent gap is simply bad for business,” Natasha Lamb, Arjuna Capital’s director of equity research and shareholder engagement, told Bloomberg in an email.
Earlier, the group managed to get Amazon and Apple to disclose their gender pay gaps.
Wall street has long been criticized for being a “boy’s club.” The industry is largely dominated by men, with only 10% of U.S. fund managers being women, according to a Morningstar report. A separate 2016 Glassdoor study estimates that men are paid 6.4% more than women in the financial industry, and 7.2% more in the insurance industry.