Goldman Sachs Pay Gap, Steven Cohen’s Investment Firm: Broadsheet March 19
Good morning, Broadsheet readers! Google and Goldman Sachs share their pay gaps, Steve Jobs’ daughter has a memoir on the way, and there’s new evidence that the stereotypes about female entrepreneurs are total b.s. Have a productive Monday.
• Who gets the krona? A group of Swedish academics used interview data to study how venture capitalists from two Swedish government organizations used notions of gender in their assessments of applications by 126 entrepreneurs (43% women and 57% men). They found that the female entrepreneurs were tagged with four major stereotypes—all of which, I suspect, will resonate with you even if you're not Swedish or an entrepreneur. The investors' comments about the businesses revealed that they believe women are more risk-averse, have less interest in really growing their companies, lack the skills to scale, and that women's companies underperform compared to men's.
The researchers then went on to assess the performance of the 126 entrepreneurs, finding that—surprise, surprise!—"none of the beliefs VCs expressed about female versus male entrepreneurs could be backed up by data related to how ventures actually performed."
While the results of this study might not shock you, perhaps you know someone who still holds some of these beliefs, which, as the researchers put it, "have no basis in fact." May I suggest you forward this story their way? Harvard Business Review
ALSO IN THE HEADLINES
• Google's gap... Google, which is in the midst of a Department of Labor investigation into unfair pay, as well as a class action lawsuit that makes the same claim, reports that its 2017 wage gap analysis (which includes 89% of its workforce) found 228 employees with “statistically significant pay differences.” The company says it provided pay increases to those workers totaling $270,000. Gizmodo
• ...and Goldman's gap. Goldman Sachs is also making (much bigger) pay gap headlines. The bank revealed that it pays female employees in the U.K. an average of 56% less than their male colleagues, a disparity that widens to 72% when year-end bonuses are factored in. A significant factor: Only about 10-12% of the highest-paid Goldman Sachs partners are women. If you've been following our coverage of the bank data coming out of the U.K., you'll know these disturbing stats are pretty much on par with what we're seeing at Goldman's competitors. Fortune
• A daughter tells all? Lisa Brennan-Jobs, daughter of Steve Jobs, is writing a memoir to be published in September that will detail her complicated relationship with her father. Jobs initially questioned his paternity, but later apologized and became more involved by inviting Brennan-Jobs into what the Amazon book preview describes as his world of “mansions, vacations, and private schools." Fortune
• Point taken. Douglas Haynes has resigned as president of Point72 Asset Management, the investment firm led by the billionaire investor Steven Cohen. His departures comes a month after a female employee sued the firm over accusations that it underpaid female employees and fostered a hostile work environment. New York Times
IN CASE YOU MISSED IT
• Shoe shakeup. The executive shakeup over workplace issues at Nike continues: Jayme Martin, VP and general manager of global categories for Nike, was forced out of the company days after the resignation of his boss, Nike brand president Trevor Edwards. While details of the problems at Nike have yet to emerge, CEO Mark Parker told employees the company had received recent complaints about inappropriate workplace behavior and is encouraging employees to use its hotline to report sexual harassment or other misconduct. WSJ
• No justice, no peace. I was engrossed and outraged reading this horrifying story about Emilie Morris, who was found dead after she got her high school cross-country coach to admit to sex crimes on tape. The case against the ex-coach, Jim Wilder, was dropped after her mysterious death and he remains free. Buzzfeed
• Money honeys. A new bipartisan bill proposes putting images of women on the quarter (George Washington would retain his place on the flipside of the coin.) The women in question would be nominated by all 50 states, five U.S. territories, and D.C. If the bill becomes law, the first quarters featuring women could enter circulation by 2021. Fortune
• When Catharine met Gretchen. Catharine MacKinnon, co-counsel on the first case involving sexual harassment to make it to the Supreme Court, and Gretchen Carlson, whose harassment suit against then-Fox News CEO Roger Ailes ultimately forced his resignation, discuss the current state of sexual harassment and the #MeToo movement. New York Times
ON MY RADAR
After When Harry Met Sally, almost every rom-com tried to have what Nora Ephron was having The AV Club
Sen. Elizabeth Warren criticizes Wells Fargo CEO's pay raise Fortune
Lean In: Five years later New York TImes
Will office affairs ever be the same again? Not in romance novels WSJ