Home > Article
VOL. 48 | NO. 39 | Friday, September 27, 2024
Bearing witness to bullish women of Wall Street
By Terri Schlichenmeyer
You can’t. Is that like a red flag to a bull or what? For someone to tell you that you can’t, when you know fully well that you can, is a guaranteed challenge, a sure sign that you’re going to march right up and do that thing.
As in the new book, “She-Wolves” by Paulina Bren, you know they’re wrong.
Four million shares of trading, Bren says, was a “good day on the floor” of the New York Stock Exchange in 1960, although “by 1967 it would be closer to 10 million.” Each of those stocks were traded then by white men who were actively resisting the presence of women on the floor.
Women, Bren says, “were not welcome on Wall Street.” Nut Alice Jarcho “just needed to pay her rent,” so she applied for a receptionist job at a small brokerage firm. Later, after doing the same job many traders were doing, she asked to take the licensing exam to be able to trade. The firm denied her request.
Applying at a firm was just one way to land a job on Wall Street, if you were a woman in the 1960s. Going to business school – if you could get in – was another way, although the eight women of Harvard Business School’s 1963 class struggled to get a foothold in trading after they graduated.
“She-Wolves: The Untold History of Women on Wall Street”
By Paulina Bren
c.2024, W.W. Norton
$29.99
384 pages
Most firms assumed women would work a short amount of time, get married, get pregnant and resign from their jobs. Black women had it doubly hard.
Though by the early 1970s, feminism had taken hold in America, and organizations began to fight for women’s rights. The women of Wall Street endured groping, name-calling and other sexual harassment on the job. They were denied promotions as lesser-qualified men rose in the ranks. They were paid less than their male colleagues, sometimes less than half.
But what could they do? Bren says men were the ones who created Wall Street “rules,” and if women wanted to succeed there they’d best just grow a thicker skin...
As business history books go, “She-Wolves” is a bit of a challenge to read. There are many names to follow, and the timeline feels scattered. The author has a big story to tell. Sometimes, it feels like too big.
The best way to tackle this book, then, is to lean into the chaos. Bren’s account and the anecdotes she shares amount to a larger tale of steadfastness and bravery among a number of glass ceiling busters – surprisingly, both men and women – and if you take each individually, you’ll eventually get a sense of the bigger picture. As in nearly every industry that ever was, men tried to keep women out. This book reveals one of them.
Avid stock traders and market watchers owe it to themselves to know the women’s history behind their obsession, and the bravery of its pioneers. If you think you’ll enjoy reading “She-Wolves,” you can.
Terri Schlichenmeyer’s reviews of business books are read in more than 260 publications in the U.S. and Canada.