- Misogyny and discrimination against women embedded in workplace culture
- Men who witness toxic behavior toward female colleagues rarely challenge it
- Decent men aren’t the problem; they must be part of the solution
Can taking maternity leave in 2024 really be more damaging to a woman’s career than allegations of sexual misconduct are to a man’s?
That was the view of one female financier in a report by the Treasury Committee on Sexism in the City.
It may seem a bizarre claim, given the high-profile careers of ‘City Superwomen’ such as Nicola Horlick and Helena Morrissey, who have had great careers and numerous children.
But like the women giving evidence to MPs at the committee, I believe that misogyny, discrimination and unconscious bias against women are deeply entrenched in the culture of the workplace, in the financial services sector and elsewhere.
Urban superwomen do exist, but they are a major exception and some admit it’s a facade.
Making a statement: Decent men are not the problem – they need to be part of the solution
Morrissey, a mother of nine, has said she regrets buying into the myth that women can have it all, calling it a ‘pernicious illusion’. Even with a supportive househusband, a nanny and lots of money, which are unavailable to most women, she says she was anxious and exhausted.
While the women of the city make Sisyphean attempts to keep their jobs and families going, some scruffy men run happily around the office.
They got away with it for years. Recent high-profile scandals may have made them more cautious, but instead of putting an end to the misconduct, the commission believes the perpetrators have become more conniving. Bernard Looney, the former boss of BP, was stripped of a £32 million reward for ‘serious misconduct’ when he misled his board about personal relationships with colleagues.
Compare that to hedge fund manager Crispin Odey, who has faced a number of allegations over the past decade about his behavior towards women. Odey is said to have raked in almost £29 million before being booted out of his hedge fund.
His ex-wife, Nichola Pease, who initially supported him, was previously regarded as one of the ‘City superwomen’, but the luster of her once glittering career has faded. She resigned as chairman of fund manager Jupiter in the summer for ‘personal reasons’.
Several women who gave evidence before the Treasury Committee said the culture in their workplace is one in which men accused of sexual misconduct are protected and women are hung out to dry.
Sexism in the city is a very broad term, ranging from crimes to unequal pay and promotion. In terms of pay, the committee found that women still come in second place. According to the report, this is because rewards in the financial services industry are subject to a high degree of discretion and negotiation, coupled with a lack of transparency. In other words, it’s hard for women to even find out if they’re being underpaid, let alone protest.
It seems no coincidence that the investigation into Odey was led by a female journalist from the Financial Times, which has a female editor. However, this only works if powerful women use their platform – and most don’t. Amanda Blanc, boss of insurance giant Aviva, is an honorable exception.
But the fight against sexism should not only be a women’s issue. For years, men have been urged to support their partners by taking on more responsibility at home.
The Treasury report found that some male staff who witnessed toxic behavior towards their female colleagues offered support in private, but rarely questioned it at the time. Decent men are not the problem. They must be part of the solution.
So as I’m probably not allowed to say anymore: Man Up.