[{"innerBlocks":[],"name":"core\/freeform","postId":2317,"blockType":{"name":"core\/freeform","keywords":[],"attributes":{"content":{"type":"string","source":"raw"},"lock":{"type":"object"}},"providesContext":[],"usesContext":[],"selectors":[],"supports":{"className":false,"customClassName":false,"reusable":false},"styles":[],"variations":[],"apiVersion":3,"title":"Classic","description":"Use the classic WordPress editor.","category":"text"},"originalContent":"The worst sexual harassment \u201cSarah\u201d experienced in her investment banking career goes back to the very beginning, when she was a college intern in the late \u201880s.

Though she took the \u201ccrazy\u201d behavior in stride \u2014 from the comments to the grabbing \u2014 she would like it if younger women did not have to. She is hopeful the current national spotlight on sexual harassment, partly driven by those using the hashtag #MeToo to share their stories on social media, will encourage more people to speak up and ultimately result in a lasting cultural change for the better.

A recent SourceMedia survey showed that a majority of men and women in the banking, payments and mortgage sectors are like Sarah in expecting the #MeToo movement to impact their industry to some degree. But not all of them expect that impact to be positive.

metoosurveybankinggraphic<\/bsp-image>There were two summers when Sarah worked as an intern at an exchange in Chicago. (She asked that her real name not be used in this story.)

The excesses that defined the era \u2014 the movie \u201cWall Street\u201d hit theaters in 1987 \u2014 were in full swing. Drugs and alcohol were rampant, Sarah said.

Her job was to run paper orders into the pit where the traders, almost exclusively men, would be boisterously making deals.

Any women going into the trader pit had to brace for sexually suggestive comments and some grabbing. This type of behavior was a common occurrence that went beyond accepted<\/i><\/a> \u2014 it was expected<\/i>.

So Sarah brushed it all off, without ever complaining to anyone. \u201cIt didn\u2019t bother me enough and I didn\u2019t think it was that harmful,\u201d she said.

But the behavior did bother other women, driving some female interns to quit within the first week, she said. And Sarah herself decided against pursuing a career as a trader because \u201cthe crazy frat-house atmosphere convinced me I didn\u2019t want to work in a place like that,\u201d she said.

Also in this series:<\/b>
\u2022 Sexual harassment in the professional workplace: Behind the research<\/a>
\u2022 10 key findings: Sexual harassment in the professional workplace<\/a>
\u2022 Wealth management fares the worst in broad study of sexual harassment <\/a>
\u2022 Banks wrestle with sense of futility on sexual harassment <\/a>
\u2022 Does Silicon Valley's 'bro culture' pervade IT elsewhere?<\/a>
\u2022 Sexual harassment is a bigger problem than accountants think<\/a>
\u2022 HR\u2019s culture shift: Tackling workplace sexual harassment while navigating legal definitions<\/a>
\u2022 From strip clubs to massages: When clients are sexually inappropriate<\/a>

Now as a well-established investment banker in her 40s, Sarah would never tolerate such behavior. She would speak up, tell the harasser he was embarrassing himself and ask if he would want the women he loves treated that way.

Sarah believes the #MeToo movement will help more women feel empowered in those situations, particularly women who are not as far along in their career as she is.

\u201cI think it will have a positive effect in making younger generations aware of what is acceptable and what is not acceptable,\u201d she said of #MeToo. \u201cWhen I was in my 20s and witnessed these things, I just thought that\u2019s how society was, this is how the professional world is. I thought I had to put up with this.\u201d

Men and women across the banking, payments and mortgage sectors are divided over the potential impact of the #MeToo movement, according to a recent survey about sexual harassment in the workplace<\/a>. The survey, which SourceMedia conducted online in February and March, had 414 respondents in those sectors. About a quarter of them were in their 40s and another quarter were in their 50s.

Though many share Sarah\u2019s hopefulness, they do not outnumber the doubters by much. More than a third \u2014 36% \u2014 said #MeToo would have some impact on their industry, and another 8% predicted a high impact.

But 37% of survey respondents said they expect the movement to have little or no impact.

Some also suggested that a backlash is brewing, with concern about the possibility of false accusations costing women opportunities for mentorship and sponsorship from male executives.

\u201cTo avoid #MeToo becoming another hashtag, business leaders need to humble themselves,\u201d said Erin Thomas, a partner at Paradigm, a consulting firm that focuses on diversity and inclusion. \u201cIf there is a denial of the problem, then there is no path forward to fixing it.\u201d

Is there denial?<\/b>

The survey respondents in the banking, payments and mortgage sectors consisted of roughly 70% men and 30% women \u2014 and the views expressed often showed a divide along gender lines.

Some respondents, in explaining why they don\u2019t expect the #MeToo movement to have an impact in their industry, cited a relative lack of sexual harassment.

\u201cThere is little to no sexual harassment in my workplace,\u201d a man in middle management wrote in his survey response. \u201cI don\u2019t work in Hollywood.\u201d

Yet a majority of female survey respondents said harassment does happen. That includes the 28% of women who said they personally have been subject to some type of unwelcome sexual conduct in the workplace. Even more women \u2014 45% \u2014 said they know of someone else who has been subject to it. <\/b>And 21% said they have witnessed it happening.

The three most common offenses women cited were: inappropriate personal questions, jokes or innuendo; persistent unwelcome requests; and suggestive texts or emails. A few women also cited threats of retaliation for not complying with sexual requests.

Those who haven\u2019t experienced sexual harassment likely underestimate the scope of the problem, said Caitlin Brown, a visiting professor at the College of William & Mary who studies social movements.

\u201cFor such a long time women have been socialized not to talk about it, and if we did talk about it, then we talked about it amongst ourselves,\u201d Brown said.

AB032718_SH_KeepingQuiet-01 (3).png<\/bsp-image>Male survey respondents in particular were dismissive of the #MeToo movement.

\u201cToo many crying wolf,\u201d wrote a man in his 30s who has worked in banking for five years.

\u201cMost of it is fake and people seeking attention who can\u2019t perform in the workplace so they look for job protection by making false claims and thinking they have leverage in the workplace for continued employment,\u201d wrote a man in his 60s who is in upper management.

\u201cIt promotes a victim mentality and escalates the probability that it is ok to say anything,\u201d wrote another man in his 60s. \u201cPuts behaving men in a category they don\u2019t always belong in when it is a movement, vs. a case.\u201d

A few women also expressed skepticism about #MeToo.

\u201cToo many women mix in minor infractions with serious crimes weakening all claims of harassment. It makes people wonder if all these claims are truthful,\u201d wrote a woman with a middle management position in the payments sector.

However, research has shown that false allegations of sexual assault are incredibly rare, experts said.

\u201cI don\u2019t think anyone wants to believe this is happening to the extent it is,\u201d said Pam Jeffords, a partner at Mercer and an expert on diversity and inclusion in the workplace.

Many survey respondents cited a power imbalance in the banking industry as a contributing factor in the gender dynamics \u2014 with most of the top jobs being held by men.

\u201cAt least from one perspective what the #MeToo movement is doing is kind of questioning the allocation of power in our society,\u201d said Randy Powell, president and founder of the Center for Applied Preventive Psychology. \u201cPeople are being questioned as to why they have so much power and are essentially threatened with losing a significant part of it. Are they going to be resistant? That would be my bet.\u201d

Possible backlash to #MeToo<\/b>

A darker consequence to the #MeToo movement came through in SourceMedia\u2019s survey and interviews, exposing a threat that could make it harder to reach gender equality in the industry.

\u201cCorporations will discriminate against females and start hiring only male employees since it creates a less problematic environment,\u201d wrote a woman in her 30s who works in the payments sector.

\u201cFemales will also start being excluded from situations in order for males to protect themselves,\u201d wrote a man in his 40s who works in the mortgage sector.

Dorothy Savarese, chairman and chief executive of the $3.2 billion-asset Cape Cod Five Cents Savings Bank in Harwich, Mass., said she worries about women losing out on mentoring and sponsorship opportunities. A few men in the industry have told her they are reconsidering whether to mentor women as much as they do now.

That sentiment aligns with the findings of another recent survey<\/a>. Almost half of male managers are now uncomfortable participating with women in normal work activities, such as mentoring, according to a survey conducted by the nonprofit LeanIn.Org and SurveyMonkey.

\u201cIt\u2019s important for managers and CEOs to get out in front of the discussion and say, \u2018We want those mentoring and sponsor programs,\u2019 \u201d Savarese said. \u201cWe need to create programs to encourage that to happen. We don\u2019t want to discourage that at all.\u201d

2017-mpwib-10-savarese-dorothy-cape-cod2.jpg<\/bsp-image>
Sarah, the survey respondent who worked at the exchange in the '80s, said men at the investment bank she works for now have expressed nervousness over being accused of harassment. She finds this attitude to be perplexing and worrisome. Most of all she fears the potential influence on hiring decisions.

\u201cIf you have two candidates, and one has a risk of suing you and one doesn\u2019t, it could go to that point,\u201d she said.

\u201cBut, really, don\u2019t sexually harass people,\u201d she added. \u201cIt has been locking the door to your office while people are in there. It isn\u2019t, \u2018I like your dress today.\u2019 \u201d

Her own experience applying for jobs after college might factor into her concern about hiring. One interviewer for a Chicago investment bank pointedly said he wasn\u2019t sure she would stay at the firm because she would be the only woman. Neither of them got a chance to find out \u2014 he did not offer her the position.

To help calm the fears men might have about accidental missteps with women, companies should make their zero tolerance policies clear, said Jeffords, the Mercer consultant.

\u201cMany companies haven\u2019t said what they have zero tolerance for,\u201d she said.

Positive side effects <\/b>

The respondents in the SourceMedia survey who said they expect #MeToo to have a long-lasting positive impact cited an array of potential benefits: Younger employees will know that they don\u2019t have to tolerate bad behavior. Management will be forced to act if an issue is brought to light. Executives are at least talking about the issue.

\u201cWomen will speak up more and senior executives are more sensitive to the issues,\u201d wrote one woman in her 50s who works in middle management.

\u201cThe movement brings comfort in numbers. Victims may not feel alone or isolated,\u201d wrote a man in his 60s with more than 25 years in banking.

Reluctance to report someone for inappropriate behavior often has to do with financial concerns, said Dan Stahl, a principal at Human Resources Group who has completed roughly 10 investigations into accusations of sexual harassment in the workplace in various industries.

In one case Stahl investigated, a woman at a small printing company in northern Wisconsin put up with seven years of harassing behavior \u2014 including lewd jokes \u2014 from a male manager because she didn\u2019t want to risk losing her job, he said. Though he recommended firing the guy, the owner decided the manager was \u201cindispensable,\u201d and instead paid a settlement of $60,000 to the woman, who eventually left the job, Stahl said.

\u201cMaybe some people in the banking industry at the lower level feel they need to stay there to earn an income,\u201d Stahl said. \u201c#MeToo is terrific because there are conversations that are happening now that need to occur.\u201d

AB032718_SH_GrimPerspective-01.png<\/bsp-image>In the SourceMedia survey, 41% of respondents in the banking, payments and mortgage sectors said they think sexual harassment is rarely reported, and 2% said it never is. Another 34% said they think it is only occasionally reported.

\u201cIt has been part of the underlying problem that many women weren\u2019t willing or weren\u2019t free to speak up and say, \u2018I don\u2019t like this,\u2019 \u201d said Phyllis Hartman, founder of PGHR Consulting, a firm that specializes in human resources, career development and employee relations. \u201cI am a baby boomer and in my early work years, there was a sense of this is just the way men are and you have to put up with it<\/a>.\u201d

With more conversations about sexual harassment happening, perhaps some management teams will take the opportunity to do deep dives into the culture of their workplaces, said Thomas, the Paradigm consultant.

Tactics like conducting surveys and measuring employee engagement offer insights about how a company can improve \u2014 beyond just this one issue.

\u201cIt doesn\u2019t have to cost you anything other than a bit of time to ask questions to open up that forum of communication,\u201d Thomas said. \u201cThen it is being prepared to respond to whatever the answer is that comes back at you.\u201d

(SourceMedia, which publishes American Banker, conducted its online survey of more than 3,000 professionals across multiple industries during the first quarter of 2018. The survey is titled \u201cSexual Harassment in the Professional Workplace<\/a>.\u201d)<\/i>","saveContent":"The worst sexual harassment \u201cSarah\u201d experienced in her investment banking career goes back to the very beginning, when she was a college intern in the late \u201880s.

Though she took the \u201ccrazy\u201d behavior in stride \u2014 from the comments to the grabbing \u2014 she would like it if younger women did not have to. She is hopeful the current national spotlight on sexual harassment, partly driven by those using the hashtag #MeToo to share their stories on social media, will encourage more people to speak up and ultimately result in a lasting cultural change for the better.

A recent SourceMedia survey showed that a majority of men and women in the banking, payments and mortgage sectors are like Sarah in expecting the #MeToo movement to impact their industry to some degree. But not all of them expect that impact to be positive.

metoosurveybankinggraphic<\/bsp-image>There were two summers when Sarah worked as an intern at an exchange in Chicago. (She asked that her real name not be used in this story.)

The excesses that defined the era \u2014 the movie \u201cWall Street\u201d hit theaters in 1987 \u2014 were in full swing. Drugs and alcohol were rampant, Sarah said.

Her job was to run paper orders into the pit where the traders, almost exclusively men, would be boisterously making deals.

Any women going into the trader pit had to brace for sexually suggestive comments and some grabbing. This type of behavior was a common occurrence that went beyond accepted<\/i><\/a> \u2014 it was expected<\/i>.

So Sarah brushed it all off, without ever complaining to anyone. \u201cIt didn\u2019t bother me enough and I didn\u2019t think it was that harmful,\u201d she said.

But the behavior did bother other women, driving some female interns to quit within the first week, she said. And Sarah herself decided against pursuing a career as a trader because \u201cthe crazy frat-house atmosphere convinced me I didn\u2019t want to work in a place like that,\u201d she said.

Also in this series:<\/b>
\u2022 Sexual harassment in the professional workplace: Behind the research<\/a>
\u2022 10 key findings: Sexual harassment in the professional workplace<\/a>
\u2022 Wealth management fares the worst in broad study of sexual harassment <\/a>
\u2022 Banks wrestle with sense of futility on sexual harassment <\/a>
\u2022 Does Silicon Valley's 'bro culture' pervade IT elsewhere?<\/a>
\u2022 Sexual harassment is a bigger problem than accountants think<\/a>
\u2022 HR\u2019s culture shift: Tackling workplace sexual harassment while navigating legal definitions<\/a>
\u2022 From strip clubs to massages: When clients are sexually inappropriate<\/a>

Now as a well-established investment banker in her 40s, Sarah would never tolerate such behavior. She would speak up, tell the harasser he was embarrassing himself and ask if he would want the women he loves treated that way.

Sarah believes the #MeToo movement will help more women feel empowered in those situations, particularly women who are not as far along in their career as she is.

\u201cI think it will have a positive effect in making younger generations aware of what is acceptable and what is not acceptable,\u201d she said of #MeToo. \u201cWhen I was in my 20s and witnessed these things, I just thought that\u2019s how society was, this is how the professional world is. I thought I had to put up with this.\u201d

Men and women across the banking, payments and mortgage sectors are divided over the potential impact of the #MeToo movement, according to a recent survey about sexual harassment in the workplace<\/a>. The survey, which SourceMedia conducted online in February and March, had 414 respondents in those sectors. About a quarter of them were in their 40s and another quarter were in their 50s.

Though many share Sarah\u2019s hopefulness, they do not outnumber the doubters by much. More than a third \u2014 36% \u2014 said #MeToo would have some impact on their industry, and another 8% predicted a high impact.

But 37% of survey respondents said they expect the movement to have little or no impact.

Some also suggested that a backlash is brewing, with concern about the possibility of false accusations costing women opportunities for mentorship and sponsorship from male executives.

\u201cTo avoid #MeToo becoming another hashtag, business leaders need to humble themselves,\u201d said Erin Thomas, a partner at Paradigm, a consulting firm that focuses on diversity and inclusion. \u201cIf there is a denial of the problem, then there is no path forward to fixing it.\u201d

Is there denial?<\/b>

The survey respondents in the banking, payments and mortgage sectors consisted of roughly 70% men and 30% women \u2014 and the views expressed often showed a divide along gender lines.

Some respondents, in explaining why they don\u2019t expect the #MeToo movement to have an impact in their industry, cited a relative lack of sexual harassment.

\u201cThere is little to no sexual harassment in my workplace,\u201d a man in middle management wrote in his survey response. \u201cI don\u2019t work in Hollywood.\u201d

Yet a majority of female survey respondents said harassment does happen. That includes the 28% of women who said they personally have been subject to some type of unwelcome sexual conduct in the workplace. Even more women \u2014 45% \u2014 said they know of someone else who has been subject to it. <\/b>And 21% said they have witnessed it happening.

The three most common offenses women cited were: inappropriate personal questions, jokes or innuendo; persistent unwelcome requests; and suggestive texts or emails. A few women also cited threats of retaliation for not complying with sexual requests.

Those who haven\u2019t experienced sexual harassment likely underestimate the scope of the problem, said Caitlin Brown, a visiting professor at the College of William & Mary who studies social movements.

\u201cFor such a long time women have been socialized not to talk about it, and if we did talk about it, then we talked about it amongst ourselves,\u201d Brown said.

AB032718_SH_KeepingQuiet-01 (3).png<\/bsp-image>Male survey respondents in particular were dismissive of the #MeToo movement.

\u201cToo many crying wolf,\u201d wrote a man in his 30s who has worked in banking for five years.

\u201cMost of it is fake and people seeking attention who can\u2019t perform in the workplace so they look for job protection by making false claims and thinking they have leverage in the workplace for continued employment,\u201d wrote a man in his 60s who is in upper management.

\u201cIt promotes a victim mentality and escalates the probability that it is ok to say anything,\u201d wrote another man in his 60s. \u201cPuts behaving men in a category they don\u2019t always belong in when it is a movement, vs. a case.\u201d

A few women also expressed skepticism about #MeToo.

\u201cToo many women mix in minor infractions with serious crimes weakening all claims of harassment. It makes people wonder if all these claims are truthful,\u201d wrote a woman with a middle management position in the payments sector.

However, research has shown that false allegations of sexual assault are incredibly rare, experts said.

\u201cI don\u2019t think anyone wants to believe this is happening to the extent it is,\u201d said Pam Jeffords, a partner at Mercer and an expert on diversity and inclusion in the workplace.

Many survey respondents cited a power imbalance in the banking industry as a contributing factor in the gender dynamics \u2014 with most of the top jobs being held by men.

\u201cAt least from one perspective what the #MeToo movement is doing is kind of questioning the allocation of power in our society,\u201d said Randy Powell, president and founder of the Center for Applied Preventive Psychology. \u201cPeople are being questioned as to why they have so much power and are essentially threatened with losing a significant part of it. Are they going to be resistant? That would be my bet.\u201d

Possible backlash to #MeToo<\/b>

A darker consequence to the #MeToo movement came through in SourceMedia\u2019s survey and interviews, exposing a threat that could make it harder to reach gender equality in the industry.

\u201cCorporations will discriminate against females and start hiring only male employees since it creates a less problematic environment,\u201d wrote a woman in her 30s who works in the payments sector.

\u201cFemales will also start being excluded from situations in order for males to protect themselves,\u201d wrote a man in his 40s who works in the mortgage sector.

Dorothy Savarese, chairman and chief executive of the $3.2 billion-asset Cape Cod Five Cents Savings Bank in Harwich, Mass., said she worries about women losing out on mentoring and sponsorship opportunities. A few men in the industry have told her they are reconsidering whether to mentor women as much as they do now.

That sentiment aligns with the findings of another recent survey<\/a>. Almost half of male managers are now uncomfortable participating with women in normal work activities, such as mentoring, according to a survey conducted by the nonprofit LeanIn.Org and SurveyMonkey.

\u201cIt\u2019s important for managers and CEOs to get out in front of the discussion and say, \u2018We want those mentoring and sponsor programs,\u2019 \u201d Savarese said. \u201cWe need to create programs to encourage that to happen. We don\u2019t want to discourage that at all.\u201d

2017-mpwib-10-savarese-dorothy-cape-cod2.jpg<\/bsp-image>
Sarah, the survey respondent who worked at the exchange in the '80s, said men at the investment bank she works for now have expressed nervousness over being accused of harassment. She finds this attitude to be perplexing and worrisome. Most of all she fears the potential influence on hiring decisions.

\u201cIf you have two candidates, and one has a risk of suing you and one doesn\u2019t, it could go to that point,\u201d she said.

\u201cBut, really, don\u2019t sexually harass people,\u201d she added. \u201cIt has been locking the door to your office while people are in there. It isn\u2019t, \u2018I like your dress today.\u2019 \u201d

Her own experience applying for jobs after college might factor into her concern about hiring. One interviewer for a Chicago investment bank pointedly said he wasn\u2019t sure she would stay at the firm because she would be the only woman. Neither of them got a chance to find out \u2014 he did not offer her the position.

To help calm the fears men might have about accidental missteps with women, companies should make their zero tolerance policies clear, said Jeffords, the Mercer consultant.

\u201cMany companies haven\u2019t said what they have zero tolerance for,\u201d she said.

Positive side effects <\/b>

The respondents in the SourceMedia survey who said they expect #MeToo to have a long-lasting positive impact cited an array of potential benefits: Younger employees will know that they don\u2019t have to tolerate bad behavior. Management will be forced to act if an issue is brought to light. Executives are at least talking about the issue.

\u201cWomen will speak up more and senior executives are more sensitive to the issues,\u201d wrote one woman in her 50s who works in middle management.

\u201cThe movement brings comfort in numbers. Victims may not feel alone or isolated,\u201d wrote a man in his 60s with more than 25 years in banking.

Reluctance to report someone for inappropriate behavior often has to do with financial concerns, said Dan Stahl, a principal at Human Resources Group who has completed roughly 10 investigations into accusations of sexual harassment in the workplace in various industries.

In one case Stahl investigated, a woman at a small printing company in northern Wisconsin put up with seven years of harassing behavior \u2014 including lewd jokes \u2014 from a male manager because she didn\u2019t want to risk losing her job, he said. Though he recommended firing the guy, the owner decided the manager was \u201cindispensable,\u201d and instead paid a settlement of $60,000 to the woman, who eventually left the job, Stahl said.

\u201cMaybe some people in the banking industry at the lower level feel they need to stay there to earn an income,\u201d Stahl said. \u201c#MeToo is terrific because there are conversations that are happening now that need to occur.\u201d

AB032718_SH_GrimPerspective-01.png<\/bsp-image>In the SourceMedia survey, 41% of respondents in the banking, payments and mortgage sectors said they think sexual harassment is rarely reported, and 2% said it never is. Another 34% said they think it is only occasionally reported.

\u201cIt has been part of the underlying problem that many women weren\u2019t willing or weren\u2019t free to speak up and say, \u2018I don\u2019t like this,\u2019 \u201d said Phyllis Hartman, founder of PGHR Consulting, a firm that specializes in human resources, career development and employee relations. \u201cI am a baby boomer and in my early work years, there was a sense of this is just the way men are and you have to put up with it<\/a>.\u201d

With more conversations about sexual harassment happening, perhaps some management teams will take the opportunity to do deep dives into the culture of their workplaces, said Thomas, the Paradigm consultant.

Tactics like conducting surveys and measuring employee engagement offer insights about how a company can improve \u2014 beyond just this one issue.

\u201cIt doesn\u2019t have to cost you anything other than a bit of time to ask questions to open up that forum of communication,\u201d Thomas said. \u201cThen it is being prepared to respond to whatever the answer is that comes back at you.\u201d

(SourceMedia, which publishes American Banker, conducted its online survey of more than 3,000 professionals across multiple industries during the first quarter of 2018. The survey is titled \u201cSexual Harassment in the Professional Workplace<\/a>.\u201d)<\/i>","order":0,"get_parent":{},"attributes":[],"attributesType":{"content":{"type":"string","source":"raw"},"lock":{"type":"object"}},"dynamicContent":""}]

A #MeToo backlash is brewing in banking

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