The finance sector, traditionally dominated by men, has seen numerous shifts in gender dynamics over the years. Today, more women than ever are shattering glass ceilings and setting new benchmarks in this competitive arena. This article celebrates the remarkable accomplishments of some famous women who have succeeded in finance and paved the way for other aspiring women in this field.
The “OGs” of Finance
Hetty Green (1834-1916): “The Witch of Wall Street”
Hetty Green, known as “The Witch of Wall Street,” was arguably the first female titan of finance. Despite her eccentric lifestyle and the societal norms of the 19th century, she amassed a fortune through savvy investing, particularly in real estate, government bonds, and railroads. Her wealth made her one of the richest women in the world at the time.
Muriel Siebert (1928-2013): “The First Woman of Finance”
In 1967, Muriel Siebert became the first woman to own a seat on the New York Stock Exchange (NYSE) and the first to head one of its member firms. Siebert faced considerable obstacles in her journey, but her resilience led to an outstanding career, earning her the nickname “The First Woman of Finance.” Later in her career, she served as the Superintendent of Banks for New York State, overseeing all the banks in the state.
Victoria Woodhull (1838-1927): The Trailblazer
Victoria Woodhull was a woman of many firsts, including the first woman to run a brokerage firm on Wall Street and the first woman to run for President of the United States. In 1870, Woodhull and her sister, Tennessee Claflin, opened a brokerage firm, Woodhull, Claflin & Co., which was quite successful. Woodhull was a fierce advocate for women’s rights and suffrage, making waves in the financial industry and politics.
Isabel Benham (1909-2013): The Railroad Expert
Isabel Benham was a trailblazing woman in finance, making a name for herself as a railroad analyst in an era when men entirely dominated the field. She was the first woman to be a partner in a bond house and the first woman to have her signature on a Federal Reserve note. Benham’s meticulous research and deep understanding of the railroad industry made her an invaluable asset in the finance sector.
Geraldine Weiss (1926-): The Investment Newsletter Pioneer
Geraldine Weiss is known as one of the first women to start an investment newsletter. Her publication, “Investment Quality Trends,” has been highly respected in the industry since its inception in the 1960s. Weiss faced initial skepticism due to her gender and chose to sign her newsletters as “G. Weiss” to avoid prejudice. However, her sound investment advice won her acclaim over time, and she is considered a pioneer in her field.
These trailblazing women navigated the financial sector during times when it was highly unusual and difficult for women to do so. They laid the foundation for future generations of women in finance, proving that gender is no barrier to financial acumen and success.
Today’s Women in Finance
Abigail Johnson: Redefining Leadership
Heading one of the world’s largest asset management firms, Abigail Johnson, the CEO and President of Fidelity Investments, sets a stellar example of women leadership in finance. Since assuming leadership in 2014, she has overseen the company’s growth into a global finance behemoth managing trillions of dollars. Johnson is known for her keen investor mindset, innovative approach, and a commitment to advancing women’s roles within the company.
Mellody Hobson: A Paragon of Financial Acumen
Mellody Hobson is a notable figure in the investment world. She serves as Co-CEO and President of Ariel Investments, a successful mutual fund company. Besides her role at Ariel, Hobson serves on the board of several influential companies, such as Starbucks and JPMorgan Chase, highlighting her broad influence across the financial sector. Hobson is known for advocating financial literacy and diversity in corporate America.
Mary Callahan Erdoes: A Leader in Asset Management
As the CEO of J.P. Morgan’s Asset and Wealth Management division, Mary Callahan Erdoes has managed more than $2 trillion in assets. Ranked consistently as one of Forbes’s most powerful women in finance, Erdoes has played a key role in maintaining the division’s top-tier performance even in challenging economic conditions. Her strategic thinking and solid leadership skills make her one of the most influential women in finance.
Sheila Bair: A Regulatory Powerhouse
Sheila Bair, the former U.S. Federal Deposit Insurance Corporation (FDIC) chair, is a respected figure in financial regulatory circles. During the financial crisis of 2008, she was one of the key players in stabilizing and reforming the U.S. banking system. Bair’s emphasis on consumer protection and her bold approach in handling financial crises set her apart as one of the most impactful women in the finance industry.
Anne Finucane: The Change Maker
Vice Chairman at Bank of America, Anne Finucane is known for her focus on driving ESG (Environmental, Social, and Governance) practices in banking. She’s played a pivotal role in steering the bank towards sustainable finance and was instrumental in the bank’s decision to stop financing coal mining. Finucane exemplifies how finance professionals can contribute to social and environmental change.
Lubna S. Olayan: A Pioneer in the Middle East
Lubna S. Olayan is a leading figure in finance in the Middle East. As the CEO of Olayan Financing Company, she oversees more than 40 companies across the Middle East. Olayan was the first woman to join the board of a Saudi publicly listed company, opening doors for more women to take on leadership roles in a region traditionally dominated by men in business.
There’s no limit to success
These pioneering women in finance represent a wider shift towards gender equality in the industry. They are breaking barriers and setting new standards in their respective fields. Their journeys send a powerful message to young women considering a career in finance: that with talent, tenacity, and a commitment to continuous learning, there is no limit to what they can achieve.
These trailblazers have made significant contributions to the world of finance, proving that diversity and inclusion bring valuable perspectives and drive innovation. They continue to inspire and pave the way for the next generation of women leaders in finance.
