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Clients are often male. This doesn't mean banks have to play this game.

"Banks only hire saleswomen for their looks"

Xenia Tchoumitcheva, the model who speaks six languages, has an economics degree , and previously had a sales internship at J.P. Morgan (before launching lifestyle website Chicoverdose.com).

This is going to sound sexist, but I attend a lot of conferences and it always disillusions me when I see stands filled with attractive women whose main purpose seems to be gaining the attention of the opposite sex for marketing purposes. It's even more disenchanting when these women can't converse about their product and a colleague has to be brought along as soon as things get technical.

Before I'm accused of rank sexism, I'd like to emphasize that I'm not suggesting women are not capable of holding a technical conversation. I am, however, suggesting that some women - like some men - are not capable of holding a technical conversation, but that irrespective of this, those women are used to sell products on the basis of their physical attractiveness. It's something which not only disadvantages men, but also disadvantages many women in the industry - what happens if you're seen as "too old," or "too fat"? What if you're a working mother who doesn't have hours to devote to her appearance?

Hiring on the basis of appearance is shallow. It's also something that happens too often in banking. The buy-side clients in finance are often male, and if you're a bank it helps to have an attractive woman as the point of contact. Banks know either implicitly or explicitly that when a male buy-side employee receives a cold call, a Bloomberg chat, or an email from a woman who looks attractive, they are more likely to follow-up.

Male clients are partly to blame for this. Historically, many have abused their positions. A married female colleague of mine was asked by a client whether she was on Facebook so they could get to know each other. Another client only started trading with us after a female colleague who had her picture up on Bloomberg reached out to him via chat.

The truth, however, is that some women in banking also actively use their appearance to their advantage. I've seen female colleagues wearing mini skirts and showing cleavage at client meetings, even when these meetings take place in winter. The same colleagues will often take along junior staff who are experts in the product to do the talking once the introduction is over.

Unfortunately this is a formula that works. And because it works, I see employers and managers turn a blind eye to it.

It's time the industry grew up. The male clients who meet these brokers during working hours, or for drinks after work, need to realize that they're deluding themselves by presuming that their relationships are anything other than professional. The female saleswomen who are pretending to be their friends are just doing a job. They're just trying to win business. If the male client loses his position, that female "friend" will disappear as well.

It's time too that women in sales jobs in banks stopped buying into the culture that's imposed upon them. Talent does not equate to looks and intelligent women should not be expected to use their appearance to bring in clients, to earn a bigger bonus, or get a promotion. The women who do often realize they have made a strategic mistake: life situations change and physical attractiveness may wane. If you've based your career upon your appearance it is often shorter than it would have been if you'd focused on technical expertise.

I'd like things to change. MiFID II's emphasis on quantifiable metrics and best execution is a good start. However, I don't really see the emphasis on appearance going away until the buy-side is replaced with robots. - At least that's one advantage of the trend towards automation.

Tom Poland is the pseudonym of a salesman working for a U.S. bank in London

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  • Pe
    PeterTheGreat
    25 November 2020

    This is clearly going to be an ongoing debate for years to come. Having said that, I do think that the level of gender bias is going to vary from country to country. You will see that where gender neutrality has evolved for longer, like in the Nordic region, the situation will be different than in the UK. You will see that not only are there differences in laws across countries, but also habits and social norms. If you take the case of the UK, you will see that even if a sector like investment banking "self-regulate" or whatever you want to call it, so that gender becomes less biased in hiring, you will still see the same pattern pop up in new sectors, like the Fintech etc unless the social norms are different, with the same evolutionary path towards a more balanced environment. That said, it is depressing to see how, clearly, there is a perception that in sales roles, physically appealing people, coupled with an attractive "young" age, has such a big impact on who gets hired. And yes, there clearly is a bias towards attractive women in some organisations in investment banking still, and even much more so in the younger, less mature fintech organisations (perhaps they haven't seen that many big swinger litigations yet so they don't know what is coming their way).

  • UP
    UPM
    20 November 2020

    Ugly People Matter #UPM

    It's a recognized form of systematic discrimination, why shouldn't it is addressed.

  • An
    Anonymous
    20 November 2020

    A male colleague asking a female colleague if they are on Facebook is hardly an 'abuse of position'. Nobody would suggest it was if a male colleague asked another male or if a female colleague asked another female.

  • To
    Tomm_Bie
    19 November 2020

    Imagine thinking you can demand the entire world change its biologically-rooted behavior. Attractive youthful women and powerful men have always been appealing to the opposite sex.

    The example of the frumpy mother who doesn't take care of her appearance is ridiculous, why would she be entitled to a sales gig and closing huge deals over others who can actually sell?

    There's an old line about feminism being more about unattractive women demanding the special treatment attractive ones get, because equal treatment with men would be a step down.

  • gu
    guest
    19 November 2020

    Sales isn't exactly the most skilled job in finance so personally I'd prefer dealing with someone who hasn't been beaten by the ugly stick.

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