Jamie Fiore Higgins account of her life on Wall Street
Jamie Fiore Higgins interviewed on TV on Wednesday, August 31, 2022. Her ebook, Bully Market, uncovered surprising conduct by some Goldman Sachs workers.
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Jamie Fiore Higgins did not depart her job at Goldman Sachs planning to disclose essentially the most private, demeaning and, at occasions, outright scary moments from her 18 years on the funding financial institution.
However after resigning in 2016, having risen by means of the ranks to develop into a managing director — the second-highest position behind associate — conversations with individuals from exterior of that world made her notice how surprising among the issues she’d skilled had been.
And so within the ebook “Bully Market: My Story of Cash and Misogyny at Goldman Sachs,” printed final summer season, she chronicled them.
Some anecdotes, from her early days within the late Nineteen Nineties but additionally later, had been sexist feedback and inappropriate actions she characterizes because the “white noise of Wall Road.” She says a colleague created a spreadsheet rating the physique components of feminine recruits. She recollects being instructed she had solely been promoted “due to [her] vagina,” and a sequence of junior male colleagues making clear they’d not respect her authority.
She additionally says she witnessed intercourse and drug-taking within the workplace, and work socials being held in strip golf equipment (she notes at the beginning of the ebook that among the individuals featured in it, who’re all given pseudonyms, are composites of assorted individuals she knew and the timing of some occasions has been compressed).
A Goldman Sachs spokesperson mentioned the corporate “strongly disagrees” with the characterization of its tradition described within the ebook, and what it referred to as “anonymized allegations.”
“Had Ms. Higgins raised these allegations with our Human Sources division on the time we might have investigated them completely and addressed them severely,” the spokesperson instructed CNBC. CNBC couldn’t independently confirm any of the accounts made within the ebook.
Fiore Higgins additionally says that, regardless of the corporate providing rooms for breastfeeding, she was as soon as instructed that utilizing them would maintain again her profession. And that when she did use them after having a baby, colleagues made “mooing” noises at her, carried out crude gestures, and left a stuffed cow on her desk.
In one other story, she recounts eradicating a colleague (who was having an affair together with his consumer) from an account. She says he responded by pinning her in opposition to a wall and shouting into her face, spraying her with spit as he threatened her.
“I obtained a whole bunch and a whole bunch of messages from individuals, even now six months out, each day I get one or two saying thanks for telling this story, there’s a lot of what you’ve skilled that resonates with me,” she instructed CNBC.
Fiore Higgins can also be up entrance about the truth that she was there for therefore a few years, in a senior position reached by far fewer girls than males, writing that she was “tolerating and perpetuating harassment and abuse” and being “complicit in a damaged system.”
“For these 18 years, I cared extra about Goldman Sachs than I did my husband, my children, my mother and father,” she instructed CNBC.
Staying for therefore lengthy regardless of being pushed close to breaking level a number of occasions got here all the way down to quite a lot of elements, she mentioned. Contributing to her working-class household’s funds, and making her immigrant mother and father, who had confronted their very own struggles and positioned stress on her to succeed, proud.
Within the ebook, when she first tells them about her six-figure wage of their New Jersey front room, her grandma drops her knitting needles in shock. Inside a couple of years Fiore Higgins is on a million-dollar wage (although this, she says, was only one greenback greater than a person working under her was incomes on the time).
On prime of that was the dangling carrot of a mammoth bonus, widespread throughout the monetary business.
Then there was the concern of recrimination; the normalization within the workplace of issues that may appal an outsider; and dependancy to the status of being “Jamie from Goldman.”
“What I spotted that Goldman was so good at was actually making you are feeling you had been nothing with out them, nothing with out their identify, nothing with out their cash,” she mentioned.
Going in opposition to the household
An enormous a part of what ultimately pushed her to go away, utilizing her meticulously-compiled “spreadsheet of freedom,” was when she claims she did report an incident. She reported to HR a colleague she had witnessed racially and homophobically abusing a bartender.
“Months later my overview tanks,” she instructed CNBC. “I knew that they had been going to make me pay for talking out of flip, going in opposition to the household.”
A Goldman Sachs spokesperson instructed CNBC it has a zero tolerance coverage for each discrimination and recriminations in opposition to workers for reporting incidents, and that any HR report is investigated completely.
Fiore Higgins’ account represents one individual’s experiences over a set time period. However she notes others have spoken up; it’s simply that it stays uncommon, and “taboo,” in her phrases, to enter such element.
Final November, it was reported that Goldman Sachs had paid greater than $12 million to a former feminine associate to settle claims of senior executives making a hostile setting for ladies. Prime Goldman lawyer Kathy Ruemmler mentioned in an announcement to CNBC on the time that the agency disputed the unique Bloomberg article.
The financial institution can also be embroiled in a long-running class motion lawsuit with round 1,800 plaintiffs alleging the financial institution paid girls lower than males and their efficiency critiques had been held again. It is because of go to trial in June. Goldman has denied any wrongdoing.
Eyes broad open
Amid the #MeToo motion, wider societal forces and efforts from some senior managers, firms all over the world have been making efforts, at the very least on paper, to advertise range.
In Fiore Higgins’ view, issues have improved in some areas, and there’s a real want among the many C-suite to forestall systemic and informal discrimination. However establishments like Goldman might nonetheless apply the total pressure of their analytical and metric-setting expertise to spice up the variety of girls making it to associate degree, she mentioned, and create the form of inclusive setting research have proven can enhance an organization’s backside line.
She’s additionally acutely aware of the significance of sending a message to a few of her readers, together with discovering a trusted advisor properly faraway from the corporate.
“I’ve had the chance to speak at a few universities. I’ve spoken to individuals who had been like, ‘I bought a job provide, I learn your ebook, I am afraid to go’,” she mentioned.
“It is like, no, that is not the reply. After I first began working at Goldman … their advertising and marketing factor was Minds Vast Open. I used to be lapping it up — and it was only a advertising and marketing pitch. It wasn’t what I noticed within the lived expertise.”
“So I say to those college students that I have been speaking to, women and men, you wish to go in along with your eyes broad open, you wish to be very clear of what’s potential. Be ready with language round it, know methods to reply and react when these items occur.”