Current Issue
This Month's Print Issue

Follow Fast Company

We’ll come to you.

05.19.17 | 11:55 am

A new Wall Street study proves what we already knew about the old boys’ network

A new study called "Gender and Connections Among Wall Street Analysts" shows yet another way that women have a tougher time in the workforce. Researchers from Insead studied a group of male and female Wall Street analysts who were equally well-connected to corporate boards via alumni ties to see whether those ties affected the analysts' job performance and career outcomes. In an unsurprising, but frankly exhausting, result, it turns out that men are perceived to be better analysts because of their connections. Yale pins and Harvard ties, FTW!

Alumni ties benefit men two to three times as much as women, basically proving that the old boys' network is a real thing. Those same connections formed in their college's ivied halls and crew regattas also contribute to analysts' likelihood of being voted by institutional investors as "star" analysts, which worked as a substitute for performance for men, but merely a complement to performance for women. It's unclear whether this difference stems from men being willing to work their networks in steam rooms and cigar bars (based on Wolf of Wall Street and Boiler Room), while women stay in the office to work or if it's just good old-fashioned, stereotypical sexism. 

[Photo: Mike Timo/Getty Images]

11.09.16 | 12:28 am

Double Brexit: Wall Street is panicking as Trump win looms larger

The markets are shedding value tonight as the country watches a nail-biter of a presidential election, with a Trump victory extremely likely. 

It's not that the Street necessarily believes a Trump presidency would be bad for the economy, it's that such an eventuality introduces lots of economic uncertainty, and investors hate uncertainty. While investors have a pretty good idea of what a Clinton economic agenda would look like, they have far less idea of what Trump has planned. 

Dow futures fell more than 833 points as the possibility of a Trump win grew during the evening. S&P 500 futures fell more than 5% before midnight EST. The Mexican peso was off roughly 13.0% at 20.6879 per dollar before midnight EST. The Japanese Nikkei plunged 900 points.

In short, the effect of this election night on the markets is causing a "double Brexit."

(Photo: Flickr user Darron Birgenheier)

10.25.16 | 4:46 pm

Tired of quarterly earnings? So is the CEO of Morgan Stanley

Morgan Stanley CEO James Gorman thinks we should rethink the practice of quarterly earnings reports for U.S. companies. Gorman says that the once-per-quarter filings, legally required by the Securities and Exchange Commission, are an "asinine" practice that distracts from long-term planning.

He's not alone. Other Wall Street executives have criticized the practice. The law firm Wachtell Lipton recently said the schedule encourages short-term thinking and even Hillary Clinton has hinted at the possibility of reforms that would let executives and shareholders "focus on the next decade rather than just the next day," according to the Wall Street Journal