It’s lonely at the top for women economists on Wall Street. Among the nearly two dozen financial institutions designated by the Federal Reserve as primary dealers and that employ a chief US economist or equivalent, only Morgan Stanley currently has a woman, Ellen Zentner, in that job. Eighteen months ago, at least three women held such roles.
Primary dealers have prestige among financial firms, because they help the Fed implement monetary policy. One reason for the gender disparity is that the pipeline of women aspiring to be a chief economist is smaller than that for men. But other issues—from bias to balancing family with the job’s grueling travel schedule—are also at play, according to women who are or have been economists at Wall Street firms.
The result is a shortfall of women in a position crucial to setting market expectations ahead of key economic reports, steering discourse on subjects such as inflation and the labor market, and ultimately shaping investors’ and the public’s views on the path of the US economy.
