Nail Cagri YILDIRIM 1611623

NIGHTMARE on WALL STREET

The main topic of this case is discrimination, and women. Merrill Lynch (ML), Salomon Smith Barney (SS) and Morgan Stanley (MS) discriminating women employees and have suits in the court. ML was discriminating women in wages, promotions, account distributions, maternity leaves and other areas. These discrimination activities are not tried to correct by the supervisors, they are also tolerating and promoting them. There is a common sense that people, especially men thinks that, sales business in Wall Street is not womens business, they cannot be successful and even survive in this area. Companies are also aware of their activities and they know that they are discriminating employees so that they are forcing employees to sign arbitration agreements. Salomon Smith Barney (SS) Cuneo, who is one of the branch managers of SS, was discriminating Thomann. He is too aggressive against the women. He paraded her in front of the other employees, but she tried to ignore him. In 1994 she became pregnant and went on maternity leave. When she came back to the organization it is said that her position were given another employee and she was demoted. She complaint about her situation, write them to the HR department. However, HR department investigate it and the result is: there is no discrimination. After that she quitted job. After that Cuneo, didnt stopped and keep on discriminating female employees in company. Pamela Martins, who is another victim of Cuneo, terminated by the company after her complaints. Trice also had some problem; she was discriminated by manager and peers, too. After her complaints to HR department, she had fired. And she had threated by manager; If she sue them, she cannot work in this business area. Both in SS and ML, managers are accused of refusing to hire female brokers and managers, and of denying women the same pay and opportunities as their male counterparts, among other discriminatory acts. The statistic show that both company has less female workers, especially in management positions. Morgan Stanley (MS) For the case of Schieffelin, she accused peers and managers to exclude her from social activities and organizing male-only events. Due to fact, sidelined Schieffelin snatched her chance to become manager. Instead of her, another male, fewer experience and knowledge, become manager. Morgan Stanley has only one female managing director out of forty. Although Schieffelin was very good at her job, due to mens network and social activities, which leads networking with customers, had cause the exclusion of Schieffelin. Merrill Lynch (ML) Cremin was working for ML for 13 years. She was refused to go to financial planning seminars and other trainings due to her children. She accused her manager by discriminating them and illustrating with managers attitude toward having child differs from male to female. He wants male employees to have baby, cause he thinks that it will motivate them, on the other hand manager dont want their female employees to have baby, cause it will decrease

their efficiency and they will take maternity leave, it means that work is going to limp. When the manager learned that her pregnancy he forces her to shift her accounts to other male managers. After some process she also terminated by the company. Merrill Lynch Due to law suits and being unsuccessful in law suit companies started to loose fairly good amount for compensations, and also they are images are tainted. They are started to give importance to discrimination issues and implement new HR policies. ML started to hire more female, it raised 7% compared to previous years, and also mandatory arbitration practice has ended. Furthermore, accounts are distributed fairly to all employees. Salomon Smith Barney Their new brokers 35% is female. They conduct sexual harassment training program every year. Moreover, women are encouraged to explore promotional opportunities with the company. Criticisms held by authorities and it is said that those implementation is not enough; there are a lot of women who lost their years in this environment. However, I dont agree with the writer, it is normal that there are a lot of victims; their life had changed in bad way. We cannot find solutions to inward traumas. Cremins suggestion is also make no sense because this is also kind of discrimination. She speaks to female, and says that if they become more sophisticated. This means that females are not sophisticated and they dont know what to do, but males know what to do. I educe it, and she is also calling for discrimination against males: buy from other women instead of men. Thus she said dont buy from men, if you are sophisticated enough. Greg Rasin: Zero tolerance policy: prohibiting sexual harassment and discrimination by the manager. It is logical. Keep it clean: Jokes and comments should be taken in consideration. Rethink Social Outings: He said that taking customers to the strip club is not acceptable, situation for women- who are working in this environment- is awful, organizing this kind of activities declared as discrimination. I am sorry again but I am totally disagreeing with this guy, he is talking without knowing anything about business. If customer wants to go to strip club or he enjoy going there what is female are going to do? Are they going to reject his request? Do they want to lose the customer? I dont think so. In my opinion find the way, it can be everything that is okay for you; use it to gain customer. Sales people cannot survive without using informal methods to interact with customers. In order not to act in discrimination manner, they had better to lose customer. That is the point of Rasin, it is pure nonsense. Distribute accounts fairly: He keeps on driveling. No comment. Fiduciary Trust Company International Percentage of female employees fairly high compared to others. Customers are looking for a company that can provide family type relationship with employees. The CEO also know that women are exceptional in this area.