To celebrate International Women’s Day, we are taking a look at the history of women in finance, from the granting of legal rights, to the entry of women at every level of modern financial institutions. Along the way, we will pick out some of the pioneers and most prominent leaders, including a few who have contributed to our work.
While today the topic of women in finance often centres on the career progression of women within financial institutions, the right of women to even access financial products equally is a relatively recent phenomenon. It wasn’t until 1975 that the UK allowed married women to open a bank account with the permission of their husbands.
Many ancient societies, from Egypt, to India, to Rome had levels of financial rights for women that were far more permissive than Medieval Europe. Gradually, the social reforms of the enlightenment, political revolutions and the feminist movement chipped away at these over the between the 18th and 20th centuries, as the rights of women in Europe and America to hold property, undertake transactions and more were enshrined in law.
Around the world, progress is generally moving in the right direction, though obstacles remain. There are 115 economies where laws prevent women from running a business in the same way as men, and 167 countries that have at least one law restricting women’s economic opportunity. Many of these laws are colonial legacies from Europe.
CHRISTINE LAGARDE
President of the European Central Bank
Christine Lagarde is the current President of the European Central Bank. She had previously served as Managing Director of the International Monetary Fund during an extremely turbulent time in the global economy, and before that as the French Minister of the Economy and Finance. She was the first woman to hold each of these roles, and was the first female finance minister of any G8 country.
JANET YELLEN
First female treasury secretary of the United States of America
Janet Yellen is the Treasury Secretary of the United States, and has had a storied career in finance, economics and public policy, as one of the key figures in the global economy in the late 20th and early 21st century. She served as chair of the White House Council of Economic Advisors under President Bill Clinton and chair of the Federal Reserve Board under President Barack Obama before becoming the 78th Treasury Secretary under Joe Biden. She is the first person — male or female — to do all three jobs.
"There is an unfortunate myth that success is mainly determined by something called ability."
JANET YELLEN
First female treasury secretary of the United States of America
HILDA HARDING
Britain's first female bank manager
Hilda Harding was the first female bank manager in the UK, joining Barclays in 1934 before rising through the ranks, and promoting other women. Her appointment led to publicity: a Daily Mail reader wrote a letter to the paper to complain that “We don’t want lady bank managers, Prime Ministers or big lady executives in business”. In response to this sexism from journalists and their readership, her seniors at Barclays were clear that her appointment was made purely on merit.
FUNLOLA AYEBAE
Founder of Black Women in Finance
Funlola (Lola) Ogunkoya founded Black Women in Finance in 2017, an industry group dedicated to furthering the careers of black women already in, or entering, our profession. Through a career spanning Barclays, Goldman Sachs, and now JP Morgan as West Africa Coverage, Ogunkoya is named on the Forbes 30 Inspirational Women of 2021 list. Her work focuses not only on broadening access for black women to enter finance, but on providing encouragement and support to help them build their careers.
"I challenge my fellow women to learn not to dim our light, but rather step into our light unashamedly ... I hope we learn to unapologetically take up space and believe we belong on every table that we are at ... better yet we learn to create the table for other women to sit on."
FUNLOLA (OGUNKOYA) AYEBAE
Founder of Black Women in Finance
ALISON ROSE
First female CEO of NatWest Group
Alison Rose DBE is Chief Executive Officer of NatWest Group, and has been instrumental in leading the shift towards being a purpose-led organisation, championing gender-related issues. She co-leads the Rose Review Board, focused on the challenges unique to female entrepreneurs as they start and scale businesses. Alison has held leadership positions ranging from Head of Europe, Middle East, and Africa, Markets & International Banking to Global Head of International Banking Capital and Balance Sheet.
CHANTALE WONG
First out lesbian US ambassador and current US Director of the Asian Development Bank
Ambassador Chantale Wong is the US Director of the Asian Development Bank, making her the first LGBT+ person of color and the first openly lesbian Ambassador in US history. Her background includes leadership positions at NASA, the Department of Treasury, and the Environmental Protection Agency. She has championed inclusive finance at the ADB, ranging from gender to ethnic identity.
"...the fight for equality is long and hard and it requires sustained commitment and hard work."
CHANTALE WONG
First out lesbian US ambassador and current US Director of the Asian Development Bank
DAME SUSAN RICE
Head of Scottish Fiscal Commission, Chair of GEFI Global Steering Group
Dame Susan Rice in Chair of the GEFI Global Steering Group and Financial Services Culture Board. She was Chief Executive and Chairman of Lloyds TSB Scotland PLC, then Managing Director of Lloyds Banking Group, becoming the first woman to lead a UK clearing bank. She has focused on social finance in the UK and the US. We have been honoured to have her as Keynote speaker at several events and look forward to many more!
DAME MARILYN WARING, DNZM
Economist, former politician, author, academic, feminist, and female human rights activist
Economist, former politician, author, academic, feminist, and female human rights activist Dame Marilyn Waring was among the first voices in feminist economics to champion the concept of invisible labor. Her work has helped to shape the way labor is understood, including in the financial sector wherein women have faced challenges, both legal and cultural, throughout history. She has previously served on the board of the Reserve Bank of New Zealand.
"Banks are focused on purpose but in any organisation we need to be accountable for having delivered on that purpose, not simply being mildly embarrassed when we don't. It has to be at the centre of judgements."
DAME SUSAN RICE
Head of Scottish Fiscal Commission, Chair of GEFI Global Steering Group
JANE FRASER
CEO of Citigroup
Jane Fraser is the first female CEO of Citigroup and first woman to lead a major US bank. In a career spanning McKinsey & Company, Goldman Sachs, and Asesores Bursátiles in Spain, as well as leadership roles across Citigroup, including its Private Bank and Latin American businesses, she has been active as a board member for the Business Roundtable and the Council on Foreign Relations.
JANET HOGARTH
First superintendent of women clerks at a bank in UK
Janet Hogarth was one of the first women to work within a bank in the UK, joining the Bank of England as a junior clerk in 1894 after earning a first class degree from Oxford University. At that time, women were required to use a separate entrance to male employees, and resignation upon marriage was compulsory.
"When I first went to went to the Bank of England in 1894, women in ordinary Banks were unheard of, and their introduction to the Bank of England, of all places, caused a mild sensation, not to mention a series of tiresome jokes about ‘old’ and ‘young’ ladies of Threadneedle Street. How tired one got of trying to smile at them."
JANET HOGARTH
First superintendent of women clerks at a bank in UK
VIVIENNE YEDA
First woman to serve as Executive Director of the East African Development Bank
VIvienne Yeda is a Kenyan banker who is the first woman to serve as Executive Director of the East African Development Bank. She was awarded the 2014 African Banker of the Year award She also serves as the Chair of Kenya Power.
MAGGIE WALKER
First African American woman in the US to charter a bank and be president of a bank
Maggie Lena Walker (1864 – 1934), born to formerly enslaved parents, rose to become the first woman to charter a bank and to serve as bank President. After being forced to resign from her teaching position for getting married, Walker combined her skill at maths and accounting with her passion for supporting her community to establish the St Luke’s Penny Savings Bank, a powerful form of African American investment in the post-civil war American South. Following limited mobility after an illness in 1928 that required use of a wheelchair, she went on to champion women’s rights and economic empowerment.
"Let woman choose her own vocation just as man does his. Let her go into business, let her make money, let her become independent, if possible, of man."
MAGGIE WALKER
First African American woman in the US to charter a bank and be president of a bank
YIE-HSIN HUNG
President & CEO of State Street Global Advisors, a global investment company
Yie-Hsin Hung is the CEO of State Street Corporation, a major global investment company. She is a former CEO of New York Life Investment Management, and has held leadership positions at Bridgewater Associates and Morgan Stanley, focusing on inclusion and innovation.
YVONNE CHIA
First woman in Malaysia to be chief executive officer of a bank
Yvonne Chia is the Chair of Standard Chartered Malaysia Berhad, and sits on the Council of the Asian Institute of Chartered Bankers. She was the first woman to be a CEO of a Malaysian Bank, holding the role at both RHB Bank and, later, Hong Leong Bank. She became CEO of RHB Bank during the 1990s.
"What we need are opportunities via policies and guidelines for women, nurturing the pipeline from mid management to senior management and ultimately to the board."
YVONNE CHIA
First woman in Malaysia to be chief executive officer of a bank
ZANNY MINTON BEDDOES
First female Editor-in-Chief of The Economist
The first female Editor-in-Chief of The Economist, Zanny Minton Beddoes, worked her way up as the economics editor, emerging-markets correspondent, and has written extensively on global finance and the world economy. She has worked as an economist for the International Monetary Fund (IMF) and as advisor to the Minister of Finance in Poland, and is an internationally recognised, highly influential voice in finance and economics.
VICTORIA RODRIGUEZ CEJA
First woman governor of the Bank of Mexico
Victoria Rodriguez Ceja is the first female governor of the Bank of Mexico, a position she assumed at the start of 2022. She is an economist with more than 20 years experience in the public sector.
"I care about waking up to the true issues of the 21st century: inequality, diversity, and the impact of tech."
ZANNY MINTON BEDDOES
First female Editor-in-Chief of The Economist