She-Wolves

Bren follows the first generations of women into New York's banks and brokerages, from secretaries who noticed unlicensed women handling big client accounts for low pay, through early female Harvard Business School graduates who learned that an equal degree did not bring equal offers, to the women recruited from elite campuses into the hard-partying trading culture of the 1980s.

Bren teaches international, gender and media studies at Vassar, and her previous book was The Barbizon. The Washington Post credited her mix of original interviews and archival research, and her eye for telling detail.

Most Wall Street histories follow men and deals. This is social history built from careers, including those of the first woman broker on the NYSE floor and Wall Street's first Black female managing director. Reviewing for the New York Times, Sheelah Kolhatkar was struck by how little decades of struggle changed the industry's upper ranks. Readers looking for deal mechanics or market analysis will find little.

It belongs on the shelf of anyone starting a Wall Street career, and of managers and HR leaders who want to understand where the industry's culture came from.

1. Exclusion rarely needs a rule. The NYSE's constitution never barred women. Sponsorship requirements, private clubs, hiring habits and missing ladies' rooms did that work.
2. Watch the gap between the work and the license. Many early entrants were secretaries already doing broker-level work without the credential or the pay, and Wall Street careers have often turned on that gap.
3. Credentials alone didn't open doors. Early female HBS graduates found that the same degree did not bring the same offers. Access depended on networks and sponsorship as much as merit.
4. Litigation reset what firms tolerated. The Smith Barney Boom-Boom Room suit made a subculture of harassment public and showed how legal and reputational risk can force cultural change.
5. Ownership was a workaround. When big firms would not pay or promote them fairly, Siebert and Mogavero built their own firms, an early sign that founding a firm could beat waiting for a partnership.

The narrative moves chronologically, from the go-go years to the attacks of September 11, 2001.

1. Before the doors opened. The book recalls the 19th-century brokerage run by Woodhull and Claflin and a Wall Street where No Ladies signs hung on luncheon clubs and, less openly, inside the firms themselves.
2. The smart cookies. In the 1960s, secretaries, teletypists and clerks see the gap between the work they do and the pay licensed men collect. Beth Dater goes from flight attendant to Lehman Brothers, and female analysts sign reports with initials that hide their gender.
3. Mickie Siebert's seat. Siebert buys an NYSE seat in December 1967, launches her own firm and threatens to bring in portable toilets unless the exchange builds a ladies' room near its dining room.
4. Credentials and the law. The women's movement, NOW and the new EEOC press against hiring barriers, while women with HBS degrees still hit walls. Alice Jarcho reaches the trading floor in 1976.
5. The boom years. In the 1980s women are recruited in numbers but treated harshly. Barbara Moakler invents a Goldman Sachs boyfriend to win respect at Lehman, and Doreen Mogavero starts her own brokerage.
6. Reckoning. The 1996 Boom-Boom Room class action exposes sexism and racism at Smith Barney, whisper networks trade survival tips, and the story closes with 9/11.