Sorry Ladies, Frat Brothers Run Wall Street

Bloomberg reveals 'fraternity pipeline' that boosts brothers

By Arden Dier,  Newser Staff

Posted Dec 25, 2013 3:06 PM CST

(Newser) – The finance industry isn't just dominated by men. It's run by frat brothers who use a "fraternity pipeline" to push their brothers forward over other job candidates, Bloomberg reports. In an investigation, it reveals how bankers help out their buddies, including one case in which an Alpha Delta alumnus at Wells Fargo promised in a recruiting email that his Dartmouth brothers' resumes would be sent to the top of the pile. In another case, a Sigma Chi chapter president says he made a connection at a recruiting event ... using his frat's secret handshake.

"We exchanged a grip, and he said, 'Every Sigma Chi gets a business card,'" he recalled. "We're trying to create Sigma Chi on Wall Street." If you're hoping to get your foot in the investment-banking door—a task that can be three times tougher than getting in to Princeton—a frat clearly has its perks, says the Bloomberg piece. When the ex-head of a Sigma Alpha Epsilon chapter applied for a Bank of Montreal internship, he got an email back with his frat's secret motto—and was chosen. Other cases reveal recruiters gave out interview questions and answers to brothers hoping for a job. Overall, it helps explain "one reason men continue to dominate on Wall Street, where no woman has run a big bank," write Max Abelson and Zeke Faux. Click for the full piece.

Specialists look at screens at their post on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
4%
7%
52%
13%
12%
13%
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   MSN Living   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   Biography   |   Barstool Sports   |   OK!