New York Post

#METOO ON STREET

Tsunami of incidents but no one will complain

- By JOHN AIDAN BYRNE

Wall Street’s #MeToo moment is going to be huge if the dollars from sexual harassment settlement­s ever hit the fan, according to a new survey — and disgruntle­d financial service workers.

Forget about Harvey Weinstein and the world of celebrity high rollers. More than 1 in 5 workers in cash-rich wealth management — from the large firms to smaller broker-dealers peddling stocks, bonds and planning finances — report a “high prevalence” of sexual harassment in the workplace, according to a survey by SourceMedi­a, a financial media company.

And it’s not much better in other pockets of high finance.

“Like all women who work on Wall Street, I sometimes feel like I am at a frat party,” Rita Robbins, founder and president of Affiliated Advisors in New York, admitted to The Post, referring to the mostly locker-room bad boy culture she says pervades financial services. “Virtually every woman I know has a story or four about horrific behavior that they have been subjected to.”

The revelation­s of inappropri­ate sexual innuendo and playboy antics by co-workers and some bosses come as Wall Street so far remains largely unscathed by #MeToo announceme­nts.

But insiders say if financial industry victims break their silence, the consequenc­es could reverberat­e from Main Street to Wall Street, with multimilli­on-dollar lawsuits and settlement­s. “Sadly, we have felt powerless due to long-standing, corporate culture attitudes,” said Robbins, a female boss who oversees 110 employees.

Insiders and the latest survey reveal how a testostero­ne-fueled environmen­t rampant with inappropri­ate behavior bedevils female Wall Street workers.

In a broad survey of profession­als that included advisers, bankers, insurance workers and tax accountant­s, it is the financial advisory staff at brokerage houses who are much more likely to experience unwanted sexual conduct, which is highly prevalent in their sector.

“It’s getting better, but it is a carry-over from years past, when the industry included a substantia­l amount of flirting and hitting on, which today is more likely than not called sexual harassment,” one male survey respondent reported.

In fact, twice as many pros, or 22 percent, in wealth management, where the vast majority of advisers are men, reported a high prevalence of sexual advances compared with the banking sector.

The lowest reported prevalence, at 8 percent, was among tax and accounting profession­als. That industry has a much more even split of male and female workers.

“The stats are mind-boggling,” one male former Merrill Lynch broker said on the condition of anonymity, fearing retributio­n at his next financial services job. “Everyone knows in the industry but is absolutely terrified to comment publicly, because any comment can used as a weapon against you — and next thing, you are standing on the corner with a box with all your office stuff in it.”

This Wall Street hot shot said not much has changed since he started his career in the early 1990s.

“I knew of one female salesperso­n on the institutio­nal side at a wirehouse who had to intimately flirt with clients as she was building up her accounts,” he said. “She had to badly compromise herself to keep her job.”

“Like all women who work on Wall Street I sometimes feel like I am at a frat party. Virtually every woman I know has as tory or four about horrific behavior that they have been subjected to.”

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