IDAHO FIRST BANK

As hard as it is to believe, women are relatively new to the finance and banking industry.  It was only a little over a hundred years ago that women gained the right to vote, even then, women were still lacking basic financial freedoms. For example, women were not allowed to open bank accounts in their own names until the late 1960’s.  If you think that’s bad, at the start of the 1970’s over 43% of employed women could still be denied credit cards without having a male cosigner. At the same time, banks could and did discount a woman’s income by up to 50%, especially if in child-bearing age. When the Equal Credit Opportunity Act of 1974 was passed, marital status and gender discrimination were finally prohibited. In addition to this important policy being enacted, there were trailblazing women that led the way in helping to create equal space within the financial industry.

In honor of March Women’s History Month, we are highlighting some of these leaders:

Victoria Woodhull and Tennessee Claflin: First Female Stockbrokers

“I shall not change my course because those who assume to be better than I desire it.” -Victoria Woodhull

These sisters were very active civil rights leaders who rose from poverty to become the first female stockbrokers. They opened a brokerage on Wall Street in 1870 geared towards female investors. Through the success of the brokerage, the two used the profits to found Woodhull & Claflin’s Weekly, a newspaper. Woodhull would later become the first female president nominee in 1872.

Maggie Lena Walker: First Woman to Charter a Bank

“I was not born with a silver spoon in my mouth, but with a laundry basket practically on my head.”-Maggie Lena Walker

Maggie was the first woman and first Black woman to charter a bank in the US, named the St. Luke Penny Savings Bank in the segregated South (Richmond, VA) in 1903. Her goal was to encourage saving and economic independence in the Black community. She successfully navigated her bank through the Great Depression and preserved two other Black banks through mergers in the same period. Her institution survived until 2005.

Grace Stoermer: Leader of the Women’s Banking Department

“Would you like to bank with me?” “Yes, please I would” -Grace Stoermer during an interview .

Grace organized and led the first Women’s Banking Department founded in 1921 at the Bank of Italy (which would later become Bank of America) in California. This was the first time women could manage their accounts without the involvement of a spouse or other male relatives. It was staffed entirely of women. Grace later became the first female Secretary of State in California.

Muriel Seibert: First Woman to own a seat on the New York Stock Exchange

“Take stands, take risks, take responsibility” -Muriel Seibert

Muriel became the first woman to own a seat on the New York Stock Exchange in 1967, a feat that took her over two years to accomplish. Two years later, she founded the exchange’s first female owned and operated firm called “Muriel Siebert & Company.” She was a pioneer for the discount brokerage sphere in the 1970’s which still operates today. She also became the first woman to serve as superintendent of banking in the state of New York.

These women were trailblazers of their time and helped pave the way for women in the financial industry. While we have come a long way, we still have further to go.  The following are key statistics noted regarding women in banking as of 2021:

    •    The proportion of women in leadership roles stands at 24% and is projected to grow to only 28% by 2030


    •    Women hold only 6% of CEO positions and 32% in C-Suite roles 


    •    42% of mothers have had to reduce work hours to care for a child or family member


Join us as we celebrate all the women who came before for us to initiate positive change in banking, and for those who continue to strengthen the business climate by pursuing opportunities previously thought unattainable. 

Resources:

McKinsey & Company

Business Insider

American History

Rare Americana

Deloitte Digital