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Are women getting shorted when it comes to promotions in the banking industry? They make up nearly 60 percent of the U.S. commercial banking workforce, but less than half of midlevel officers and about 31 percent at the senior executive levels, according to a recent report by Catalyst, a global nonprofit that advocates for women in the workplace.

Are women getting shorted when it comes to promotions in the banking industry? They make up nearly 60 percent of the U.S. commercial banking workforce, but less than half of midlevel officers and about 31 percent at the senior executive levels, according to a recent report by Catalyst, a global nonprofit that advocates for women in the workplace.

It’s a complex issue, say some high-ranking New Jersey women banking executives who believe solving it will help everyone, including financial institutions and their clients.

“Obviously there are qualified women banking executives, but their existence is not in question,” said Nancy Graves, president and CEO of Bank of New Jersey. “Unfortunately, these talented women are not the solution to the ongoing lack of diversity in New Jersey community bank executive teams and boards — men are. Boards and management are primarily made up of men, and they tend to choose people like themselves. When boards hire most the qualified person, it won’t be an issue.”

For Graves, it’s a personal matter. “I am not defined by gender or ethnicity and I do not define others that way,” she said. “I am a leader, a CEO. I am dedicated to transparency, equity and a culture of performance. The provincial nature of focusing on women as a category in need of attention does nothing but further confirm why New Jersey is so far behind in inclusive, diverse leadership.”

To some degree, she added, the problem is a New Jersey one. “New York City banks in general, the Federal Reserve (which was led by Janet Yellen, the first Fed chairwoman, from 2014–2018) and the Federal Deposit Insurance Corp. (currently led by Jelena McWilliams) are all very diverse with a rich mixture of genders and ethnicities,” Graves said. “I don’t know why, but going back to New Jersey, which has few women CEO bankers, is like walking back in time. When those in power consider and select the most qualified candidates, not the ones that look like them, greater equality will be the natural outcome.”

Some banking executives, like Elaine Rizzo, are a bit more upbeat.

 “We may not have had the same opportunities and encouragement,” said Rizzo, chief human resources and learning executive with Investors Bank. “When I graduated high school in the 1970s, my dad advised me to get a job as a secretary.”

She did — and wasn’t too good at typing or dictation — but an enlightened male boss encouraged her to go to college, and Rizzo blazed a 30-year trail of promotions in the retail, advertising and technology industries before landing at Investors about four years ago.

“Today, more women are graduating from college and going on for their master’s degree and moving into the workforce,” she noted. “They bring diversity in thought, experiences and action at all levels, from the interaction from tellers to the board. At Investors, we present opportunities in a gender-neutral way, judging people by their qualifications while making certain we have a diverse pool of talented people.”

Rizzo tries to “provide opportunities for everyone that’s qualified, developing people so they can rise” as positions become available. She also speaks with employees “to find out their aspirations, consider their strengths and train them accordingly,” with initiatives like an online-based, on-demand educational system, and W.O.M.E.N. Together (Women, Opportunity, Mentoring, Empowering and Nurturing), a program Rizzo co-founded in 2016 and is open to all employees and offers networking, communications, leadership and other training.

“In 2019 we’ll also offer a formal mentoring program — open to women and men — that will involve mentors and mentees meeting two to three hours a month,” she added. “It’ll initially be piloted in one market for six months, and then we plan to roll it out across the company. It’s important to have a diverse workforce. We serve diverse communities and we want our employee pool to reflect that.”

Other women banking execs are also doing their part. Noted Amrit Walia, a senior vice president and the regional managing director for Wells Fargo Private Bank, “I always seek opportunities to learn and I try to do a lot to help other people, including clients and individuals I work with.”

Walia, who has more than 20 years of experience in financial services and also runs Wells Fargo’s private banking group in New Jersey, said she encountered gender bias early in her career, “but it’s gotten a lot better since then.”

One incident in particular stands out. “Early in my career I was working on investment strategies for a medical trust set up on behalf of people who had suffered certain health issues,” she said. “A particular meeting was being held in an upscale, reputable men’s social club in Pittsburgh, and when I arrived I was hustled up through side hallways so no one would realize that a woman was actually in the building. So even though I was an experienced investment professional working on investment decisions for this trust, I had to keep a low profile in this setting.”

Unfortunately, she added, some people still dismiss women as “empty heads” who can’t take on responsible positions. “Some people haven’t evolved with the times, and when I introduce myself they still seem surprised to see a woman executive, but I don’t see it as often anymore.”

Women themselves are part of the solution, Walia said. “You have to have the confidence to stand up for yourself, regardless of gender or other characteristics. Live up to your values, work hard and be persistent.”

In addition to educational programs like Wells Fargo’s Women of Influence, the Private Bank also hosts women’s symposiums across the country. Walia added she’s looking at other ways to build more mentoring and support programs aimed at helping men and women advance across the company.

“Diversity has a positive and powerful impact,” she noted. “Skill sets vary by individual, but women in general typically bring sensitivity, emotional intelligence and nurturing to the table; an ability to connect with people at an emotional level. I work with talented men and women, but women in particular can help to defuse an emotional atmosphere.”

Laws, regulations and infrastructure can help to level the playing field, according to Walia, “but the bigger impact will come when people see the world differently. Women have to get involved in this as agents of change, and set an example for others to follow.”