The Value Gap is a MarketWatch Q&A series with business leaders, academics, authors, policymakers and activists on reducing racial and social inequalities.But as a Black woman and a powerful investment banker, she has been doing exactly that, ever since a dinner with the late Muriel “Mickie” Siebert in 1996 ended with the two co-founding what is now Siebert Williams Shank, a broker-dealer and top underwriter of equity and debt financing, which also is women- and minority-owned.
But I decided to move up the corporate ladder at General Dynamics, and for that I needed my MBA. I applied to Harvard, Columbia, Wharton, and chose Wharton over Harvard and Columbia because of its analytic focus. It was there that I became aware of the wide array of finance professions that existed. I really did not have any real knowledge of what Wall Street was. But my peers were all trying to get these hot jobs on Wall Street. I decided to give it a shot as well.
I would say our unique standing on Wall Street quite frankly provided inspiration for other firms to be founded. We also have a very diverse workforce and, as I’m sure you know, Wall Street did not have a good reputation in that area. It’s definitely improving, but we don’t see people of color and women in enough senior leadership roles. I think when firms engage with us, it’s really helping diversity on Wall Street.
We have a couple sets of clients. We have the issuer side: the major corporations, the municipalities, etc. But we also have deep relationships with investors. When we are a joint bookrunner, or the lead manager, we have access to products [like bonds and initial stock offerings]. We’re on a level playing field. That allows us to attract better talent when we’re hiring, because we have those opportunities. It really changes the game.
“‘Once the events following the killing of George Floyd, and the protests that occurred, the global conversation about the “S” in ESG really began.’” MarketWatch: Can you talk more about your firm’s support for and loans to minority-owned businesses, especially as Black-owned businesses have had a tougher recovery from the pandemic?
I will guarantee her a top seat any day. And I mean that in a totally non-sexual way, for those of you with minds in the gutter.