“I can’t believe we’re not further along,” was the overall sentiment that kicked-off our Women in Capital Markets panel discussion on September 13. Camilla Sutton, Founder and CEO of Women in Capital Markets (WCM), began the event with a startling statistic: in the early 1990s, 10% of Managing Directors in Capital Markets were women, just over 20 years later in 2016, it’s 12%. That’s a mere 2% increase.

Why has there not been more progress promoting gender diversity, particularly at the managerial level, in capital markets?

To explore this question, in collaboration with WCM, GATE brought together: Amber Choudhry, Managing Director, Debt Capital Markets at CIBC Capital Markets; Deland Kamanga, Head of Global Fixed Income Currencies and Commodities (FICC) within BMO Capital Markets; Loretta Marcoccia, SVP & Chief Administrative Officer, Global Capital Markets, Scotiabank; and Camilla Sutton, President and CEO of Women in Capital Markets in a panel discussion moderated by Sarah Kaplan, Director of the Institute for Gender and the Economy (GATE).

From discussing the gender wage gap to risk-aversion in management and toxic organizational culture, this panel shed light not only a few reasons why the number of women haven’t increased in capital markets since the early ‘90s, but also contrasted diversity initiatives that haven’t produced significant results with some new initiatives that show more promise.