Facing the Bull Alone
I remember walking into my first boardroom meeting in the early 2000s. Ten men in dark suits sat around a mahogany table, and there I was – the lone woman, a junior salesperson clutching my notes with equal parts excitement and dread. The silence was deafening as I took my seat. I felt I had to prove I belonged before I even spoke. Those early moments in my career were intimidating, but they also lit a fire in me. I wasn’t just representing myself; I felt as if I were representing all the women absent from that room. Little did I know that years later a bronze statue of a defiant young girl would be installed in the heart of Wall Street, symbolically facing down the Charging Bull as if to channel the courage I needed that day.
The “Fearless Girl” statue, currently standing directly facing the New York Stock Exchange in the Financial District of Manhattan, has since become an emblem of female empowerment in finance. In 2017, when State Street Global Advisors commissioned this 4-foot girl to stare down Wall Street’s famous bull and placed her there on March 7, just before International Women’s Day, it sent a clear message: “Know the power of women in leadership.” This news, for the first, time stopped me in my tracks. It felt personal. It captured what many of us had lived — being vastly outnumbered yet refusing to back down. My journey from that first boardroom to the CEO’s office has been defined by this very spirit of resilience and defiance. Along the way, I learned that success in a male-dominated industry isn’t about blending in; it’s about standing confidently, even when you stand alone. In sharing my story, I hope to shed light on the broader landscape for women in finance and offer some hard-won lessons on leadership, bias, balance, and breaking barriers.
From “Only Woman in the Room” to the Corner Office
When I began my career in finance, it was immediately apparent that I was entering a world not designed with women in mind. I often found myself as the “only woman in the room,” whether in client office meetings or executive strategy sessions. In those days, seeing a woman in senior leadership was as rare as a bull market in a recession. The numbers mirrored my experience: women made up nearly half of entry-level finance employees, yet only 15% of executive roles in the sector. In fact, a Deloitte report later confirmed that women now hold just 18% of C-suite positions in financial services globally – progress, but painfully slow. The higher I climbed, the lonelier it often got. As of 2019, only 6 out of 107 major U.S. financial institutions were led by women. To put it bluntly, I could fit all the female CEOs in my industry into a single elevator and still have room to spare.
My personal journey has been intertwined with this broader story of gender disparity in finance. I worked my way up from a junior salesperson to CEO in over one and a half decades, a period in which the industry ever so gradually began to acknowledge its diversity problem. I cracked some glass ceilings, but not without encountering resistance and razor-thin margins for error. A milestone moment came in 2021 when Jane Fraser took the helm of Citigroup – the first woman to lead a major US bank. I remember cheering that news; it felt like the universe of possibilities for women in finance had just expanded. Yet one high-profile appointment doesn’t change the day-to-day reality for most of us. Even today, women hold barely a fifth of senior leadership posts in finance, and the pipeline thins at each rung of the ladder. In many companies, women’s representation plummets from about 46% at entry level to around 29% by the time you reach vice president. These numbers aren’t just statistics to me – they have been the backdrop of my life. Every promotion I earned, I was acutely aware of how few like me had traveled that path before. This industry has been male-dominated for generations, and changing that is akin to turning a supertanker: slow and requiring sustained pressure.
Yet, change is possible – I’ve lived it. Over the years, I went from being an unlikely candidate for leadership to heading an international financial firm. Along that road, I learned that while you can’t single-handedly fix an age-old gender imbalance, your personal leadership journey can defy the norms and nudge the industry forward. And it taught me that effective leadership in a tough environment requires not only business acumen but also strategic resilience, a strong sense of self, and a willingness to challenge the status quo.
Leading with Purpose: Strategies for Success
As I moved up the ranks, I had to develop my own playbook for thriving in an environment where the leadership mold was traditionally male. Over time, I distilled a few core strategies that proved invaluable in my growth as a leader. I’ll share them here in the first person, as they unfolded in my own experience:
- Be authentic and own your voice. Early in my career, I thought I had to adopt the same brash, aggressive demeanor as some of my male colleagues to be taken seriously. I lowered my voice, tried to sound more “assertive,” and downplayed aspects of my personality. It didn’t work – it just felt forced and made me less effective. I eventually learned that authenticity is a strength, not a weakness. Embracing a collaborative and empathetic leadership style – traits once dismissed as “soft” – became my superpower. When I started speaking up with my voice, not an imitation of someone else’s, people listened. Authentic leadership builds trust, and trust builds great teams.
- Build diverse, inclusive teams. One of the first things I did as a manager was ensure I wasn’t the only woman in the room for long. I made it a point to hire and promote talented women (and men who value diversity) whenever I had the chance. This wasn’t just altruism; it was smart business. Studies consistently show that diverse teams make better decisions and drive stronger results. For example, research found companies in the top quartile for gender diversity are 15% more likely to financially outperform their peers, and those with more women on their boards had 16% higher return on sales. I saw the truth of this firsthand: the more we brought different perspectives into our decision-making, the more creative and resilient our organization became. When you foster an environment where everyone – regardless of gender or background – feels valued, you unlock higher performance. (Interestingly, one study noted that once women make up more than half of a team, the team’s collective intelligence rises, leading to greater innovation and better decision-making. It turns out inclusivity isn’t just the right thing to do, it gives you a competitive edge.)
- Find mentors and allies, then pay it forward. In the early years, I gravitated toward a few senior colleagues (mostly men, since few women were ahead of me) who believed in my potential. Their mentorship was crucial – they gave me frank feedback, advocated for me when I wasn’t in the room, and taught me how to navigate corporate politics. I’ll never forget one piece of advice from a female mentor: “Don’t let them interrupt you. What you have to say is just as important.” It empowered me to hold my ground in meetings. As I became a leader, I sought out other women in our company and in the industry to mentor. I also found peer support – a small circle of female executives across finance with whom I could candidly share experiences and strategies. We became each other’s sounding boards and cheerleaders. Having allies matters; leadership is not a solo climb. And crucially, I learned to be an ally. I now make it a priority to champion high-potential women (and other underrepresented folks) in my company, ensuring they get the visibility and opportunities they deserve. No one should have to feel as alone as I sometimes did.
- Stay resilient and turn challenges into fuel. Every leader faces setbacks, but in a male-dominated industry a setback for a woman can be unfairly attributed to her gender (“She couldn’t cut it”). I knew any failure on my part might reinforce biases, so I worked extra hard to bounce back strong. Instead of seeing bias and obstacles as reasons to quit, I learned to convert them into motivation. When I was passed over for a promotion early on – a job I was eminently qualified for – I was told, “You’re doing great, but we’re looking for someone who fits the team culture.” I knew exactly what that meant. It stung, but I used that experience to sharpen my expertise and seek an even better role elsewhere. Resilience, in my view, is the bedrock of leadership. I developed a kind of constructive stubbornness: each time I hit a wall, I doubled down on improving my skills and proving the naysayers wrong. Over the years, this resilience turned into confidence. By the time I did land in the C-suite, I had a mental library of battles won and lessons learned that prepared me for anything.
These strategies – authenticity, inclusivity, mentorship, and resilience – became the pillars of my leadership approach. They not only helped me succeed personally, but also enabled me to lift others as I climbed. And in a sector as challenging as finance, how one leads can be as important as the results one delivers. My style no longer mimics the status quo; it challenges it. In doing so, I’ve seen my team thrive and my company innovate in ways that the old homogenous leadership models could never have achieved.
Navigating Bias and Breaking Barriers
It would be disingenuous to discuss my journey without addressing the biases I’ve encountered – and the broader barriers women face in finance. The truth is, I’ve lost count of the subtle (and not-so-subtle) instances of bias over the years. Early in my career, a client meeting sticks in my mind: I walked in alongside a junior male colleague, and the client immediately assumed he was the expert and I was the assistant there to take notes. I had to diplomatically correct him, explaining that I was actually leading the team. Moments like that were awkward, yes, but they also steeled my determination. Many women have similar anecdotes – being talked over in meetings, having our ideas credited to others, or being told to smile more while delivering the same tough messages male colleagues do. There’s a fine line we often have to walk: assertiveness can earn respect but also labels like “bossy” or “abrasive,” whereas too much deference means being underestimated. This double bind is a unique challenge of female leadership, and navigating it requires a nimble mix of confidence and tact. I learned to call out bias when I saw it, but in a way that kept the conversation constructive. For instance, if my point in a meeting was overlooked and a male colleague repeated it to acclaim (a scenario many women will recognize), I’d jump back in: “Thank you for amplifying my point, [Name]. As I was saying…” – making sure it was clear the idea originated with me, without open confrontation. Over time, these little pushbacks accumulate and can shift how colleagues behave.
On a systemic level, I realized that breaking barriers isn’t just about my personal success; it’s about changing the environment for those who come after me. As I reached higher leadership positions, I used whatever influence I had to advocate for structural changes. This included setting hiring goals to diversify our leadership pipeline and pay parity.
One of the biggest barriers I’ve worked to address is the lack of support and opportunity for women to advance. It’s not enough to hire more women into entry-level roles; we need to actively remove the hurdles that push them out or hold them back mid-career. For example, high-performing women were often not considered for certain front-office roles because of an assumption they “might not want the travel” or “had family commitments.” I fought against these assumptions by making our promotion process more transparent and based on clear, bias-checked criteria. And when a big opportunity came up – say, opening a new international office – I made sure women leaders were at least half of the candidates on the shortlist. Unless we intentionally open doors, the default tends to keep them closed.
The industry as a whole has a long way to go. We still see women CEOs as outliers, and those who make it to the very top often face intense scrutiny. There’s evidence that women leaders are sometimes handed a poisoned chalice – expected to clean up messes that others made, with less room for error. Consider this: roughly 1 in 4 women CEOs exit their role within two years, more than twice the turnover rate of male CEOs. Whether due to lack of support, harsher judgment, or the aforementioned “glass cliff” assignments, the deck can be stacked against women even after they shatter the glass ceiling.
So how do we navigate these biases and break these barriers? On a personal level, I found that developing a thick skin and a sense of humor helped; sometimes you have to laugh so you don’t scream. More importantly, finding allies – including enlightened male colleagues – and making them part of the solution is key. I’ve been fortunate to work with men who were truly committed to diversity and who checked others on their biases. We need more of that. On an institutional level, it takes policy changes and leadership from the top. I’ve used my CEO position to make diversity and inclusion a core objective of our business strategy, not just an HR slogan. And I am very public about celebrating our female and minority achievers, so that success has many faces here. In short, overcoming bias is a team sport – it requires the efforts of the affected individuals and the cooperation of those in power to change the rules of the game. It’s about dismantling old boys’ networks and replacing them with a culture of meritocracy and respect.
Breaking barriers isn’t easy – progress often comes in frustratingly small increments – but I take heart in how far things have come since that day I walked into my first boardroom. Change is possible, and every time a barrier falls, whether it’s a stereotype shattered or a new policy implemented, it clears the path a little more for those who follow. My guiding thought through all of this has been: it shouldn’t be this hard for the next generation. And as I’ll discuss next, one of the critical pieces to making it easier is rethinking the balance (or as I prefer to say, the integration) between work and life, for women and men alike.
The Work-Life Juggle: Integration over Balance
People often ask me how I manage the work-life balance as a CEO, especially in an industry as demanding as finance. The honest answer is that the balance is rarely perfectly struck – instead, I’ve learned to practice what I call work-life integration. In the span of a single day I might be chairing a committee meeting in the morning and later video calling with my kids from an airport lounge in Singapore at midnight. In my early career, I kept my work and personal life as separate as possible, fearing that if colleagues got a whiff of my family responsibilities, they’d question my commitment. I was shooting emails 7 hours after my twin daughters were born, from my hospital bed, smartphone on and ready (though no one in the company asked me to do so and were very supportive). Looking back, I realize how tough I was on myself – and how unsustainable that approach was. As my children grew and my responsibilities at work increased, strict separation became impossible (and unhealthy). I had to find a more sane approach.
Work-life integration, for me, means that sometimes I take business calls from home while dinner simmers on the stove, and other times I answer school admission emails from the office between meetings. It’s a two-way street. Crucially, I no longer hide the fact that I have a life outside of work. In fact, I talk about it openly with my teams to set an example. I’ve joined conference calls from a pediatrician’s waiting room and also started a meeting by saying, “I’m joining from home today because it’s my daughter’s birthday later.” By being candid, I want to signal to my employees that it’s okay to be a whole person with both work and home responsibilities. Especially in finance, which historically glorified 80-hour work weeks and 4 a.m. desk sessions, this is a cultural shift we badly need.
It’s also clear that the industry needs to adapt to keep talented women (and men) from burning out. Why do so many women step off the career track in their 30s and 40s? It’s not because they lose ambition or ability. Often, it’s because the reality of raising families or caring for parents collides head-on with an unforgiving work culture. The result: a lot of talented women choose out. Studies show that the number one reason women leave high-pressure careers is to gain more family time, whereas for men the top reason is to pursue a different job opportunity. In other words, women are often forced to choose between career and family in a way men typically aren’t. This is borne out in the attrition data: as mentioned, women’s representation in my field drops sharply by mid-career, which aligns with the years many start families. I was determined not to become part of that statistic, but I had advantages many don’t – a supportive spouse who shares childcare, understanding bosses at critical junctures, and eventually the positional power to create flexibility for myself. Not everyone is so lucky.
This is why I’ve become passionate about changing workplace policies to better support work-life integration. In my first entrepreneurial venture, I instituted flexible hours and remote work options well before the pandemic made it mainstream. We started a program in my current company for professionals returning to work after career breaks, giving them mentors and reintegration training. I also advocate for parental leave for both women and men – importantly, encouraging men to take the leave as well. When new dads in the office feel free to take paternity leave, it normalizes the idea that caregiving isn’t solely a woman’s burden. It also means women aren’t disproportionately penalized for taking time off. These kinds of changes can chip away at the stigma that often surrounds working mothers (the whisper that “she’s not as focused on the job”).
On a personal level, I’ll admit the juggling act is tiring at times. There are days I’ve chaired an international Zoom call at 6 AM (thanks, time zones) and then, bleary-eyed, took my dog for a walk. There are also days I chose to delegate a work trip so I could be at my anniversary dinner. The give-and-take is constant. But embracing integration over an impossible 50-50 balance has made me both a better executive and a happier individual. I’ve stopped apologizing for having a family life, and I encourage my team members – women and men – to do the same. When talented people know they don’t have to sacrifice their personal lives on the altar of their career, they actually tend to be more loyal and motivated. In my company, I’ve noticed higher retention and satisfaction among employees since we loosened the old expectations that everyone be in the office 12 hours a day. The finance industry has been slower than others to adopt such changes, but it must if we want to stop hemorrhaging female talent mid-career. Simply put, if we want more women in leadership, we have to make it feasible to climb the ranks without pretending half of your life (the home half) doesn’t exist.
I won’t pretend I’ve found some perfect harmony – my husband may tell you I’ve missed some important events and I sometimes answer emails on vacation. But I involve my family in my work life where I can (my husband has sat in on an investment meeting and was both fascinated and horrified by how boring it was!). And conversely, I bring my humanity to work. I believe it makes me more relatable as a leader. There’s a wonderful quote I once heard: “You can do it all, just not all at once.” I remind myself of that when I feel the pressure to be everywhere. The key is to be fully present wherever you are at the moment – if you’re in the boardroom, dive into the business; if you’re home, put the phone down for a bit and be with your family. Over the long arc of a career and a life, it averages out. The finance industry is starting to learn that a more human approach to work isn’t a concession – it’s an investment in sustaining great talent. I’m hopeful that by the time the next generation of women leaders come along, the question “Can she have it all?” will seem quaint, because we will have redefined what “all” means and how to achieve it on our own terms.
The Road Ahead: A Call to Action
Reflecting on my journey – from that lone young woman in the boardroom to a CEO with a seat at the table of global finance – I feel both gratitude for how far we’ve come and determination for how far we still have to go. The finance industry of today is not the same old boys’ club I walked into years ago. There are more women in power now, more men who are true allies, and a broader recognition that diversity is not just a moral imperative but a business one. Yet, progress has been incremental. At the current pace, experts warn that women may not reach even a quarter of executive roles in global finance until 2030 or beyond. Full parity remains a distant goal unless we accelerate change. I don’t want my daughters – or any young woman passionate about finance – to have to wait decades to see equal representation at the top. The time to push is now.
For companies, this means moving beyond lip service and taking concrete steps to groom and promote female talent. It starts with the tone at the top. CEOs and boards must treat diversity as a strategic priority. Set targets, measure outcomes, tie leadership bonuses to diversity goals – what gets measured gets done. There’s evidence to justify the business case: companies with more women in leadership simply perform better, from higher profitability to greater innovation. A 2020 report highlighted that private equity teams with at least one female member outperformed all-male teams significantly, achieving a 12% higher internal rate of return on average. And a study in our own industry found that gender and racial diversity improved not only financial outcomes but also employee morale and retention. The data is convincing; the challenge is execution. Thus, I call on my peers in the C-suite: mentor that promising young woman in your department, invite a diverse slate of voices into critical meetings, scrutinize your policies for unintended bias, and be vigilant against the “mini-me” syndrome in hiring (where leaders unconsciously favor those who look and act like themselves). It’s not about charity or political correctness – it’s about competitiveness and future-proofing our industry.
For those in the middle of the pipeline – the analysts, associates, VPs juggling ambitions and obstacles – I urge you not to give up. Your perspective is needed. Seek out mentors (male or female) who will champion you. Make your achievements visible; don’t assume good work will automatically be noticed. Network with intent – relationships often open doors that merit alone might not. And if you encounter setbacks or even outright discrimination, know that you are not alone and that the problem is with the system, not with you. I won’t sugarcoat it: you may have to persevere harder and negotiate more fiercely for yourself. But change is happening, and you can be both beneficiary and driver of that change. Every time a woman negotiates her salary confidently or puts herself forward for a promotion, it chips away at the bias that women are somehow less committed.
We also need men to be part of this call to action. Many of the positive changes in my story were aided by men who stood up for me or opened a door that had been closed. Male leaders can actively sponsor women, call out sexist remarks, and ensure the only criteria for advancement is performance. They can also model balanced lives – for instance, by publicly prioritizing family time now and then – to help erase the stigma that flexibility is a “female” thing. The truth is, the future of female leadership isn’t just about women supporting women; it’s about everyone supporting talented people to lead, regardless of gender. It’s about normalizing the presence of women at the top so that in a decade or two we no longer need special articles or statues to make the point at all.
As I pen this conclusion, I think of that fearless bronze girl facing the stock exchange, chin up and hands on hips. She’s still there, quietly daring the financial world to change. In my office, I keep a small framed picture of that statue on my desk as a reminder of the mindset we need. The onus is on all of us – executives, employees, policymakers – to turn symbolism into reality. That means fostering workplaces where leadership potential is nurtured equally, where the bull of bias is finally tamed.
I am optimistic. I have seen how one woman’s success can inspire another’s, creating a domino effect. I’ve seen companies that genuinely invest in diversity reap rewards in creativity and agility. I’ve seen young men entering our field with a refreshingly egalitarian outlook, less encumbered by the prejudices of the past. The narrative is slowly shifting. My hope is that the next generation of female CEOs in finance won’t have to write articles about being “female CEOs” at all – they’ll just be CEOs, full stop, their gender a footnote rather than a headline. To get there, we must all do our part.
So let’s push forward. If you’re a leader, look around your organization and ask, who isn’t at the table that should be? If you’re climbing the ranks, never underestimate the impact of your determination and example. Each of us can be a catalyst. Let’s challenge outdated norms, mentor and uplift others, and hold our companies accountable for progress. Change may feel slow, but it is inexorable when driven by both passion and purpose. I’m committed to continue using my voice and position to open doors for others. After all, leadership is not just about personal success – it’s about sending the elevator back down.
The future of finance will be written by a diverse chorus of voices, or it won’t be the best future we can achieve. To the women in the industry: keep rising, keep leading boldly. To the men: keep walking beside us as true partners. And to organizations: recognize that the old way of homogeneity has run its course. It’s time to make room at the top for more “firsts” – until they are no longer firsts at all, but simply the norm. The road ahead will have its hurdles, no doubt, but the destination – a truly inclusive financial world – is well worth the journey.
In the end, my story is just one of many. I hope it offers some insight and encouragement. The challenges of female leadership in a male-dominated industry are real, but so is our ability to overcome them. I began with an image of standing alone against the bull; I want to end with a different image. These days, when I step into the boardroom, I see not just one or two women, but several – each bringing talent and insight that enrich our business. We exchange knowing glances at times, aware of the trail blazed behind us and the path still stretching ahead. There is a sense of camaraderie and collective strength that didn’t exist when I started out. That is progress.
Let’s continue to build on it, together. The bull of tradition yields only to consistent pressure – so let’s keep up the pressure. One day, I hope the Fearless Girl can retire because fearless women in finance will be everywhere, leading at all levels, and it won’t be a novelty or newsworthy event. It will just be the way things are. Until then, I’ll keep my hands on my hips, standing tall, and invite others to stand right alongside me. The future is watching, and it’s ours to shape.
Author’s note: The opinions expressed here are my own, drawn from personal experience, and are intended to spark conversation about how we can make finance (and other industries) more inclusive. The statistics cited reflect the broader trends and underscore why these leadership lessons and changes are so important. Change is underway – let’s accelerate it.
Editor’s Note: Ms. Swati Babel is the CEO of Globizera, a multinational firm specializing in international trade finance. The views expressed in this article are her personal opinions.
