Goldwomen: Women comprise 23% (19 out of 84) of Goldman Sachs’ latest class of partners. Goldman says that is the highest proportion and greatest number of female partners of any class ever. Among those selected were: Kathryn Koch, global head of client portfolio management for Goldman Sachs Asset Management’s equities business, and Kim Posnett, global co-head of internet investment banking. Goldman would not disclose how many partners it has overall or how many of them are women. But it is a privileged club: a Goldman partnership, considered one of Wall Street’s highest honors, typically comes with a $950,000 salary, a cut of a special bonus pool and the opportunity to invest in private funds. The selection process hasn't changed much in the past few decades, according to Edith Cooper, global chief of human capital management. The evaluation is based on how individuals are performing and what their potential for leadership is. Cooper, a newcomer to our Most Powerful Women in Finance list, is vice chair of the partnership committee, which selects the partners from among Goldman’s managing directors.
Confidence Matters: For Thasunda Duckett, the new chief executive of JPMorgan Chase’s Consumer Bank, there is no typical day. The few constants are that she aims to see her four kids in the morning before the workday begins, tries to talk to employees at all levels of the business and spends a lot of time mentoring others. “I think it's beautiful to be me, to be a woman, to be black, to be born in New York and raised in Texas, because that is who I am,” she says. “I tell women or other minorities to be confident in who you are and know that you do belong … don’t own someone else's bias and negativity. Don't subscribe to that. That's not who you are.” Duckett, a repeat honoree on our Women to Watch list, held several top mortgage-lending jobs at JPMorgan Chase before she was named CEO of its auto finance arm in early 2013 and of the consumer banking unit this September.
One of the 50: Fortune named Synchrony Financial CEO Margaret Keane a 2016 Businessperson of the Year. There are six female CEOs in the 50-person ranking, which is based on company data, such as 12- and 36-month increases in profit, revenue, and stock price. Keane is also on our Most Powerful Women in Finance list, where she has appeared consistently since 2007.
Economic Booster: How can a country work toward ensuring equal pay for men and women? Christine Lagarde has some suggestions. The International Monetary Fund managing director says developed countries, for example, can attack the problem by easing the tax burden on families’ second income earners, typically women, and single-parent households, also usually women in the low tax brackets.
Yellen’s Next Steps: Donald Trump isn’t planning to urge Janet Yellen to resign as chair of the Federal Reserve before her current term expires in February 2018, according to one of his economic advisers. However, he might not nominate Yellen for a second term as chair. Yellen’s term as a member of the Board of Governors expires in January 2024. She could stay on as a governor until then, regardless of whether she remains chair, but the tendency in the past has been for governors to leave when their term as chair ends.
Beyond Banking
Senate Women: The number of women of color in the U.S. Senate quadrupled Tuesday. Three Democrats — Kamala Harris, California’s attorney general; Catherine Cortez Masto, of Nevada, and Tammy Duckworth, of Illinois — are the new additions. Previously, Mazie Hirono, a Japanese American who represents Hawaii, had been the only nonwhite female Senator. Hirono is also a Democrat.
Great Divide: Whether you believe Hillary Clinton lost the race “because she’s a woman,” one thing is certain from Tuesday: the U.S. gender divide has been underestimated. “This was an election that showed how much we still talk past one another when we talk about gender. It made plain profound gaps in how men and women perceive one another’s lives and prerogatives,” writes Susan Chira at the New York Times. “The campaign became a battle of two caricatures: male chauvinist pig against scheming, dishonest woman. It exposed parallel universes. In one, women flooded social media with their memories of sexual assault after Mr. Trump was caught on tape boasting about forcing himself on women. In another, men dismissed the tape as locker room talk or were surprised at how many women told them such harassment was commonplace.”
Don’t Be Sorry: Given the discussion about how women apologize too frequently, it’s notable that about 20 seconds into Clinton’s concession speech Wednesday, she said, “I’m sorry we did not win this election.” It’s rare for a presidential candidate to use that word in a concession speech. Other losing candidates — including Romney in 2012, McCain in 2008, Gore in 2000 and Dole in 1996 — began their speeches expressing disappointment at the outcome, but none have explicitly apologized for losing. Read Clinton’s full speech here.
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