Researchers studied misconduct data for all 1.2 million financial advisers registered in the U.S. from 2005 to 2015 and found that, following an incidence of wrongdoing, female advisers are 20% more likely to lose their jobs and 30% less likely to land new jobs compared to male advisers. Women face harsher punishment despite engaging in less costly misconduct and despite a lower propensity towards repeat offenses. Mark Egan, assistant professor of finance at the University of Minnesota, explains the double standard to Penny Crosman, editor-at-large at American Banker, and Bonnie McGeer, executive editor of American Banker Magazine.
