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  1. Blog
  2. News
  3. March 9, 2020

Women in the News + A Second Financial Powerhouse Reveals its Gender Pay Gap Data

March 9: Badass women and the news that affects them

Women in the News + A Second Financial Powerhouse Reveals its Gender Pay Gap Data

Illustration courtesy ofsaenal78

Company Culture

  • For the first time, Mastercard (3.6 stars) has disclosed its gender pay gap data, reporting that its women employees globally make 7.8 percent less than its male employees. In terms of racial pay gaps, Mastercard reported global racial pay disparities to be about 8 percent less for nonwhite employees. Mastercard is only the second major U.S. financial institution to release such data—Citigroup, owner of Citibank (3.4 stars) , became the first in January 2019. Bloomberg

  • Goldman Sachs (3.5 stars) has announced the creation of its new Black and Latinx Cohort within the larger Launch with GS initiative. In an effort to remedy the fact that Black and Latinx founders collectively receive less than 1 percent of venture funding, the company will offer a select group of startup founders and CEOs a chance to join the program. Afrotech

  • Old Navy (3.2 stars) chief executive Sonia Syngal will become the new CEO of Old Navy parent company Gap Inc. (3.2 stars) on March 23. When she does, Syngal will be the 37th woman CEO in the Fortune 500. Fortune

Quick Hits

  • For 72 years, TIME magazine selected a Man of the Year, eventually renaming the honor Person of the Year to be inclusive of women. Only 11 women have been named Person of the Year since then. However, in recognition of Women’s History Month and as part of TIME’s 100 Women of the Year project, the magazine has created 89 new Person of the Year covers. The project’s alternative historical covers see Virginia Woolf grace the 1929 cover, Marsha P. Johnson the 1969 cover, and Angela Davis the 1971 cover, to name a few. Check out the full interactive list to learn about more overlooked women and their accomplishments. TIME

  • The results of California’s 2018 quota law that required companies to appoint at least one woman to their boards by the end of last year are in, and they are...kind of inconclusive. According to the state of California, 43 companies reported they did not hit the quota and do not have any women on their boards. Additionally, 300 companies failed to disclose their status. The law originally carried a $100,000 for the first instance of non-compliance, but because the state is currently being sued over the law, it does not have the ability to fine companies over it. Bloomberg

  • According to a new UN report , a staggering 90 percent of all people, including women, are prejudiced against women. The report measured seven indicators of gender bias by asking respondents whether men make better political leaders; women and men have the same rights; university is more important for men than women; men should have more rights to a job than women; men make better business executives; physical violence by a partner is ever justified; and whether women should be granted full reproductive rights. The report concluded that only about 14 percent of women and 10 percent of men carry no prejudice against women, and most frighteningly, that gender bias in both men and women may have slightly grown since the 2000s. Quartz

  • A few more numbers for you—according to Oxfam, the average American woman spends about four hours a day doing unpaid work, such as cooking, cleaning, or caretaking, compared to men’s two and a half hours. If she was paid even just minimum wage for this labor, together American women would have earned $1.5 trillion for this work. Globally, if women were paid for their unpaid labor, they’d have earned $10.9 trillion. NY Times

Around the World

  • Mexico: Thousands of women took to the streets of Mexico City on International Women’s Day to start a two-day protest and national strike against gender-based violence. A string of high-profile gruesome killings lent Sunday’s protest particular gravity, and many corporations, state governments, and other employers pledged to not penalize women who continued to march on Monday. The Washington Post

  • Ireland: Yvonne Farrell and Shelley McNamara have become the fourth and fifth women to win the prestigious international Pritzker Architecture Prize in its 41-year history. Farrell and McNamara are cofounders of the Dublin-based firm Grafton Architects and are known in the field for their striking, concrete forward designs across Europe. Fast Company

  • Japan: In response to a question, Prime Minister Shinzo Abe spoke out in support of the #KuToo social movement that opposes impractical dress codes for women at work. Abe agreed that women should not be forced to wear high heels at work, but he said the matter bears more discussion with involved parties. Bloomberg

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