A Seat at the Table: Conversations on Women and Culture in Investment Banking

I recently attended a women’s networking event with our Partner covering funds management, Susie Moore, and our Office Manager, Claire O'Brien. It was a largely female-dominated event with a few men in attendance. As someone who had never attended a networking event, let alone any corporate event, I was nervous, but the organiser broke the ice with a quick joke; that the men in the room probably felt how the women did when they stepped into the workplace – outnumbered! It was light-hearted but echoed a real dynamic in this industry.

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This dynamic is one I hear flow through our conversations with both candidates and clients. We see it in who speaks with ease and who holds back, in whose questions are welcomed and whose confidence feels conditional. It's rarely overt but it quietly speaks volumes. This quiet tension stayed with me. Over the past month, I spoke with women across front office investment banking and private equity, both past and present, to understand their stories first-hand. I wanted to hear what shaped their experience: what made them stay, what made them leave and what still needs to change. 

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Reflecting on my conversations, that same undercurrent came through.  I heard accounts of all female teams creating pitch decks because the “men didn’t want to” and apologising to women because they swore in their presence. From unspoken expectations to carry pitch decks to meetings, to team emails being addressed as “hey gents”, subtle signals continue to remind women that they are guests in a culture not quite built with them in mind.

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That is not to disparage the leaps and bounds the sector has made as women have taken on a more active role in front office investment banking. Graduate intake is roughly split 50/50, with many firms making a conscious effort to improve representation and broaden access. Advisory platforms in Australia are gradually adopting women-in-banking programs and launching female-focused initiatives, with each conversation indicating (at least) deliberate thinking around female attrition. In one case, a Managing Director asked what they could have done differently to make her stay; a small moment, but one that reflected a growing awareness. The women I spoke with shared a sincere appreciation for their time in front office banking, valuing the skills, teams, and exposure as indispensable. Despite positive sentiment, mid-level disparity persists, with roughly a 30% drop in the female cohort by Associate level and a 75% drop by Vice President.  

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Most women weren’t surprised by what they encountered in investment banking. Not only were they aware of the banking reputation, but they had often encountered limiting messages long before entering the industry. One woman recalled being told by her high school economics teacher, “Why are you taking economics? You should be baking cupcakes.”. I kid you not.

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When asked about their motivations for leaving, the obvious had most fingers pointing in its direction – an overbearing emphasis on facetime and hours, and the feasibility of family and banking coinciding. These pressures aren’t exclusive to women, but they often weigh differently, especially when looking ahead to progression. Considering these, many have since continued onto buy-side where the work, by their words, is more enticing and with better control over their hours. The women I spoke to, who continue to work in banking, unveiled a quieter but more enduring reason for staying. What kept them (usually for longer than expected) wasn’t a tolerance for hours, it was access to supportive teams and genuine sponsorship. 

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While details varied, what united these conversations (and hence this thought piece) was shared culture dynamics when a senior backed them early. It wasn't necessarily a formal program or directive, but consistent everyday actions, whether that be checking in, offering context or backing them in visible ways. In an environment where expectations are high, it becomes less about encouragement and more about creating an environment where women feel included and can ask questions freely.

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What these “concepts” looked like came through the stories that these women shared. From burnout, to staying two years longer than expected, one woman shared that continual discussions with a senior around herself and workload extended her banking career. Another woman in private equity shared that the senior who backed her and regularly involved her in meetings helped shift how seriously external advisors and colleagues engaged with her. Noted significantly was that sponsorship from their senior’s had changed their experience in banking, not by making the work easier, but by making their contribution visible and creating a space to develop their confidence.

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Yet these experiences may come few and far between, often dependent on individual goodwill or the luck of the draw. Each of the women that had overtly positive experiences described themselves as "lucky” and that they have friends within the sector that experienced quite the opposite. They weren't necessarily in better roles; they just had better sponsorship and team support. Across conversations, this inconsistency was seen as an industry-wide issue.

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This isn't to suggest that women need handholding. The banking industry pushes autonomy. What's suggested is someone taking an active role in their career, being given room to contribute meaningfully and creating an environment where women have space without sacrificing everything else. A woman mentioned she'd consider returning to bulge bracket banking after previously leaving (she enjoyed the work), but only under the female leader she trusted, one who had publicly championed her.

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This sponsorship didn’t solely come from senior females – though seeing someone succeed in a way that feels familiar can make the future feel more tangible. Still, one woman shared that while there were senior women at her firm, she didn’t want what they had: long hours, limited time with family, and a version of success that didn’t feel sustainable. These moments weren’t about structured initiatives but about creating a different kind of environment, one where women didn’t feel like exceptions but a part of the team. It showed in who was invited into the room, whose work was recognised, and who was offered a clear path forward, rather than being left adrift in a system still designed for those who already know how to navigate it.

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The women I spoke to have the drive to do well and succeed, and are becoming the women they once looked for in the workplace. They’re leading teams, shaping culture, and paying attention in ways that matter. They're supporting juniors early and speaking up. Not too far from now, they’ll be the reason someone else stays. As a female who is just beginning their career, I feel inspired by these women and their sponsors. There is still progress to be made but what’s changed already will give the next cohort of women more room to stay, and more reason to do so.

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