"Black Women On Wall Street" is Best Practices Forum for Women Leaders of Color.

Business Editors

Research and Role Models Outline Road Map for Success

"Black Women on Wall Street," the first forum of its kind for women leaders of color, brought together top executives from a cross section of financial services, consulting and academic arenas to offer candid assessments of the specific challenges facing African American women professionals in the financial services arena, as well as proven strategies for their success.

Sponsored by Merrill Lynch, the Executive Leadership Council, Essence and Working Mother, the event provided over 200 executives with a robust array of research, expertise and advice to help achievers build and manage stellar careers in the corporate world.

"The success of our businesses depends on the success of the individuals who work with us," said Dr. Westina Matthews Shatteen, First Vice President at Merrill Lynch and organizer of the event. "We simply cannot meet our corporate goals without the best and the brightest wherever they come from."

"This is an historic moment - to have in one room this collection of successful African American women who have made true advancements in the financial services arena," said Dr. Ella L.J. Edmondson Bell, associate professor of Business Administration at the Tuck School at Dartmouth College, and co-author of Our Separate Ways: Black and White Women and the Struggle for Professional Identity.

Dr. Katherine Giscombe, Senior Director of Research at Catalyst, set the stage by outlining the difficulties facing women of color in the corporate workplace. According to results of a study conducted by Catalyst of over 1,700 women of color professionals and managers (Women of Color in Corporate Management: Opportunities and Barriers), the greatest barrier for respondents was the lack of a mentor or sponsor (47%), followed by a lack of networking opportunities (40%) and role models (29%).

Dealing with "Double Outsider Status"

Another factor complicating these women's advancement was the experience of having "double outsider status" of both gender and race discrimination. The heightened visibility of being a woman of color throws the spotlight on her successes but leaves very little room for failure, the research found. This serves to discourage managers from taking the risk of assigning women of color to new positions where they might be under scrutiny, Dr. Giscombe observed.

Providing successful strategies for encountering these barriers were panelists such as Marsha Jones, Director of Merrill Lynch's flagship retail office located in the World Financial Center in New York. "Consider developing a mentor by identifying your common interests - the age of your children or your shared goals and strategies," she counseled. "It is also possible to learn much from observing: how does a successful person - man or woman - handle questions in meetings, relate to their families, or conduct their social and work lives?"

Dr. Bell urged the audience to be pro-active in assessing the organization and culture. "You need to understand your environment, how it's changing, how you fit into it, and how to build relationships. It's important to distinguish yourself and project the image of who you are - your talent, skills and strength - to your colleagues."

A panel of outstanding achievers, moderated by Joyce Roche, President and CEO, Girls, Inc., provided candid perspectives on surviving and succeeding in business:

-- Amy Ellis-Simon, Director, Convertible Sales at Merrill Lynch

-- Kim Green, Senior Vice President, Aon Risk Services, Inc.

-- Marsha Jones, Director, World Financial Center Office, Merrill Lynch

-- Dail St. Claire, Managing Director, Williams Capital Management

-- Donna Wilson, Senior Vice President, Northeast Region, Washington Mutual

The Business Case for Retaining Women of Color

Corporations must leverage the tremendous talent offered by such professionals, according to speakers at the forum. Dr. Giscombe pointed out a vital link between inclusion and retention of talented women of color. The Catalyst survey showed that 64% of respondents strongly intended to stay at companies that demonstrated commitment by hiring a diverse workforce. Fifty-one percent strongly intended to stay when the firm fostered respect for her background; and 49% said they would stay when the firm created a supportive environment for women.

"Diversity isn't important just because it's good human relations. It's important because it's good business. Diversity is a competitive advantage," said Dr. Matthews.

She pointed out that statistics show there is a long way to go for corporations in this regard. While African Americans make up only 6.3% of the workforce, the percentage of professionals with "line titles" such as Branch Office Manager, Managing Director, Broker, and Investment Banker, dropped to less than 2%, according to a 2001 survey completed by the Securities Industry Association.

Yet African Americans are a growing investing audience, with the number of higher income African Americans investing in the stock market up sharply in the last five years, she added.

The Need for Work Life Balance

Balancing work life issues successfully is critical to both professional and personal satisfaction, panelists said. Several pointed to their need to maintain strong spiritual and family lives while staying focused on excellence in the workplace.

Amy Ellis-Simon, of Merrill Lynch's convertible bond trading desk, said that she "built relationship capital and performance capital" prior to taking her maternity leave.

Merrill Lynch is one of the world's leading financial management and advisory companies with offices in 38 countries and total client assets of more than $1.4 trillion. As an investment bank, it is the top global underwriter of debt and equity securities and a leading strategic advisor to corporations, governments, institutions, and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. For more information on Merrill Lynch, please visit www.ml.com.