The finance industry isn't just dominated by men. It's run by frat brothers who use a "fraternity pipeline" to push their brothers forward over other job candidates, Bloomberg reports. In an investigation, it reveals how bankers help out their buddies, including one case in which an Alpha Delta alumnus at Wells Fargo promised in a recruiting email that his Dartmouth brothers' resumes would be sent to the top of the pile. In another case, a Sigma Chi chapter president says he made a connection at a recruiting event ... using his frat's secret handshake.
"We exchanged a grip, and he said, 'Every Sigma Chi gets a business card,'" he recalled. "We're trying to create Sigma Chi on Wall Street." If you're hoping to get your foot in the investment-banking door—a task that can be three times tougher than getting in to Princeton—a frat clearly has its perks, says the Bloomberg piece. When the ex-head of a Sigma Alpha Epsilon chapter applied for a Bank of Montreal internship, he got an email back with his frat's secret motto—and was chosen. Other cases reveal recruiters gave out interview questions and answers to brothers hoping for a job. Overall, it helps explain "one reason men continue to dominate on Wall Street, where no woman has run a big bank," write Max Abelson and Zeke Faux. Click for the full piece. (More Wall Street stories.)
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