Subtitles section Play video Print subtitles When the #MeToo movement first took off and we were getting women coming forward and telling their stories of harassment, assault or discrimination in their workplace. We're like this is only a matter of time before we get some really good stories coming out of the financial industry because we know that it exists. Wall Street just like lots of areas has some serious and pretty deep problems. But a big cultural moment has not happened. Now to the #MeToo movement growing this morning in the wake of the Harvey Weinstein scandal. High powered men across entertainment, media, technology and politics have been brought down by women who feel empowered to tell their stories. But on Wall Street a system of silence has protected the status quo. The primary difference for women on Wall Street versus other industries is money. And money is power and Wall Street has the most money and most power of any industry. You know story by story we get this peek into this machine, different arms of the machine. Those arms explain why there was no revolution in finance this year. Instead there were rare moments of revelation that pierced the silence. Keeping people quiet doesn't make it better for the business. You don't hire the best people if you exclude people who are brave. This is the story of the forces that have kept the #MeToo reckoning from hitting Wall Street. At least so far. Women didn't want to come forward with their stories. They didn't want to go on the record. The women I talked to didn't even want to name the people who had assaulted them or hurt their careers in a particular way. And we kind of had to take a step back and say why is that happening. And evaluate what is the culture in Wall Street or the system in Wall Street that's keeping women from doing that? There is a machine of silence that we've learned about that has to do with arbitration and human resources and public relations and a culture of fear and a culture of money. And all those things together combine to create kind of a wall between allegations and transparency. First of all you have this very male dominated industry. About 26% of senior executives on Wall Street are women and when you get to the CEO level it's abysmally low. Women only make up 8% of CEOs at major financial institutions. And in the history of Wall Street, no woman has ever led any of the six largest U.S. banks. I remember Wall Street women saying to me, what do you think Wall Street values? They value relationships and they value secrecy and they value loyalty and if I dare to go against those things, I will be exiled. And if someone does decide to complain it isn't done in public. But rather hidden behind a widespread system of arbitration. Arbitration needs to be relabeled. It needs to be called forced silence. Arbitration is a private system that takes fights behind closed doors away from a judge and jury. It was originally used to solve industry disputes but Wall Street has helped it spread to all kinds of fights including harassment. Civil Rights issues should be dealt with in court. Civil Rights issues should be transparent. That's Lee Stowell, a Wall Street veteran whose suing Cantor Fitzgerald for harassment, discrimination and retaliation. But that's just a part of her fight. She's also battling to stay away from arbitration. I want to go to court because I want it to be transparent. It's not a female thing. It's not a male thing, it's a human thing. What's so wild for us as reporters following Lee Stowell's story is that she had not one but apparently two arbitration agreements Cantor says. So basically she said, I'm not supposed to be thrown out of court, I'm supposed to stay in this venue and the court agreed with her. Cantor denies her allegations and is appealing the decision to let her stay in court. But these days judges all the way up to the Supreme Court have been siding with arbitration. From Wall Street's perspective that system is quicker, cheaper, quieter and just as fair as going to court. Women like Lee see it differently. For those of us who are not corporations, we want to be able to show the evidence and we want to be able to change behavior. Women are not learning about each other. They're being isolated from each other. So they can't really come together and bring something bigger against a bank or an institution and say, you have a major problem here because it's all in the hush-hush system that nobody knows about. While Lee was fighting against arbitration, women thousands of miles away were struggling to have their stories heard inside Lloyd's of London. Lloyd's is a 331-year-old exchange for the worldwide insurance market that's steeped in tradition. So this is the large loss book, where we show a book for the current day and a corresponding book from 100 years ago. Much of the work there is still done face-to-face by mostly middle-aged white men on paper and sealed with rubber stamps. But reporting from Bloomberg uncovered that Lloyd's also has a deep seated tradition of sexual harassment. We spoke to women who had been attacked by their bosses in pubs and taxis. And we'd spoken to other women who were deluged with text, graphic text, graphic emails from their employers basically soliciting for sex. What's so sinister about these stories isn't just the picture they paint of rich men behaving badly but the way HR protected them. At least in my experience for the Wall Street firms. Most of the time say that they simply can't go to HR. It's just not an option. Because if they do, HR is then going to report them to either the exact male that they just complained about or somebody else in a position to make things difficult. But of the ones who did go to HR, they reported being discouraged from pursuing their complaints further. They were warned about the possibility of being marked out as difficult women. So they kept quiet. Lloyd's first female CEO, Inga Beale, tried to change that. But she was met with hostility, including a death threat. And was eventually replaced by John Neal in 2018. Bloomberg's reporting hit a few months later. Two executives at the company have now resigned following allegations of sexual harassment. Sometimes when we're reporting our stories like this companies just deny what we find and say, look everything is fine. In the case of Lloyd's, Gavin's reporting was so powerful that the CEO of this insurance market came out afterwards and said, yeah, this is pretty much unacceptable and we will change. This is not the Lloyd's that I want to be part of and not the Lloyd's that many of my colleagues feel they want to be part of either. Lloyd's unveiled a whistleblower hotline, banned alcohol and announced a lifetime ban for sexual harassers. Whether there is any long-term impact from these measures it's too early, I think to tell. And while the Lloyd's story showed how women's stories can help bring an antiquated institution into the 21st Century, a conference in California showed what happens when the industry's bystanders break their silence. Everyone it's Alex Chalekian, just got back from the Tiburone CEO Summit dinner.