Bank Merger to Adversely and Disproportionately Affect Women Workers
The board of directors of Chase Manhattan Bank and Chemical Banking announced today that they have voted on a $10 billion stock swap to merge the two banks in an effort to save $1.5 billion annually. The banks said that the new bank, which will maintain the Chase name, expects double-digit per-share earnings and a return of equity of at least 18 percent. This merger, still pending shareholder and regulatory approval, will make Chase the largest bank in the United States, unseating Citicorp.
The merger, however, will result in the loss of approximately 12,000 jobs. Women, who comprise two-thirds of the banking workforce, stand to suffer a diproportionate share of these layoffs. Although heralded as creating the number one bank, this merger actually represents a setback for women who are in or entering the workforce. This setback, coming at a time when some claim that women no longer need affirmative action, is a system of the difficult times women face in the workforce. Downsizing in the white-collar professional, clerical, and communications workforces threatens womenís jobs in the latter half of the 1990ís, much as blue-collar jobs losses in the 1970ís and 1980ís threatened men's jobs.
11/25/2014 Marissa Alexander Has Accepted a Plea Deal - Marissa Alexander, the woman imprisoned for firing a warning shot in the presence of her abusive husband, chose to accept a plea deal Monday with the state of Florida, pleading guilty to three felony counts of aggravated assault.
As part of the plea deal, Alexander received three years imprisonment, but she will be credited for the time she's spent behind bars. . . .
11/24/2014 The City of Louisville Has Overwhelmingly Approved a CEDAW Resolution - The city of Louisville, Kentucky approved a resolution that will use the UN Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW) as a framework for all future policy aimed at ending gender-based discrimination.
Councilwoman Tina Ward-Pugh introduced the resolution, which passed overwhelmingly on November 6. . . .