Ms. magazine  -- more than a magazine a movement

SIGN UP FOR MS. DIGEST, JOBS, NEWS AND ALERTS

FEMINIST WIRE NEWSBRIEFS

ABOUT
SEE CURRENT ISSUE
SHOP MS. STORE
MS. IN THE CLASSROOM
FEMINIST DAILY WIRE
FEMINIST RESOURCES
PRESS
JOBS AT MS.
READ BACK ISSUES
CONTACT
RSS (XML)
 
feminist wire | daily newsbriefs

August-28-95

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 women’s jobs in the latter half of the 1990’s, much as blue-collar jobs losses in the 1970’s and 1980’s threatened men's jobs.



Media Resources: Commentary by Eleanor Smeal


© Feminist Majority Foundation, publisher of Ms. magazine

If you liked this story, consider making a tax-deductible donation to support Ms. magazine.

 

 

Send to a Friend
Their
Your
Comments
(optional)


More Feminist News

9/30/2014 US Supreme Court Shuts Down First Week of Early Voting in Ohio - Less than 24 hours before the start of Ohio's would-be voting period, the Supreme Court blocked efforts to restore a full seven days of early voting in the state, marking a win for the Republican-controlled legislature that enacted the new voting restrictions. The Supreme Court's order offered no opinion or explanation, but Justices Ruth Bader Ginsburg, Sonia Sotomayor, Elena Kagan, and Stephen Breyer would have ruled differently. . . .
 
9/30/2014 Georgetown Alumni Call Out University for Not Allowing Reproductive Rights Protests - Over 200 Georgetown University alumni have sent a letter to university President John J. . . .
 
9/29/2014 Hope for Afghan Women as New President is Sworn In - Ashraf Ghani, who has publicly and consistently stated his support for women's rights and women's participation in government, was sworn in as the new President of Afghanistan today at the Presidential Palace in Kabul. Over 1000 national and international guests attended the ceremony, including high-ranking officials from the United Nations and 34 countries and a delegation from the United States. . . .