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 womenís jobs in the latter half of the 1990ís, much as blue-collar jobs losses in the 1970ís and 1980ís 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

10/31/2014 Federal Judge Exempts Another Catholic University from Birth Control Coverage - A federal judge ruled Tuesday that Ave Maria University, a Catholic university in Florida, does not have to comply with federal rules meant to ensure that covered employees can exercise their right to obtain birth control at no cost. The Affordable Care Act requires all new health insurance plans to cover all FDA-approved contraceptives - such as the pill, emergency contraceptives, and IUDs - without charging co-pays, deductibles or co-insurance. . . .
 
10/31/2014 Women of Color in Tennessee Are United in Opposition to Amendment 1 - Just days before the general election in Tennessee, a coalition of community leaders, clergy, and advocates led a press conference encouraging women of color to vote no on Amendment 1, a dangerous and far-reaching measure on the state's ballot. SisterReach, a grassroots organization focused on "empowering, organizing, and mobilizing women and girls in the community around their reproductive and sexual health to make informed decisions about themselves," organized the press conference "to call attention to the unique concerns Black and poor communities throughout Shelby County and across the state of Tennessee face on a daily basis" and to emphasize how the upcoming election "could further limit [black women's] reproductive, economic, political, and social autonomy." "We assemble today to impress upon black women and women of color, many of whom are heads of households, to get out and vote," said SisterReacher Founder and CEO Cherisse Scott at the event. SisterReach has been educating voters about the particularly dangerous impact of Amendment 1 on women of color. . . .
 
10/30/2014 Medication Abortion Access Threatened by Oklahoma Court Ruling - An Oklahoma state district court judge has refused to block a state law restricting medication abortion, clearing the way for the law to go into affect on November 1. The Oklahoma Coalition for Reproductive Justice, together with a local abortion clinic in Tulsa, challenged HB 2684 in September, arguing that the law was an unconstitutional restriction on non-surgical abortion in the earliest weeks of pregnancy. . . .