Muriel Siebert was an American businesswoman and Wall Street broker. Regarded as the "first woman of finance," Siebert was the first woman to buy a seat and become a member of the New York Stock Exchange.

Siebert, the founder of the first woman-owned brokerage firm, Muriel Siebert & Company, passed away from cancer on August 24, 2013. In her honor, the New York Stock Exchange named a room after her, Siebert Hall, marking the first occasion a room at the exchange was dedicated to an individual.

Early Life and Education

Muriel Siebert was born on Sept. 12, 1928, in Cleveland, Ohio. She briefly attended Western Reserve University without completing a degree. Determined to begin her career on Wall Street, Siebert attained her first position with Bache & Company in 1954. She held positions with three brokerage firms in New York City.

During her first journey from Ohio to New York in the early 1950s, Siebert visited the New York Stock Exchange. She detailed in her memoirs how the trading floor was crowded with men in dark suits, and told her friends that she intended to come back someday to ask for a job.

Seat on the NYSE

In the mid-1960s, after changing firms multiple times, Siebert was prepared to buy her own seat on the New York Stock Exchange (NYSE) to trade shares directly on the floor. Although there was no rule explicitly preventing a woman from doing this, she required sponsorship, and it took nine attempts before finding a male colleague who agreed to support her.

On Dec. 28, 1967, Siebert became the first woman to 澳洲幸运5官方开奖结果体彩网:buy a seat and become a member of the NYSE. She was the only woman among 1,365 men for the following decade.

In 1987, Siebert successfully campaigned for the creation of a women's bathroom on the New York Stock Exchange's seventh floor, near her preferred luncheon club. She did this by threatening the chairman of the exchange that she would have a portable restroom brought in if one wasn’t installed by the end of the year. A women's restroom was installed, saving women the inconvenience of having to go downstairs.

Muriel Siebert & Company

In 1969, Muriel Siebert founded Muriel Siebert & Company. She was the first woman to own and run a brokerage firm that was a member of the NYSE. However, Siebert’s career was marked by the changing status of women in the workplace during the 1960s and 1970s. Outright or subtle discrimination was evident and women faced limited access to important deal-making at New York City's all-male lunch clubs. Siebert highlighted social clubs as key for women in business to network and gain equal footing with men.

For example, Siebert was once denied access to the elevator at the Union League Club while attending a board luncheon meeting. She recounted having to navigate through the kitchen and climb the back stairs due to being barred from the elevator. Siebert's Jewish heritage also highlighted her exclusion, during years in which anti-Semitism was commonplace in the corporate world.

Muriel Siebert & Company continues to operate and is headquartered in New York City, with 12 branch offices nationwide. The company is a subsidiary of Siebert Financial Corp., a 澳洲幸运5官方开奖结果体彩网:holding company which also manages investment advisory and insurance services. It reported quarterly revenue of $18.1 million in Q3 2023.

Superintendent of Banking

In 1977, Governor Hugh L. Carey appointed Muriel Siebert as New York's first female superintendent of banking, recognizing her dedication and hard work. During her tenure, no New York banks closed, and she led the Municipal Credit Union, Urban Development Corporation, and Job Development Authority.

After serving, Siebert resumed her role on the stock exchange and later sought to continue her involvement in government by running for the U.S. Senate as a Republican in 1982, where she finished second in a three-candidate race.

Philanthropy

Muriel Siebert was a women's rights advocate and philanthropist, aiding women and minorities through advocacy within the financial services industry. She believed that the underutilization of women in business, government, and other leadership roles put America at a disadvantage on the world stage.

In 1990, Siebert launched the Siebert Entrepreneurial Philanthropic Program, donating half of her firm's profits to charities selected by the issuers.

As president of the New York Women's Agenda in 1999, she developed the "Siebert Personal Finance Program" that has improved the lives of many middle and high school students and adults by teaching them essential financial skills. This program is now part of the New York City Schools curriculum and disseminated by the Council of Great City Schools.

The Bottom Line

Muriel Siebert's legacy continues as "the first woman of finance." From the first woman-owned seat on the NYSE to the first woman-owned brokerage firm, she is widely regarded as a pioneer for women in the finance industry. For example, her efforts for gender equality and her contributions to the financial industry are memorialized at the NYSE with Siebert Hall. Beyond her career successes, Siebert's charitable work and efforts to teach financial literacy show her commitment to empowering individuals and promoting equality in the business sector.