Korea, New Jersey's financial leaders champion gender equality

The First Lady of New Jersey Tammy Murphy, left, speaks during a roundtable attended by female financial leaders in Seoul, Thursday. To the right of her is Ellen Park, a Korean American assemblywoman representing New Jersey's 37th legislative district. Korea Times photo by Shim Hyun-chul

Top female financial leaders in Korea, along with members of the New Jersey Economic Mission to Korea ― including the First Lady of New Jersey ― underscored the importance of uniting women to combat the discrimination that persists in the financial sector.

While the sector has witnessed significant progress in gender equity over the years, participants concurred that a glass ceiling still exists, preventing women from reaching the highest positions. These discussions took place during a roundtable co-hosted by the First Lady of New Jersey and the Korea Network of Women in Finance (KNWF), in Seoul, Thursday.

"It may be hard to believe, but in the 1970s, Korea had a system called 'marriage retirement.' It stated that only unmarried women can work at companies," said Kim Sang-kyung, the chairperson of KNWF. "Nowadays, women in the entry-level positions outnumber the males. But, as we move up to the ladder, it gets scarcer, like an iceberg."

Kim began her career in the 1970s at foreign banks, including Standard Chartered (SC) and American Express. She is regarded as one of the pioneers who tirelessly worked to break the glass ceiling at a time when female bankers were a rarity.

Kim Sang-kyung, the chairperson of the Korea Network of Women in Finance, listens to participants speaking during a roundtable hosted by the First Lady of New Jersey Tammy Murphy in Seoul, Thursday. Korea Times photo by Shim Hyun-chul

Choi Mi-kyung, executive vice president of NH Nonghyup Bank, echoed Kim's sentiments.

"In our industry, nearly 80 percent of the customer service team, especially those managing bank counter services, are women. Yet, men often occupy the top administrative roles, while women shoulder the demanding frontline tasks. This cultural imbalance persists, often without adequate compensation," Choi said.

To bolster equal rights in the workforce and mentorship, women helping other women rise, was identified as the most critical element.

"Oftentimes, when a woman achieves success, she doesn't look after her sisters, and doesn't make sure that she helps elevate and mentor them," said Marguerite Schaffer, principal at Shain Schaffer, a law firm based in New Jersey.

"We have to share our experience and mentor them, so they can move forward to the next position," said Jinny Yang, managing director of SC Chartered Bank Korea.

Tay Kim, CEO at Franklin Templeton Investment Advisors Korea, Cho Kyung-sun, CEO at Shinhan DS, Ashley Hong, CEO at APC Private Equity, Yi Dong-in, regional director at Nowak & Partner, Chun Yong-un, assistant managing director at IBK Securities, and Lee Hyung-mi, head of HR at Standard Chartered Bank Korea, also attended the event.

Female financial leaders from New Jersey and Korea speak during a roundtable hosted by the First Lady of New Jersey Tammy Murphy in Seoul, Thursday. Korea Times photo by Shim Hyun-chul

The roundtable was part of New Jersey Governor Phil Murphy's economic mission to East Asia. The mission seeks to bolster bilateral ties between New Jersey and several Asian countries, including Korea.

The First Lady of New Jersey, Tammy Snyder Murphy, noted that her previous experience in the finance industry was instrumental in organizing the roundtable.

"When I began my career at Goldman Sachs in the finance industry, and for many years after, women lacked representation in leadership positions and mentorship, were not paid equally to their male counterparts, and often did not receive the same benefits ― in short, the same challenges we face today. This trend is not subject to those in just one country, but a common occurrence around the world," Murphy told The Korea Times during the interview on Thursday.

"As a woman who started her career in business, I enjoy joining with women from around the world, spanning different backgrounds and career tracks, to discuss our shared experiences of being the only woman in predominately male environments," she added.

The First Lady of New Jersey Tammy Murphy speaks during a roundtable attended by female financial leaders in Seoul, Thursday. Korea Times photo by Shim Hyun-chul

The roundtable also facilitated a deeper understanding of both commonalities and differences between the two sides, she noted. For instance, both regions offer support systems for women entrepreneurs, including preferential interest rates.

The delegation from New Jersey regarded Korea's public child care system as both forward-thinking and of high quality. Conversely, New Jersey has enacted a law promoting equal pay for equal work, while a gender wage gap persists in Korea. The legislation, known as the Diane B. Allen Equal Pay Act, was named after former State Senator Diane Allen, who personally experienced bias.

"As successful leaders and entrepreneurs, the women at today’s roundtable are showing the world what women can do and setting new standards for the workplace. I believe these are the first steps that must be taken to break the glass ceiling women in the financial sector are facing today," Murphy said.

She also expressed enthusiasm about deepening ties, sharing best practices with Korean companies, and cultivating new partnerships that will benefit both sides.