We asked not too long ago: Where have all the women gone?  

Unfortunately, the ranks of women working in the financial services industry has plunged over the last decade, falling by 141,000, or 2.6 percent. The number of men employed by the industry, meanwhile, grew by 389,000, or 9.6 percent, according to data from the Bureau of Labor Statistics. The declines are especially apparent at brokerages, investment banks and asset management companies. These shifts contradict changes in the overall workforce, in which the ranks of women grew 4.1 percent over the past decade while the ranks of men grew just 0.5 percent. Just as disconcerting, the numbers also suggest women were disproportionally affected by the layoffs stemming from the last recession. 

So, what's going on? 

The drop in women employees coincided with a massive jump in compensation that perhaps should have acted as a lure. There are no doubt a host of issues that perhaps are better left to the academics. 

In any case, one piece of the puzzle may be what Sallie Krawcheck, who runs the wealth management unit at Bank of America, has called the "second kid plateau." At a recent event, according to FINS, she said financial services companies lose too many women who reach this plateau in their early-to-mid 30s when it becomes "socially acceptable" for them to stay at home. She urged companies to "keep in touch with them to bring them back" to the work force. 

That sounds like a winning idea, even though this has not been proven to be great experience for all. Recall the Goldman Sachs Mommy Track suit; a former vice president at the bank took time to have a child before returning in February 2005, taking advantage of a mommy track program. She then says she hit a "glass ceiling" with respect to pay and advancement, was demoted, and "was systematically excluded from operations and social functions." Her suit says 75 percent of those "selected for termination" in her group had recently taken maternity leave. 

It's hard to generalize from such suits. But it seems clear that any significant attempt to retain women would have to deal with this issue. Many banks are attempting to do this now, as more seem to realize that the talent pool is significantly less robust if you take women out of the equation.  

Krawcheck suggested a number of approaches. She noted the idea of sponsorship, a way for top executives to basically bet on and bless promising female executives. She said that works much better than formal mentorship. 

Fortunately for her, her mommy status hasn't held her back. Her first promotion came when she was six months pregnant. - Jim