Financial History 152 Winter 2025 | Page 19

I don ’ t see anyone here who looks like me and I want to be here for that reason .
Street was so cutthroat that the ideas of kinship to which she was accustomed might be meaningless there . But she did manage to rustle up some meetings and slowly started to figure out who was who , what each firm did , who their clientele was , what part of the financial world they represented and what you were expected to do once you entered their world .
She was searching for a way into Wall Street when she happened to arrive at a party and saw her friend ’ s boyfriend standing there , looking , to Marianne ’ s eyes , “ very bankerly ,” in a pinstriped suit and a shirt with a white collar .
He noticed Marianne too . “ You know ,
I know you .” “ You do ?” “ You get off the train at Franklin Street .
I see you in the morning .”
The stop after Franklin was Wall Street — and , indeed , it turned out he worked for Salomon Brothers .
She got right to the point ; she wanted to get onto Wall Street . Could he help ?
The next day he called her . “ Can you get me your résumé ?”
He managed to get her an interview but warned her not to get her hopes up . Salomon Brothers was putting together a “ class ” of incoming analysts . That was the good news . The bad news was that they ’ d already picked four Black people for it — two men and two women — and this was itself revolutionary . It was hard to imagine they ’ d bring in a fifth Black analyst .
On Monday , she arrived at her interview on the 42nd floor of Salomon Brothers , all rich wood paneling and Persian rugs . The imposing reception area was filled with paintings and art objects , and the interview room with white men . While she ’ d sat waiting to be called in , she ’ d observed the other interviewees and was unimpressed . When it was her turn , she went in , determined to act herself because she needed to be sure she ’ d fit in .
It worked . She got a callback for a second interview , this one held in a large meeting room that overlooked the trading floor . Marianne decided to take the lead . She walked in first , chose where to sit and followed the same advice she gave her students at NYLS : “ If you believe you are excellent … the world will be persuaded to accept your view of yourself .” But part of her confidence stemmed from her ignorance ; it was all still a game to her — she still “ had no idea what they did ” on Wall

“ ”

Street . When she was asked what she

I don ’ t see anyone here who looks like me and I want to be here for that reason .

— Marianne Spraggins
wanted , she didn ’ t say money or power . She said , “ I don ’ t see anyone here who looks like me and I want to be here for that reason .” On Friday , they told her she had a spot in the training program . She had found a seat at the table .
Each analyst class started off with basic training : one week they learned about treasuries , another week about securities . Half the time Marianne had no idea what they were talking about , but she had faith in what she ’ d learned at law school ; if push came to shove , she could always lock herself in a room , read everything she needed to on a given subject and figure it out . Department heads arrived to give lectures about their specific financial sectors with binders tucked under their arms with each analyst ’ s profile , including background and photograph . As far as Marianne could see , these weren ’ t so much training sessions as they were “ beauty contests ,” a chance for department heads to come and decide who they wanted to snatch up for themselves .
The pressure to conform was intense . One of the other two Black women had arrived sporting an Afro and a hippie vest . Within a week she had entirely changed her appearance , her clothes and her persona . Women especially , Marianne noticed , felt the pressure to blend in , to show up wearing a pinstriped lady-suit and a “ little yellow tie thing .” But Marianne was having none of that . She told the woman there was no point in trying to blend in ; that for Black women , blending in wasn ’ t even a possibility , and so why pretend ? A Black woman needed her clothing to say , “ So this is who I am , and this is who I ’ m going to be here .” For Marianne , that meant a blazing red suit and high heels .
As the weeks passed , department heads stopped by to recruit their top picks . The white men were the first to be hired . Most of them had arrived knowing someone and had planned to join their friend ’ s department at “ Solly .” Among the five Black trainees , one of the women was immediately shipped off to a branch office . No way was Marianne going to be removed from New York , where the action was . One of the two Black men had barely spoken to the other four African Americans in the class ; he had a plan just like his white counterparts , and he , too , was placed quickly . Now there were three Black trainees left , and time was ticking . The remaining man , who had a military demeanor and might have gone to West Point , suddenly vanished and Marianne heard he ’ d been found dead in Central Park .
Now there were two Black women : Marianne Spraggins and a super-smart math major who was not from New York . No one invited either of them to join a department . With nothing to do , they languished . They watched and rewatched the training tapes . During a 12-day subway strike in April 1980 , the two of them had to take cabs to and from work , all paid for by Salomon Brothers , only to do nothing once they arrived . They attended social events where they were asked what they did at the much-revered firm . The power of their imaginations was tested ; they had to pretend they were doing something .
The holding pattern was awkward , excruciating , deeply humiliating . They had nothing to do . No one spoke to them . They were like pariahs . An Irish security guard would stop by Marianne ’ s desk and ask how she was doing . Not well . She felt “ like Hester Prynne with her scarlet letter .” Worse , it was almost time for the next class of trainees to arrive , to assume their place in the lecture rooms . The other Black woman in the meantime had started to date a white man at the firm , not a partner but someone high up in the pecking order . It was “ a fatal error ,” in Marianne ’ s assessment . Sure enough , she disappeared all of a sudden , presumably removed by either the Salomon partners or an angry spouse .
Now it was just Marianne . One thing she knew for certain ; she had to keep
www . MoAF . org | Winter 2025 | FINANCIAL HISTORY 17