As for women, the glacial rate of change is having an impact on morale. Younger women in the financial business are discouraged by the environment and opportunities in finance, according to the 2016 Wyman report. Millennial women told Wyman researchers they were shocked at how few women were in the industry and that they felt isolated and pressured to “adapt to the style and preferences” of men to get ahead. The experiences of millennial women with respect to gender inequality “remain disappointingly similar to those of more senior women who joined the financial services industry in the 1980s and 1990s,” the report said.

Gibbs, the SEC diversity officer, has been engaged in labor and diversity issues for decades, having worked in the civil rights division of the Department of Labor for 18 years before becoming a diversity officer first at the Commodity Futures Trading Commission and then at the SEC. When she was asked at the conference how diversity and inclusion would look in another 10 or 15 years, she offered little encouragement. “I see nothing really changing,” she said.

This article was produced in partnership with Type Investigations.