Legendary financial female pioneer Muriel Siebert died on Saturday at age 80 of complications from cancer but her legacy will live on in the memories of the women and men of Wall Street.
Over the course of Muriel Siebert’s life, she blazed trails becoming the first woman to stand shoulder to shoulder in many aspects of the financial district with men on Wall Street. Muriel bought her seat on the New York Stock Exchange in 1967 becoming the first woman admitted to membership and the only for nearly a decade after.
Seibert Financial Corporation was founded by the first Wall Street woman in 1969 and officially became a discount broker on May 1, 1975. May 1 was the first day that NYSE members were allowed negotiate commissions and Seibert stood on the front page of many news papers alongside some of Wall Streets most successful men.
Ms. Seibert was named New York Superintendent of Banks in 1977, placing her responsible for the safety and security of the state’s banks and other financial institutions. The honorable position was appointed to her by Governor Hugh Carey and she remained on to serve five years during what is known as a rough period in financial history.
Ms. Siebert donated millions of revenue earned through her brokerage to the cause of assisting women in getting a financial start in the areas of business and finance. She was honored for her efforts in 1922 for her efforts to battle inequality for women on Wall Street. Outside of the stock exchange Siebert was the first women to begin the fight against inequality for women in the upper class Manhattan clubs, particularly after she was the victim of sexism in her own club the ‘Union League Club’.
Seibert Financial Corp. currently offers discounted brokerage and investment banking services to customers as well as trading securities for its own accounts. Its worth on the stock exchange is currently $1.55 a share. The woman of Wall Street entered into the financial district with $500 and a dream that she successfully fulfilled during her life on the stock exchange.
Seibert’s original seat on the New York Stock Exchange cost her $445,000 and two years to complete as banks and the exchange put the first lady through a run around. But through diligence she finally got her way and made history on December 28. 1967. Though her life was filled with many obstacles being the first lady of Wall Street including sexism she stood by her convictions and keep a go-to attitude that has left behind a legacy for woman to follow.