Is Wall Street Finally Starting To Get It?

It was hearing women employees complain about the scantily clad dancers at Merrill Lynch & Co.'s 1992 Christmas party that finally convinced Chief Executive Daniel P. Tully that it was time to act. In the six months before the party, Tully had heard about six other incidents af alleged sexual harassment at his firm. Merrill had already formed a committee to study bias and implement measures to recruit and retain more blacks and women. But Tully's concerns got things moving. Says Roger M. Vasey, the Merrill executive vice-president who is leading the firm's effort: "This program has teeth."

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