The share of women there rose as high as 25 percent in the years after the lawsuit was settled in 1998, Friedman said.
Selena Morris, a Merrill spokeswoman, said the company had more women running branches today than in 2000.
Women have maintained a strong presence in some areas in finance, including wealth management. Among the highest ranking in that specialty is Mary Erdoes, chief executive of asset management at JPMorgan Chase, a role that includes wealth management.
“They have moved up because they populate that business,” building client relationships well, Krawcheck said.
And a growing number of women run investment portfolios at college and prep school endowments. The Harvard endowment, the largest in the US, is managed by Jane Mendillo.
But in the heart of Wall Street, the aggressive environment on the trading floor is often cited as a reason that women are rare at the top. Others cite the dearth of women to aid in career networking.
Whatever the reason, ascending the ladder is much harder for women, said Bruce Greenwald, professor of finance and strategy at Columbia University.
“It is more difficult for women to come back because the environment in financial institutions is generally more hostile to women,” he said.
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