In the aftermath of the 2008 financial crisis, several reports suggested that banks led by a higher proportion of women, as well as countries that enjoyed a higher representation of women in leadership, particularly in the financial sector, suffered less from the global economic crisis. Not unexpectedly, this prompted calls for a more balanced gender ratio in leadership, and at least in Europe governance changes post 2008 increased female board representation in big banks from 15% to 33%. Most famously, Christine Lagarde, then head of the IMF, stated that “If Lehman Brothers had been Lehman Sisters, today’s economic crisis clearly would look quite different.”