The odds are still so stacked against women in banking, and it's embarrassing for us all

It is beyond irony that this year, of all years, one of the most senior and best-known women in Canadian banking is out of a job, with next to no explanation.

In fairness to everyone involved, Laurentian Bank is a mess. Ms. Llewellyn was hired from Bank of Nova Scotia BNS-T in late 2020 to turn the broken lender around, but it’s been a rough go. Laurentian’s board of directors considered selling the bank this summer, only to find out that, in fact, no one wanted it, and last week the bank suffered through a brutal service outage that prevented clients from accessing their accounts.

It is tempting to write it all off as an unfortunate scenario. But Ms. Llewellyn’s experience is not unique. History shows that women who rise to the top often have to walk what is dubbed a glass cliff. Translation: They are more likely to get hired when organizations are in trouble or at risk, and are therefore thrust into a risky and precarious position.

The trend isn’t confined to the corporate world. In politics, University of Toronto political scientist Sylvia Bashevkin has called it “imperilled leadership.” Think Kim Campbell in 1993, or more recently, Theresa May in Britain. Ms. Cafley has also studied the same trend with university presidents in Canada, with an emphasis on those who have been ousted.

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