When Muriel Siebert applied for a seat on the New York Stock Exchange in 1967, she needed two sponsor letters from existing members. Nine men refused before she found two who would sign. She also needed a $445,000 loan — and was rejected by nine banks before a tenth approved it, on the condition that she secure the NYSE seat first. The seat required the loan. The loan required the seat. She solved it anyway.
On December 28, 1967, she became the first woman to own a seat on the New York Stock Exchange — a distinction she held alone for the next ten years.
From Cleveland to Wall Street
Muriel Faye Siebert was born in 1928 in Cleveland, Ohio. She attended Western Reserve University but left before completing her degree when her father became ill. In 1954, she moved to New York City with $500 and a used Studebaker.
She applied for a job at the NYSE as a statistical clerk, listed a bachelor’s degree on the application — she didn’t have one — and was hired. When her employer discovered the discrepancy, she was fired. She found work elsewhere in finance and spent the next decade building expertise in airline and entertainment industry securities analysis, developing a reputation as one of the sharpest analysts on the Street.
By the mid-1960s she was a partner at Bache & Co. and then at other firms, but consistently found her compensation and recognition lagged behind male colleagues with less experience. The solution, she concluded, was to own her own operation.
The Seat Nobody Wanted to Sell Her
The NYSE seat application process was deliberately obstructive. Beyond finding sponsors and financing, applicants needed approval from the NYSE Board of Governors — an all-male body that had never approved a woman. Siebert recruited Phyllis Peterson, a friend who was a psychiatrist, to write a letter attesting to her mental fitness for the role, understanding that the board might otherwise question her stability.
The board approved her application. On December 28, 1967, she paid $445,000 — equivalent to roughly $4 million today — for her seat. She founded Muriel Siebert & Co. the same day, a discount brokerage that became one of the first firms to offer reduced-commission trades to retail investors following the SEC’s 1975 deregulation of brokerage commissions.
For the next ten years, she was the only woman among more than 1,300 NYSE members. The second woman to buy a seat did so in 1977.
Superintendent of Banking
In 1977, New York Governor Hugh Carey appointed Siebert as the state’s Superintendent of Banking — the first woman to hold the position. She served until 1982, overseeing the state’s banking system during a period of significant economic stress. Under her tenure, no New York bank failed — a record she was proud of and that stands in contrast to the broader banking turbulence of the era.
To accept the government appointment, she placed her brokerage in a blind trust. When she returned to private life in 1982, she rebuilt the firm and remained active in its operations.
Siebert Financial and Later Career
Muriel Siebert & Co. grew into Siebert Financial Corp., a publicly traded discount brokerage. Siebert was its chairman and CEO until her death. The firm pioneered the practice of returning a portion of commissions to charitable organizations of clients’ choice — a model she called “Siebert Philanthropy.”
She was vocal throughout her career about the persistent underrepresentation of women in senior financial roles, and about the gap between women’s earnings and their participation in investing. She often said that women were better savers but worse investors — not because of any inherent difference in ability, but because they were less likely to be in rooms where investment decisions were discussed and normalized.
Legacy
Muriel Siebert died on August 24, 2013, at age 84, while undergoing treatment for cancer. She had recently completed a memoir, Changing the Rules: Adventures of a Wall Street Maverick.
The NYSE marked her death by flying flags at half-staff — an honor typically reserved for heads of state and sitting or former presidents. It was the first time the exchange had done so for a private citizen.
New York State renamed a stretch of Fifth Avenue near her offices “Muriel Siebert Way.” The Siebert Financial Corp. continues to operate under her name.
She bought her NYSE seat with borrowed money that nine banks refused to lend her, sponsored by people who required convincing. She held it alone for a decade. The structure she pushed against is documented; so is the record she built inside it.
Frequently Asked Questions
When did Muriel Siebert buy her NYSE seat?
December 28, 1967. She paid $445,000, financed through a loan she secured after being rejected by nine banks.
How long was she the only woman on the NYSE?
Ten years. The second woman to purchase an NYSE seat did so in 1977.
What was Muriel Siebert & Co.?
A discount brokerage she founded in 1967, later renamed Siebert Financial Corp. and taken public. It was one of the first firms to offer reduced-commission trades to retail investors after SEC deregulation in 1975.
Did she hold any government positions?
Yes. She served as New York State Superintendent of Banking from 1977 to 1982, appointed by Governor Hugh Carey. She was the first woman in that role.
What happened to her firm after her death?
Siebert Financial Corp. continued operating. It remains an active brokerage firm trading on the Nasdaq under the ticker SIEB.