Testing times for City's top women

FOR an ambitious woman to shatter the glass ceiling is difficult enough. Surviving and prospering once she reaches the other side is tougher - as a clutch of females at the top of British business are discovering.

The failure of Clara Furse, chief executive of the London Stock Exchange, to take over the Liffe derivatives market already has some critics predicting the end of her reign. Furse, a mother of three, joined the LSE only 10 months ago, a surprise, but relatively well-received, appointment in a deeply riven organisation. But the strategy she devised for the LSE has been dealt a body blow by the loss of Liffe.

While Furse was in the takeover front line, two more of the Square Mile's high-profile women were battling it out in a crucial City court case. Wendy Mayall, chief investment officer of the Unilever pension fund, is claiming £130m in damages from Merrill Lynch Investment Management (MLIM), which she says negligently invested £1bn of the company's £4bn pension funds.

In the dock, fiercely contesting the allegations, is Carol Galley, the joint managing director of MLIM. She is about to retire and is fighting like a tiger to keep her reputation as a top UK fund manager.

Then there is Marjorie Scardino, chief executive of media group Pearson, which has issued a profits warning, with advertising expected to fall by 40% on the group's flagship publication, the Financial Times. Pearson's share price has halved in the past year and the group has spent heavily on internet services.

Liffe is cruel for Clara

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