This is the accepted version of the paper.This version of the publication may differ from the final published version. Permanent repository link AbstractPurpose: Women remain underrepresented at senior levels in global investment banks. By investigating promotion processes in this sector, and using the concept of a multi-level, relational framework, this paper seeks to examine macro, micro, and meso-level influences, and the interplay between them, as explanations for why more progress is not being made.Design/Approach: Data is taken from two projects with a total of 50 semi-structured interviews with male and female directors and managing directors, across six investment banks discussing careers and promotions. An inductive approach was taken to data analysis. Findings:Women's lack of representation at the top of investment banks is not simply an individual level problem but is the result of the dynamic interplay between macro and mesolevel influences which impact individual agency, identity and perception of fit. Research Limitations