How Sallie Krawcheck managed to build a successful career
Sallie Krawcheck is an American businesswoman and the director of Ellevest. She was previously the head of Bank of America, where she managed global investments. Krawcheck has rightly been called the most influential woman on Wall Street.
Born in New Orleans in 1964, Sallie spent her childhood in South Carolina. Her father was a politician and sat in the state’s House of Representatives. She did well at school and was awarded a Presidential Scholarship. Sallie graduated from the University of South Carolina with a degree in journalism. In 1992, she earned a master’s degree in business administration from Columbia Business School.
Krawcheck’s career began on Wall Street as an analyst. Through her tenacity, Sallie grew into the position of Director of Research. She then became CEO of the sell-side research firm Sanford C. Bernstein. During her time on Wall Street, she gained a reputation as an unbiased analyst. She was not afraid to stand up to her employer when there was a conflict of interest within the company.
Career achievements
After leaving Sanford C. Bernstein, Sallie Krawcheck joined Citigroup. At the time, the bank was opening a new division, Smith Barney, which was to be headed by a woman. The aim was to separate brokerage services into a separate structure. Citigroup wanted to ensure that investment activities did not overlap with the rest of the firm’s services. Krawcheck ran a division that employed 13,000 brokers and analysts.
Sallie actively pursued a career within the Citigroup structure:
1. In 2004, she was appointed CFO of the Investment Bank.
2. Three years later, she was appointed managing director of asset management.
3. The period of promotion coincided with problems in the company, which Sallie successfully dealt with.
4. Krawcheck’s position did not align with the CEO’s vision, and she left Citigroup in 2008.
In 2009, Bank of America acquired Merrill Lynch. Management invited Krawcheck to lead the new Global Wealth & Investment Management division. At the time of the deal, the acquired business was in a difficult financial position, but under Sallie’s leadership, it managed to significantly improve its performance. Within two years, Merrill Lynch achieved profitability of more than US$3 billion. In 2011, the division’s net income grew by 54%. In the same year, the new head of the bank implemented a restructuring that eliminated Krawcheck’s position.
Own business
In 2013, Sallie acquired 85 Broads Unlimited, which she later renamed Ellevate Network. The business provides an investment platform for women, helping to close the gender gap.
As well as running the business, Krawcheck is active in the community. She has set up a scholarship for her alma mater, offering talented students free tuition and full support. Sallie also participates in various conferences.
