Biography of Sallie Krawcheck: A Trailblazing Journey in Finance and Empowerment
Biography of Sallie Krawcheck
Sallie L. Krawcheck was born on November 28, 1964. Krawcheck
had a significant role at Bank of America, where she led their Global Wealth
and Investment Management division. She is currently the CEO and co-founder of
Ellevest, a digital financial advisory platform tailored for women. It was
launched in 2016. Wall Street Influence: Krawcheck is recognized as "the
most powerful woman on Wall Street" due to her impactful presence in the
financial industry.
Early Life in Charleston:
Sallie L. Krawcheck spent her early years in Charleston,
South Carolina. She has described her upbringing as a blend of Jewish and WASP
(White Anglo-Saxon Protestant) cultures.
Education:
Krawcheck attended the Porter-Gaud School, where she also
participated in the track and field team. In 1983, during her senior year of
high school, she was recognized as a South Carolina Presidential Scholar for
her outstanding academic performance. She earned a Morehead Scholarship to the
University of North Carolina at Chapel Hill, where she pursued a degree in
journalism. In 1992, she furthered her education by obtaining an MBA from
Columbia Business School.
Sallie Krawcheck's Rise at Sanford C. Bernstein
Early Career and Equity Analysis
Sallie Krawcheck began her business journey as an equity
analyst, focusing on analyzing Wall Street firms. She quickly climbed the ranks
at Sanford C. Bernstein & Co., eventually taking on roles such as director
of research.
Transformation at Sanford C. Bernstein
Under Krawcheck's leadership, Sanford C. Bernstein & Co.
underwent significant changes. She made waves by leading the firm away from the
lucrative but ethically conflicted underwriting business. Her commitment to
providing impartial advice earned her the nickname "The Last Honest
Analyst" by Fortune magazine.
Leadership at Citigroup
Krawcheck's reputation caught the attention of Citigroup,
which was facing criticism over conflicts of interest within its wealth
management and research divisions. They recruited her to address these issues
and restore trust in the company's practices, particularly after legal
challenges from Eliot Spitzer.
Sallie Krawcheck's tenure at Sanford C. Bernstein marked a
significant chapter in her career, characterized by her commitment to integrity
and ethical practices in the finance industry. Her leadership and strategic
decisions continue to be recognized as emblematic of principled business
conduct.
Sallie Krawcheck's Impact at Citigroup
Leading Smith Barney Unit
Sallie Krawcheck's tenure at Citigroup began with her
appointment as CEO of the newly established Smith Barney unit. Recognized for
her influence, she earned a spot on Time's 2002 list of "Global
Influentials" and was named Fortune's Most Influential Person Under the
Age of 40. Her role involved overseeing a team of 13,000 brokers and analysts,
with a focus on separating investment banking from stock brokering and research
to mitigate conflicts of interest.
Elevated to Chief Financial Officer
In 2004, Krawcheck's responsibilities expanded as she
assumed the role of Chief Financial Officer for Citigroup Inc. This position
underscored her financial acumen and strategic leadership within the
organization.
Appointment as CEO of Wealth Management
In 2007, Krawcheck took on the role of CEO of Citi's wealth
management business, which encompassed overseeing both Smith Barney and the
addition of the Citi Private Bank. She faced challenges upon arrival, including
addressing issues with the Private Bank's operations in Japan and managing
financial advisor attrition amid ongoing regulatory concerns. Krawcheck
advocated for a shift in corporate culture and supported the adoption of a
fiduciary standard for the brokerage industry.
Departure from Citigroup
Krawcheck's departure from Citigroup in September 2008
followed months of tension with CEO Vikram Pandit. A key point of contention
was Krawcheck's insistence on reimbursing clients for defective investments
distributed by Citi wealth management's brokers and bankers, a stance not
shared by Pandit and other executives who argued against Citi's legal
obligation in the matter.
Leading Bank of America's Wealth Management Division
Sallie Krawcheck's journey continued as she joined Bank of
America following its acquisition of Merrill Lynch in 2009. Despite initial
concerns about Merrill Lynch's financial health, Krawcheck successfully led the
wealth management division, achieving $3.1 billion in profits during her
two-year tenure. Her leadership was highlighted by a remarkable 54% increase in
net income in the second quarter of 2011, even as Bank of America faced
significant losses overall.
Departure from Bank of America
Krawcheck's role at Merrill Lynch was cut short when the
firm's new CEO, Brian Moynihan, implemented restructuring measures, resulting
in her departure from Bank of America on September 6, 2011. Despite her
successful performance, Krawcheck's position was eliminated as part of
organizational changes. She received severance payments amounting to $6
million.
Ventures Beyond Banking
After leaving Bank of America, Krawcheck embarked on
entrepreneurial endeavors. In 2013, she acquired 85 Broads Unlimited LLC, now
known as Ellevate Network, where she serves as chairwoman. Ellevate Network
focuses on empowering women in business and leadership roles, reflecting
Krawcheck's commitment to advancing gender diversity and inclusion.
Empowering Women in Finance
Krawcheck's impact extends to Ellevest, a digital investment
platform she co-founded and currently leads as CEO. Ellevest aims to address
the gender investing gap in the United States by providing personalized
financial advice tailored to women's needs and preferences. Through Ellevest,
Krawcheck endeavors to redefine investing for women and promote greater
financial empowerment and independence.
Biography of Sallie Krawcheck: A Trailblazing Journey in Finance and Empowerment
Recognition and Influence
Sallie Krawcheck's remarkable achievements have earned her
widespread recognition and accolades. She was named among Forbes' The World's
100 Most Powerful Women in both 2005 and 2006, highlighting her influential
presence in the financial world. Additionally, she earned a spot on Investment
Advisor magazine's prestigious IA 25 list in 2008, recognizing her significant
impact on the investment advisory business.
Leadership at Ellevest
Sallie Krawcheck serves as the CEO of Ellevest, a
groundbreaking investment platform tailored specifically for women. Co-founded
in 2014 and officially launched in 2016, Ellevest aims to empower women
financially by offering personalized investment strategies and guidance.
Impressive Growth
Under Krawcheck's leadership, Ellevest experienced
remarkable growth, reaching a milestone of $1 billion in assets under
management by March 2021. This achievement reflects the platform's
effectiveness in meeting the unique financial needs of its clientele.
Wall Street Career
Prior to her role at Ellevest, Krawcheck enjoyed a
distinguished career on Wall Street, holding prominent leadership positions at
several major financial institutions. She served as the CEO of Smith Barney,
Merrill Lynch, and Sanford C. Bernstein, demonstrating her exceptional
leadership abilities and strategic vision.
Key Roles at Citi
Krawcheck's tenure at Citigroup was marked by significant
responsibilities. Initially joining as the bank's Chief Financial Officer, she
later transitioned to the role of head of wealth management. Her tenure at Citi
coincided with the tumultuous period of the 2008 financial crisis, during which
she played a pivotal role in navigating the challenges facing the bank's wealth
management division.
Leadership in Global Initiatives
Acknowledging her leadership potential, the World Economic
Forum honored Krawcheck as one of its Young Global Leaders. This recognition
underscores her contributions to global economic discussions and initiatives
aimed at shaping the future of finance.
Endorsement of Integrity
Krawcheck's commitment to integrity and transparency has
earned her praise from various quarters. The Daily Beast credited her as one of
the "rare honest voices on Wall Street" in 2012, highlighting her
unwavering dedication to ethical practices in finance.
Trailblazing in Technology
In 2017, TechCrunch featured Krawcheck among 42 women
succeeding in the tech industry, acknowledging her innovative contributions and
leadership in leveraging technology to advance financial empowerment and
inclusion.
Investing in Education
Beyond her professional endeavors, Krawcheck remains
committed to fostering education and opportunity. She established a needs-based
scholarship at her former secondary school, Porter-Gaud, demonstrating her
dedication to supporting talented individuals in achieving their academic
aspirations.
Empowering Women Financially
Sallie Krawcheck's mission is clear: she's dedicated to
helping women achieve their financial and professional aspirations. As the CEO
and co-founder of Ellevest, a digital-first investment platform designed for
women, she's committed to putting more money into the hands of women, thereby
enhancing their quality of life and creating positive impacts for families,
communities, and the economy at large.
Recognition and Achievements
Krawcheck's efforts haven't gone unnoticed. Ellevest has
rapidly risen as one of the fastest-growing digital investment platforms. It's
been lauded as a disruptor, ranking #24 on CNBC's top 50 list. Additionally,
it's been recognized as #14 on LinkedIn's 50 "Most Sought-After
Startups" and has earned a place among Entrepreneur Magazine's Top 100
Brilliant Ideas.
Leadership in Women's Networks
Beyond Ellevest, Krawcheck serves as the Chair of Ellevate
Network, a global professional women's network boasting 135,000 members. Her
influence extends beyond her role as a CEO, as she actively fosters connections
and empowerment within this vast network of women professionals.
Author and Entrepreneurial Success
Krawcheck's prowess extends beyond her roles in corporate
leadership and entrepreneurship. Her book, "Own It: The Power of Women at
Work," has become a best-seller, further solidifying her position as a
thought leader in empowering women in the workplace.
Recognized Influence
With numerous accolades to her name, Krawcheck is undeniably
one of the most influential figures in business. She's been hailed as "The
Last Honest Analyst" by Fortune magazine, ranked seventh on Forbes' list
of the most powerful women in the world, and recognized by Fast Company as one
of the "100 Most Creative People in Business." Her influence also
extends to the realm of Environmental, Social, and Governance (ESG) investing,
where she's regarded as one of the most influential individuals. Additionally,
she's been honored by Vanity Fair, appearing on their esteemed "The 2018
New Establishment List."
