Sallie Krawcheck is known as one of the most senior women on Wall Street. That’s HUGE! When we think Wall Street and stock market, it’s usually associated with men in suits. However, Sallie Krawcheck has paved the way for future women in finance! Today, the CGS Team is sharing a little about how Sallie Krawcheck became the success she is today. LinkedIn Influencer, Ellevest founder and one of the most senior women on wall street, who wouldn’t want to hear how she did it?!
Sallie Krawcheck was born in Charleston, South Carolina and ended up getting her degree in journalism from the notorious University of North Carolina at Chapel Hill. Sallie later went on to get her MBA from Columbia Business School in 1992. Sallie started her career as an equity analyst for Sanford C. Bernstein & Co. covering Wall Street firms. She worked her way up to Director of Research and eventually chairman and CEO of the company, all under the age of 40. Her reputation and advice led to Forbes crowning her with the “Last Honest Analyst” title.
In 2002, at the age of 38, Sallie was sought out by Citigroup and became the CEO of Citigroup’s Smith Barney unit. Immediately after, she was she was named to Time's list of "Global Influentials" and Fortune’s Most Influential Person Under the Age of 40. In that position, Sallie oversaw 13,000 brokers and analysts. By 2004, Sallie became the CFO for all of Citigroup. In 2007, Sallie became CEO of Citigroup’s wealth management division. Sallie left Citigroup in 2008. According to Reuters, the move followed months of tension with Chief Executive Officer Vikram Pandit, due to the fact that Sallie had argued for Citi to reimburse clients for defective investments distributed by Citi wealth management's brokers and bankers.
No skin off Sallie’s back! In 2009, Sallie was hired to lead the new wealth management division of Merrill Lynch under Bank of America. Within 2 years of her role, Sallie led the division to a net income increase of 54%. Her role was eliminated in 2011 and Sallie was offered $6,000,000 in severance by Bank of America.
In 2013, Sallie acquired 85 Broads Unlimited LLC which began doing business as the Ellevate Network. She then co-founded and became CEO of Ellevest. Ellevest is a digital investment platform for women. Sallie’s goal of Ellevest was to close the investment gap between genders and ultimately redefine investing for women. Ellevest has grown significantly and is wonderful investment platform just for women!
How inspiring is Sallie’s story? She worked hard and moved up fast in each of her company’s. She held true to her values and morals with Citigroup and made the decision to leave because those values were being compromised. She was laid off with Bank of America and still bounced back to start her own venture. She goes through things that many women do! If she can bounce back, so can we!
What do you think of Sallie Krawcheck’s story? Have you heard of Ellevate or Ellevest? Leave a comment below to share your thoughts with other CGS readers!