Krawcheck Says Women on Wall Street Have ‘Gone Backwards’
By Hugh Son Feb 12, 2014 11:46 AM ET
Sallie Krawcheck, the former Bank of America Corp. (BAC) and Citigroup Inc. (C) executive, said women havent climbed Wall Streets corporate ranks after the 2008 credit crunch because men tend to hire people like themselves when facing a crisis.
What the research shows is that when were under periods of stress, executives are more comfortable with candidates who look like them, Krawcheck said today in an interview on Bloomberg Television. Its not that weve even gone sideways as we have in corporate America, weve gone backwards.
While women have risen to lead companies in other industries, including at Hewlett-Packard Co. and General Motors Co., there are no female chief executive officers at the biggest Wall Street banks. Krawcheck, 49, is the owner of 85 Broads Unlimited LLC, a network that promotes women as business leaders.
She previously served as head of wealth management and chief financial officer at New York-based Citigroup and later ran wealth management for Bank of America, based in Charlotte, North Carolina. Current female senior executives on Wall Street include Ruth Porat, the CFO at Morgan Stanley. Previous CFOs at investment banks included Erin Callan of Lehman Brothers Holdings Inc.
Photographer: Daniel Acker/Bloomberg
What I saw when I was on Wall Street, its not, Lets get rid of people who are different than us because theyve got cooties, Krawcheck said. Its more, Yeah, I know diversity adds to business results in theory, but we are in crisis mode and I need that person who I can trust today.
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