Krawcheck: Women on Wall Street have 'gone backwards'

Feb 12, 2014 @ 9:40 am

+ Zoom
(Bloomberg)

Sallie Krawcheck, the former Bank of America Corp. and Citigroup Inc. executive, said that women lost ground on Wall Street after the financial crisis because executives and boards hired people who looked like them.

The attitude among male executives as the banking system teetered was, “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,” Ms. Krawcheck said Wednesday in an interview on Bloomberg Television.

Ms. Krawcheck, 49, is the owner of 85 Broads Unlimited, a network that promotes women as business leaders. She previously served as head of wealth management and chief financial officer at Citigroup and later ran wealth management for Bank of America.

“What the research shows is that when we're under periods of stress,” executives hire people who look like them, Ms. Krawcheck said. “It's not that we've even gone sideways as we have in corporate America, we've gone backwards.”

(Bloomberg News)

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

State Street's Brie Williams: The story behind the 'Fearless Girl' statue

The idea started with the creation of a statue to coincide with International Women's Day, and the results surpassed expectations, according to Brie Williams, head of practice management at State Street Global Advisors.

Video Spotlight

Will It Last As Long As Your Clients Do?

Sponsored by Prudential

Video Spotlight

The Catalyst

Sponsored by Pershing

Latest news & opinion

Wealth management firms struggle with lower fees, fewer new clients

Advisers in North America earned less from clients last year and saw a decline in average fees, according to a new report by PriceMetrix.

These investors are allowed to put $500K into a Roth IRA at once

The HEART Act permits rolling all or part of life-insurance and combat-related-fatality payouts directly into the tax-free retirement plan, but few take advantage.

Labor's Alexander Acosta and SEC's Jay Clayton tell lawmakers they will work together on fiduciary rule

In separate appearances before Senate panels, the regulators stressed the cooperation that Republican legislators and opponents of the DOL fiduciary rule are demanding.

Brian Block denies cooking the books at Schorsch REIT

Former CFO claims everything he did was 'appropriate' and 'correct.'

Interns will take on several roles at advisory firms this summer

College students are helping with client prep, firm visioning and long-term projects, among other duties.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print