Krawcheck: Women on Wall Street have 'gone backwards'

Feb 12, 2014 @ 9:40 am (Updated 3:38 pm) EST

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)