Bank of America future CEO?? Sallie Krawcheck?Recently, Bank of America acquired Citibank's CFO, Sallie Krawcheck. Many people have been saying that she may succeed CEO Ken Lewis soon. Does anyone have any USEFUL information about Sallie Krawcheck's career, like past jobs, her influence in Citibank, her experience, her past accomplishments, her... | |
Sallie L. Krawcheck (born 1964), was formerly a senior executive at Citigroup and at Sanford Bernstein, and was one of the most senior women in financial services and in business.
She started her business career as an equity analyst, rising to become chairman and CEO of Sanford C. Bernstein & Co., LLC, a research firm.[1] Sanford C. Bernstein had a reputation for impartial advice that caused Citigroup to seek her to deal with criticisms over conflicts of interest within different parts of Citigroup.[2]
Krawcheck was named CEO of Citigroup's (then new) Smith Barney unit, which caused her to be listed by Time in its list of "Global Influentials". [3] The Smith Barney unit was set up in order to separate Citigroup's investment banking from its stock brokering and research operations; to avoid the appearance of a conflict of interest in those areas. She was put in charge of 13,000 brokers and analysts of the new retail brokerage unit.[2]
In 2004, Sallie was appointed Chief Financial Officer and Head of Strategy for Citigroup Inc. She was named by Institutional Investor one of the top three CFOs in the financial services industry, and she was also recognized in the role by “US Banker” magazine.
In 2007, Ms. Krawcheck was named CEO in charge of Citi’s wealth management business, which included returning to Smith Barney and adding the Citi Private Bank. At the time of her arrival, the Private Bank had been thrown out of Japan for sales practice issues; this, combined with continuing Citi regulatory issues, had led to financial advisor attrition that was then at an all-time high.
Krawcheck left Citi in late 2008. The move followed months of tension with Chief Executive Officer Vikram Pandit, particularly as Krawcheck said that it was Citi’s responsibility to reimburse clients for defective investments distributed by Citi wealth management's brokers and bankers.[4] Her leaving became part of a broader corporate restructuring at Citigroup, and the company planned to put the wealth-management unit under the umbrella of the institutional clients group in an effort to increase sales between the two divisions, according to the Journal.[2] Citi's Smith Barney was later merged with Morgan Stanley's brokerage.
On August 3, 2009, news outlets announced that Krawcheck will join Bank of America to run their Global Wealth and Investment Management.
Krawcheck is a member of the Board of Directors of Dell and a member of the Advisory Board of Eurasia Group, the political risk consultancy
