Sallie Krawcheck: 'Companies Should Do Better'

Our guest on the podcast today been called one of the most powerful women in finance. Sallie Krawcheck started her career as an equity analyst at Sanford C. Bernstein, where her reputation for impartial advice and criticism of conflicts of advice in the financial-services sector prompted Fortune magazine to call her the last honest analyst. She later moved to Citigroup, where she served as CEO of the firm's Smith Barney unit, Citi's chief financial officer, and CEO of Citi's, Wealth Management Business. In the latter role, she was an early advocate of a fiduciary standard for the brokerage industry. She went on to Bank of America where she served as president of the firm's wealth management unit. Sallie is currently the CEO and co-founder of Ellevest, a digital financial advisor for women launched in 2016. She is also owner and chair of Ellevate Network, a global network of women committed to promoting gender equality in the workplace.

In the spirit of full disclosure, Morningstar Inc. invested in Ellevest in 2015 and 2019, and Morningstar Investment Management LLC, a subsidiary of Morningstar Inc. provides consulting services to Ellevest for their core portfolios.

Background

Sallie Krawcheck bio

Ellevest

Ellevate Network

“In Search of the Last Honest Analyst,” by David Rynecki, Fortune, June 10, 2002.

“BofA’s Krawcheck Backs a Fiduciary Standard,” InvestmentNews, April 20, 2010.

“When Citi Lost Sallie,” by Geraldine Fabrikant, The New York Times, Nov. 15, 2008.

“Sallie Krawcheck Wants to Take Women to the Top of Business,” by Abigail Jones, Newsweek, Dec. 23, 2014.

Gender Pay Gap/Lifetime Earnings

“The Narrowing, But Persistent, Gender Gap in Pay,” by Nikki Graf, Anna Brown, and Eileen Patten, Pew Research Center, March 20, 2019.

“How a Common Interview Question Hurts Women,” by Claire Cain Miller, The New York Times, May 1, 2018.

Salary History Bans: A Running List of States and Localities That Have Outlawed Pay History Questions, HRdive.com, 2020.

“Unlocking the Full Potential of Women in the U.S. Economy,” McKinsey & Company, 2011.

Education and Lifetime Earnings, Social Security Administration.

Women and Caregiving, Facts and Figures, Family Caregiver Alliance.

“The Trickle-Down Effect of Caregiving on Women,” by Kathleen Fitfield, AARP.org, Nov. 29, 2018.

“Older Women Workers and Economic Security,” U.S. Department of Labor Issue Brief.

“How to Stand Up for Paid Family Leave,” Ellevest.com, May 14, 2018.

“How to Afford Parental Leave and Some Time Off,” by Sallie Krawcheck, Ellevest.com, Oct. 10, 2016.

Diversity in the Workplace/Gender Lens Investing