Monday, May 2, 2011

Sallie Krawcheck-CEO of Sanford C. Bernstein & Co., LLC and a senior executive at Citigroup

Sallie Krawcheck

Sallie L. Krawcheck (born 1965), is currently president of Bank of America's global wealth and investment-management unit, the largest wealth management business in the world at $2.1 trillion in client assets. She was formerly CEO of Sanford C. Bernstein & Co., LLC and a senior executive at Citigroup. She has a reputation for integrity and straightforwardness that has both helped her and caused headwinds for her in her Wall Street career.
She started her business career as an equity analyst, rising to become chairman and CEO of Sanford C. Bernstein & Co., LLC, a research firm.Called by Fortune "The Last Honest Analyst", she 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.
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". 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.
In 2004, Sallie was appointed Chief Financial Officer and Head of Strategy for Citigroup Inc. In efforts to streamline the company, she successfully sold Citi Asset Management and Travelers Life Insurance. As a result, Institutional Investor named her one of the top three CFOs in the financial services industry, and she was also recognized in the role by “US Banker” magazine. She returned to a business role to replace a colleague who was asked to leave the company for inappropriately using company resources.
In 2007, 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, resulted in financial advisor attrition that was at an all-time high. She worked to change the corporate culture for Smith Barney’s financial advisors by overhauling the advisor pay program to create the number one advisor pay program on Wall Street, resulting in reduced advisor attrition and increased productivity.
Krawcheck left Citi on September 22, 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, but Pandit was opposed.Citi's Smith Barney was later merged with Morgan Stanley's brokerage.
Early life

Krawcheck grew up in Charleston, South Carolina. She attended the exclusive Porter-Gaud School. While in high school, she was a local track star. She then received a Morehead Scholarship to the University of North Carolina at Chapel Hill where she received a degree in journalism. In 1992, she obtained an MBA from Columbia Business School, graduating "Beta Gamma Sigma."

Forbes named her as number seven in its list of The World's 100 Most Powerful Women of 2005.In 2008, she was named to Investment Advisor magazine's IA 25, the list of the 25 most influential people in and around the investment advisory business. In 1983, as a high school senior, she was honored as South Carolina's Presidential Scholar.

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