Sallie Krawcheck

Sallie Krawcheck – Life, Career, and Insightful Quotes

Sallie Krawcheck (born November 28, 1964) is an American business executive, former Wall Street leader, and cofounder & CEO of Ellevest. Explore her biography, career milestones, philosophy, quotes, and her continuing influence on women’s finance and leadership.

Introduction

Sallie L. Krawcheck is widely regarded as one of the most influential women in finance. From her early days as an analyst to leading major wealth divisions at Citigroup and Bank of America, and eventually founding her own platform for women’s investing, she has blended business acumen with a mission-driven focus on gender equity. Her journey is a testament to integrity, transformation, and vision in industries often dominated by inertia.

Early Life and Family

Sallie Krawcheck was born on November 28, 1964 in New Orleans, Louisiana. She grew up in Charleston, South Carolina, where her father, Leonard Krawcheck, served in the South Carolina House of Representatives and worked as an attorney.

Krawcheck has described her background as “half Jewish, half WASP-y,” reflecting a mixed cultural and religious heritage.

In high school, she attended the Porter-Gaud School in Charleston, where she was active in athletics (track & field) and was a South Carolina Presidential Scholar in 1983.

She earned a Morehead Scholarship to attend the University of North Carolina at Chapel Hill, graduating with a degree in journalism (1987). Later, she obtained an MBA from Columbia Business School in 1992.

Career and Achievements

Early Roles & Rise in Finance

Krawcheck’s professional journey began on Wall Street—as a junior analyst with Salomon Brothers in 1987. She then moved to Sanford C. Bernstein & Co., where she rose through the ranks to become Chairman & CEO of the firm’s research division. At Bernstein, she gained a reputation for pushing the firm away from underwriting conflicts and emphasizing research integrity—earning her the moniker “The Last Honest Analyst.”

In the early 2000s, Citigroup recruited her to lead their Smith Barney unit. Her role was to help separate research from investment banking to reduce conflict of interest. She later became CFO of Citigroup (2004) and then CEO of Citi’s Wealth Management (2007), overseeing Smith Barney and the Citi Private Bank.

However, tensions surfaced around the time of the 2008 financial crisis. Krawcheck advocated for reimbursing clients harmed by investment losses, a stance at odds with some senior leadership. She left Citigroup in September 2008.

In 2009, after Bank of America acquired Merrill Lynch, Krawcheck was appointed president of Global Wealth & Investment Management. Despite challenging overall conditions, her unit produced strong results—at one point increasing net income by 54% in a quarter while the parent company posted losses. Her role ended in 2011 when the new CEO restructured leadership, eliminating her position. She departed with a severance package of about $6 million.

Founding Ellevest & Women’s Finance Leadership

Following her Wall Street career, Krawcheck shifted toward advocacy and entrepreneurship. In 2013, she acquired 85 Broads, a global professional women’s network, which rebranded as Ellevate Network.

Then in 2016, she co-founded Ellevest, a digital investment platform built with a mission to serve and empower women investors. Ellevest takes into account women’s longer lifespans, career breaks, wage curves, and investment gaps. By March 2021, Ellevest had reached over $1 billion in assets under management.

She also chairs the Pax Ellevate Global Women’s Index Fund, which invests in companies that promote gender equality and women’s leadership.

Krawcheck is the author of Own It: The Power of Women at Work (published January 2017), a work combining personal stories and insights into women’s challenges in careers and finance.

She also sits on boards such as Dell Inc., is on the board of overseers for Columbia Business School, and trustees of the Economic Club of New York.

Philosophy, Impact & Legacy

Championing Integrity & Reform

A recurring theme in Krawcheck’s career is her insistence on integrity, independence, and client-first culture. At Bernstein, her move to divest underwriting from research was a principled stand. Later, her advocacy to reimburse clients at Citi and BofA, even when controversial, solidified her reputation as an executive willing to challenge the status quo.

Focusing on Women & Financial Equity

Through Ellevest and Ellevate Network, Krawcheck has dedicated her post-Wall Street career to closing gender gaps in investing, leadership, and opportunity. She frames women’s financial empowerment not just as a business opportunity but as a social imperative.

Influence & Recognition

She has been featured in Forbes’ “World’s 100 Most Powerful Women” (2005, 2006) She’s frequently named among top executives in finance, technology, and gender impact spaces. Her shift from high finance to mission-driven fintech is often cited as a model for socially conscious leadership.

Selected Quotes of Sallie Krawcheck

Here are some notable quotes that reflect Krawcheck’s mindset, values, and vision:

• “Uncertainty is even more stressful than the certainty of pain. Get clear on where you stand financially, and make that plan. That’s financial self-care.”

• “My professional mission is to help women reach their financial and professional goals.”

• “We have to quit thinking that there is one way to ‘be successful’—men and women are different, society is different, life is different. Our tools and systems have to reflect that.” (paraphrase of her writing)

• “The last two years have made it even clearer: money is the ultimate tool of freedom.” (from commentary by her)

Lessons from Sallie Krawcheck

1. Leadership grounded in principle can transform institutions. She repeatedly challenged entrenched norms—even in large financial firms—to elevate integrity and client focus.

2. Purpose can drive sustainable business. Her pivot to women’s finance demonstrates how mission and enterprise can synergize.

3. Adaptability is essential. She moved from Wall Street executive to fintech founder, showing the value of evolving with changing landscapes.

4. Representation matters. By centering women in investing and leadership, she helps reshape who belongs in the financial ecosystem.

5. Speak boldly and act with conviction. Her willingness to take difficult positions (reimbursing clients, calling out structural biases) underscores the power of voice matched with action.

Conclusion

Sallie Krawcheck’s career spans high-stakes finance and transformative entrepreneurship. She has been a force for change on Wall Street and a visionary in women’s financial empowerment. Her journey—from analyst to CEO to founder—speaks to resilience, integrity, and ambition channeled toward inclusive impact.