Daily Archives: November 16, 2008

John Gapper

The New York Times has a long and interesting article on how Sallie Krawcheck, Citigroup’s former chief financial officer, was pushed to the sidelines of the bank’s senior management and ended up leaving. The piece includes a lot of detail about what happened from “a person with direct knowledge of her thinking”, who is so well informed that I assume it to be Ms Krawcheck herself.

It concludes that Ms Krawcheck was the victim of internal politics and her falling-out with Vikram Pandit, the bank’s chairman and chief executive, rather than sexism:

Ms Krawcheck believes her exit from Citigroup is the result of pressures she faced from Mr Pandit to be a team player and to follow his lead on the best way to deploy talent at the bank — and not related to her sex. The two also sparred over how to compensate clients who lost money by following the bank’s investment advice.

That seems plausible, although the financial crisis has been brutal for several of the women who formerly occupied senior positions on Wall Street. The biggest names to lose their jobs apart from Ms Krawcheck were Zoe Cruz, former co-president of Morgan Stanley and Erin Callan, former chief financial officer of Lehman Brothers. Read more