After two years leading the wealth-management division at the nation’s largest bank, Bank of America Corporation, Sallie Krawcheck was let go this week. Krawcheck’s removal was due to “reshuffling of the top ranks” by the company’s CEO Brian Moynihan. The Los Angeles Times reports “Sallie Krawcheck’s departure from a high-ranking job at Bank of America spotlights a trend on Wall Street: Women, in recent years, have lost their jobs more often than men.” According to Economic Policy Institute, between 2007 and 2010, 12.5% of women in the financial industry lost their jobs, compared to only 8.8% of men.
Dan Fitzpatrick and Liz Rapport from The Wall Street Journal reported on this recent executive removal with their article Financial Firms’ Ceilings. They make note of how this recent removal of a female executive “highlights the difficulties women face in ascending the corporate ranks, both in finance and elsewhere.” This week also saw the removal of Yahoo’s CEO Carol Bartz.
According to Catalyst, less than 20% of finance industry executives are female, yet women make up 47% of the US labor force and more than half the US finance work force. Out of the 20 biggest banks and securities firms in the US none of them have female CEOs.
High-level women on Wall Street are closely watched because there are so few of them, and their departures are well-chronicled.
Since 1995, we at Linkage have committed millions of dollars to research and program development for women leaders. We’ve determined the critical competencies female leaders need to drive results and accelerate their progress in organizations.
From this ongoing research has stemmed a unique learning experience that, this year, will begin with a self-assessment on-site, will continue with a 3-1/2 day immersion program with focused learning sessions and peer learning teams, and is designed to maintain development after the experience with the Global Women’s Network.
Entirely revisited and improved in its 13th year, the now renamed Women in Leadership Institute™ promises to deliver a high-impact, cohesive, and immersive learning experience that includes peer connection, deep skills-based learning, and ongoing support.
To learn more about the Women in Leadership Institute™ visit us online or call 781-402-5555.