Sallie Krawcheck, who was once dubbed as “the most powerful woman on Wall Street”, has announced her resignation as the head of global wealth management at JPMorgan Chase & Co. on Thursday. Krawcheck, who joined JPMorgan in 2019, said she decided to leave the bank to pursue other opportunities in the financial industry.
Krawcheck oversaw the bank’s asset and wealth management division, which had more than $3 trillion in assets under management and $1.4 trillion in client assets. She was responsible for leading the integration of JPMorgan’s wealth management business with Bear Stearns and Washington Mutual, which the bank acquired during the 2008 financial crisis.
Krawcheck said she was proud of the achievements of her team and the growth of the business under her leadership. She also thanked Jamie Dimon, the CEO of JPMorgan, for his support and mentorship. Dimon praised Krawcheck for her contributions to the bank and wished her well in her future endeavors.
Krawcheck’s career and achievements
Krawcheck, who is 58 years old, has a long and distinguished career in the financial industry. She started her career as an equity analyst at Sanford C. Bernstein & Co., where she became known for her independent and outspoken research on Wall Street firms. She later became the CEO of Bernstein and then joined Citigroup as the chief financial officer in 2004.
She rose to prominence at Citigroup as the head of its global wealth management unit, which included Smith Barney and Citi Private Bank. She was widely credited for restoring trust and confidence among clients and employees after the bank suffered huge losses during the financial crisis. She also advocated for greater transparency and accountability in the industry and championed diversity and inclusion initiatives.
However, she clashed with Vikram Pandit, the former CEO of Citigroup, over several issues, including the valuation of a joint venture with Morgan Stanley and the compensation of brokers. She was ousted from Citigroup in 2008 and later joined Bank of America as the president of global wealth and investment management in 2009.
She left Bank of America in 2011 after a management reshuffle and then founded Ellevest, an online investment platform for women, in 2016. She raised more than $100 million in funding for Ellevest and aimed to close the gender gap in investing and wealth creation. She also became a prominent voice for women’s empowerment and leadership in the business world.
Krawcheck’s legacy and future plans
Krawcheck is widely regarded as one of the most influential and respected women in finance. She has been named among the world’s 100 most powerful women by Forbes, Fortune, and Time magazines. She has also received numerous awards and honors for her leadership and advocacy, such as the Matrix Award from New York Women in Communications, the Women’s Economic Forum Award from Financial Women’s Association, and the Women Who Make a Difference Award from International Women’s Forum.
Krawcheck said she plans to continue her involvement in various boards and organizations that promote women’s advancement and financial inclusion. She is currently a board member of Dell Technologies, Paxos, Motive Partners, Elevate Network, 60 Decibels, Girls Who Invest, and The Committee of 200. She is also an angel investor in several fintech startups and a best-selling author of “Own It: The Power of Women at Work”.
Krawcheck said she is excited about the next chapter of her career and hopes to make a positive impact on the financial industry and society at large. She said she will announce her new venture soon.
