Word: krawcheck
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Dates: during 2002-2002
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...track star in high school, Sallie Krawcheck ranked among her state's best at the high jump. But she hasn't jumped for anyone since, and her unshakable independence has propelled her career on Wall Street to heights unimaginable to a girl coming of age in Charleston, S.C., in the 1970s. Then, Krawcheck--always an outstanding student--thought mostly of cheerleading and "dating the coolest boy," she acknowledges. "She was in danger of becoming terminally cute," recalls her high school guidance counselor, Nancy Wise, who recognized Krawcheck's potential early and stoked her business ambitions. Today Krawcheck...
...climbs depends on how well she meets her latest challenge: closing the credibility gap at financial-services giant Citigroup, after government inquiries put a cloud over the firm's reputation--and its stock. Krawcheck was hired in October from the independent stock-research firm Sanford C. Bernstein (where she was CEO) to be Citi's designated savior. Citigroup's proud CEO, Sanford Weill, personally wooed her, reorganizing a large chunk of Citi around her. Krawcheck is now CEO of a reconstituted Smith Barney, which encompasses Citi's stock-research and retail-brokerage operations...
This large stage leaves Krawcheck outwardly undaunted. She's relaxed and confident, with a self-deprecating sense of humor. She says she's "incredibly insecure," and has had nightmares in which she fails to win the respect of her new colleagues. But this soft-spoken humility belies a toughness present from the start. Daughter of a lawyer and sister of three more, Krawcheck learned early on to substantiate her assertions--or keep quiet. "It used to get quite interesting around the dinner table," says her father Lenny, who practices law in Charleston. "Politics, relationships--you name it. It was every...
...Krawcheck earned a journalism degree from the University of North Carolina and an M.B.A. from Columbia University. She went to work at Salomon Brothers but soon moved to Donaldson, Lufkin & Jenrette, where she met her husband Gary Appel. In 1994 Krawcheck moved to Bernstein and dived into stock research. She began covering financial-services firms in 1997 and immediately became the most influential analyst in that field. During those years, Krawcheck earned Weill's ire--and respect when she was later proved correct--by dwelling on the pitfalls of Weill's acquisition of Salomon. --By Daniel Kadlec
...Citigroup tried to save itself by dividing in half. Responding to alleged conflicts of interest between the research and investment arms of its Salomon Smith Barney investment bank, the world's largest financial institution will split off analysts into a new unit called Smith Barney and headed by Sallie Krawcheck. As CEO of independent research firm Sanford Bernstein, Krawcheck became the model of honest analysis while banks like Citigroup were rocked by scandal. But is this real reform, or just a gesture? Significantly, Citigroup's announcement came the day that it and nine others agreed to pay about $1 billion...