NEW YORK—Sallie Krawcheck, a top executive at Bank of America Corp. and widely known as the most powerful woman on Wall Street, will leave the company.
According to an announcement by the Charlotte, N.C.-based Bank of America, the company is in the midst of a management restructure and Krawcheck, along with the bank’s consumer banking chief Joe Price, will leave the company.
Krawcheck ran Bank of America’s wealth management group, which includes the financial advisory businesses of Merrill Lynch and U.S. Trust. According to a CNBC report, a person close to Krawcheck said she does not immediately have plans for the future.
Krawcheck’s departure was the result of Bank of America CEO Brian T. Moynihan’s management shakeup as he attempts to make the company’s management team more streamlined to align with its core customers: consumers, companies, and funds. David Darnell and Tom Montag will assume the roles of co-chief operating officers overseeing all business lines.
While Krawcheck has not publicly commented on her departure, a CNBC report suggests that she decided to leave instead of taking a demotion—as she would report to the newly appointed COOs instead of Moynihan, the CEO, if she had stayed on.
Once belonging to a clique of powerful women on Wall Street—including former Lehman Brothers CFO Erin Callan and former Morgan Stanley President Zoe Cruz—Krawcheck is the latest female executive to be without a position. Ruth Porat, CFO at Morgan Stanley, and JPMorgan’s Heide Miller, are two of the lone remaining female executives in an industry dominated by men at its highest ranks.
Krawcheck,a former Columbia University graduate, rose to prominence as the CEO of Sanford C. Bernstein, an equity research firm. She later was hired by Citigroup to run its investment banking division, and then the wealth management business. After leaving Citigroup, she became head of Merrill’s investment management division in 2009.
Bank of America has been plagued by lawsuits and continued losses from its legacy residential mortgage portfolio, and CEO Brian Moynihan has been attempting to steer the company in a new direction. It reached a $10 billion settlement earlier this year with customers who bought such mortgage-backed securities.
Bank of America’s shares (NYSE: BAC) have declined by 43 percent year-to-date.
According to an announcement by the Charlotte, N.C.-based Bank of America, the company is in the midst of a management restructure and Krawcheck, along with the bank’s consumer banking chief Joe Price, will leave the company.
Krawcheck ran Bank of America’s wealth management group, which includes the financial advisory businesses of Merrill Lynch and U.S. Trust. According to a CNBC report, a person close to Krawcheck said she does not immediately have plans for the future.
Krawcheck’s departure was the result of Bank of America CEO Brian T. Moynihan’s management shakeup as he attempts to make the company’s management team more streamlined to align with its core customers: consumers, companies, and funds. David Darnell and Tom Montag will assume the roles of co-chief operating officers overseeing all business lines.
While Krawcheck has not publicly commented on her departure, a CNBC report suggests that she decided to leave instead of taking a demotion—as she would report to the newly appointed COOs instead of Moynihan, the CEO, if she had stayed on.
Once belonging to a clique of powerful women on Wall Street—including former Lehman Brothers CFO Erin Callan and former Morgan Stanley President Zoe Cruz—Krawcheck is the latest female executive to be without a position. Ruth Porat, CFO at Morgan Stanley, and JPMorgan’s Heide Miller, are two of the lone remaining female executives in an industry dominated by men at its highest ranks.
Krawcheck,a former Columbia University graduate, rose to prominence as the CEO of Sanford C. Bernstein, an equity research firm. She later was hired by Citigroup to run its investment banking division, and then the wealth management business. After leaving Citigroup, she became head of Merrill’s investment management division in 2009.
Bank of America has been plagued by lawsuits and continued losses from its legacy residential mortgage portfolio, and CEO Brian Moynihan has been attempting to steer the company in a new direction. It reached a $10 billion settlement earlier this year with customers who bought such mortgage-backed securities.
Bank of America’s shares (NYSE: BAC) have declined by 43 percent year-to-date.
