Published December 07, 2011
What is Sallie Krawcheck up to these days?
Lots of yoga, running and planning a comeback to Wall Street -- at least that's what she is telling friends and associates.
Krawcheck, the former head of Bank of America’s (BAC) brokerage unit, was one of the most powerful women in the banking business before being ousted by chief executive Brian Moynihan in September. But less than a year after she was unceremoniously dumped by the bank in a management shakeup, Krawcheck is telling people that she is getting ready to return to the financial services industry, FOX Business Network has learned.
Her timing? Pretty soon, according to a person who has spoken directly with Krawcheck in recent days. “Someone gave me some advice and said I should take three months off before I decide anything -- and that’s what I plan to do,” Krawcheck told this person.
It’s unclear exactly where Krawcheck will land, but she has told people that she is talking to several interested parties in the financial-services industry. “I’m still looking for the next chapter on how I can contribute to this industry,” she told another person. “I know people are watching me to see what my next step is.”
Despite becoming among the top female executives on Wall Street, Krawcheck’s career has been controversial. She was considered a top securities analyst for her unbiased research at Sanford C. Bernstein in the late 1990s and through 2002 before she took a top job at Citigroup (C). There, she worked in a number of high-profile positions including chief financial officer and then brokerage chief, but was later ousted by CEO Vikram Pandit.
Krawcheck is also known for her ambition, which often rubs her bosses the wrong way. After landing at Bank of America and running the firm’s Merrill Lynch brokerage unit, she clashed with Moynihan, who had replaced Ken Lewis as the bank’s CEO.
Krawcheck made no secret of her desire to run the bank someday, and despite earning high marks for her management of the firm’s brokerage department, by the summer of this year rumors swirled that she and Moynihan were barely on speaking terms. The rumors turned out to be at least partially correct: In a management shakeup, Krawcheck was ousted in September and has kept a relatively low profile since.
That’s likely to change, as Krawcheck in recent weeks has begun speaking at industry conferences as she plots her return.
She also concedes that all the volatility in her career has taught her how to be a better manager. “I have had a pretty dramatic career,” she told another associate, “and learned everything the hard way.”
Through a spokeswoman, Krawcheck declined to comment.